The author believes that the traditional financial sector, to solve the small and micro-enterprise financing difficult financing expensive has inherent shortcomings or defects, such as high risk identification costs, difficult, if you are still along the traditional thinking to solve the small and micro-enterprise financing difficult financing expensive, I'm afraid that there is no big breakthrough. ABS financing (securitization financing supported by the assets belonging to the project), relying on financial technology, provides low-cost inclusive financial services for small and medium-sized enterprises within the platform ecosystem, effectively identifies and avoids risks, and reduces the cost of identification, which may be one of the new ways to crack the financing difficulties and financing difficulties of small and medium-sized enterprises. In the context of vigorously advocating the solution of private enterprises, small and medium-sized micro-enterprises financing difficulties, the regulator's move is a very valuable exploration.
The difficulty of financing small and micro enterprises is a worldwide problem. China's small and micro-enterprises financing difficult financing expensive problems for a long time, the voice of all parties in society has been very high, although the relevant departments have issued a number of documents to require the financial institutions, including banks, to actively lend to small and medium-sized enterprises, but due to the small scale of small and medium-sized enterprises, credit rating is low, very few mortgaged property or other assets can be pledged, there is no good credit and large-scale group of guarantees, financial institutions, as a self-sustaining and independent business. As a self-financing independent business individual, always lack of enthusiasm.
From the perspective of financial institutions, the existence of the above problems means that lending to micro and small enterprises will expose financial institutions to huge risks, and if they have to investigate in detail the operating conditions of micro and small enterprises, financial institutions are bound to pay huge costs. To ensure a certain profit margin, then the lending rate will have to be raised. Moreover, if the cost of borrowing from banks is too high, MSMEs will turn to other financing channels, then the efforts made by financial institutions to obtain information will be in vain.
The root of the problem lies here - there is a serious information asymmetry between financial institutions and MSMEs, why is this problem always difficult to solve? The deeper reason lies in the constraints of the technical conditions, resulting in financial institutions are unable to take effective means to solve the problem of information asymmetry with small and medium-sized enterprises at a lower cost. Fortunately, at this stage, the emergence of big data, blockchain, artificial intelligence and other technologies provides an excellent opportunity to solve the problem of financing difficulties of small and micro enterprises. Because, after the integration of technology and the financial industry to become fintech, and presented in Internetization, thus having the remarkable characteristics of openness, transparency, **** enjoyment, immediacy, etc., big data and so on make the asymmetry of information greatly reduced, thus reducing the cost of information collection and exchange, the customer transaction cost, the cost of resource allocation, the cost of labor, etc., and so the service boundaries of the financial enterprises are expanded, i.e., the service objects of the financial enterprises and the scope has also expanded. From the supply side of the funds, the emergence of "1 yuan can be financial", from the demand side, the small and micro-enterprise capital needs of the cost and risk problems can be largely resolved.
In recent years, Ant Gold Service, Tencent Finance, including Meituan Finance and other financial technology companies, are actively laying out financial inclusion. Ant Gold Service and Tencent Finance have massive data support from the precipitation of their respective group platforms, and Meituan Finance also has the data support accumulated by the four major LBS scenarios of store, home, travel and trip provided by Meituan Dianping. These fintech companies mastering big data, cloud computing and other technologies to develop business in the field of small and micro-enterprise loans have a unique advantage, compared with traditional financial institutions, data and information collection costs are greatly reduced, but more efficient. With technology-enabled financial business, the ability to identify credit risk and fraud risk associated with it, improve operational efficiency and reduce operating costs and regulation can be greatly improved.
Unlike Ant Financial and Tencent Financial, Meituan has been y engaged in the restaurant industry for many years. The financing needs of restaurant operators are simple and urgent: they need to solve short-term capital turnover, get the preferred store location, increase investment in a timely manner, renovation and remodeling, and almost every one of them is a large amount of investment. The industry data accumulated by Meituan over the years is extremely large, and with the help of self-developed prediction models, Meituan's business loan can more accurately draw a picture of the user, and more quickly grant credit in multiple dimensions to judge the business conditions of the merchant. The company combines the scene, marketing, logistics, supply chain, operation and other capabilities with the financial institutions' capital, risk control and other capabilities to build a "scene + finance" ecosystem, which relies on scene-based products to deliver capital blood to the capillaries of the real economy and help the real economy to develop healthily.
Yi Gang, governor of the Central Bank, has said that the Central Bank is working with the relevant departments to implement a comprehensive approach, from the bond, credit, equity, three major financing channels, that is, through the establishment of private enterprise bond financing support tools, the comprehensive use of monetary and credit policy tools to guide the financial institutions to increase credit to the private sector, as well as the study of the establishment of private sector equity financing support tools, etc." Three arrows" to support private enterprises to broaden the financing channels, to help private enterprises to tide over the difficulties. It can be expected that these three measures, once effectively implemented, will greatly alleviate the financing difficulties and financing costs of small and micro enterprises. However, these policies have a global perspective, and in actual implementation, it is inevitable that they will encounter problems such as incoherence, and when it comes to financial institutions, it is still difficult to overcome the asymmetric contradiction of information between them and small and micro enterprises. Therefore, the best gesture to solve the problem of financing difficulties of small and micro enterprises may be the left hand policy right hand science and technology, macro policy and micro financial science and technology in close cooperation with the comprehensive effect is worth looking forward to.
(Article source: Shanghai Securities News)