Small And Medium Shoe Enterprises: This Winter Is Not Good.

The central bank has decided to raise the deposit reserve ratio to 14.5% since December 25th, which is regarded as the first signal of "moderate tight monetary policy" to "tight monetary policy".

At present, the parties have also predicted that following the increase of the deposit reserve ratio, the central bank will also introduce a series of tightening policies including raising interest rates.

So, under this series of "tight" policy, where should SMEs go?

Private financing and private equity funds seem to have become more and more financing ways for small and medium-sized enterprises, but can they be open to small and medium-sized enterprises?

Bank lending is almost impossible to tighten monetary policy, which is almost the only way to resist economic overheating.

With the pformation of monetary policy from "moderately tight" to "tight", the small and medium enterprises will bear the brunt of death.

Zhang Chun, director of the China Financial Research Center of CEIBS, said: "every macro regulation has a great impact on SMEs. This is not just in China, but internationally.

In order to prevent economic overheating, the government will continue to "tighten up" and the middle and small enterprises will not be very happy this winter.

It is reported that the central bank may change the way in which commercial banks have reported an annual credit plan. Instead, it requires commercial banks to report quarterly credit plans to the central bank, so as to implement more stringent and direct control over the total amount of credit and the rhythm of credit delivery.

Moreover, the central bank will punish the banks with excessive loans for issuing central bank tickets.

"On the surface, this approach will have an adverse effect on banks and other financial institutions. However, because of the propensity of interest rate policy, financial institutions often suffer from flesh wound, and the most direct victims are those who rely on bank credit to survive."

Zhang Chun told reporters.

And a shoe private enterprise manager of Zhejiang said in an interview with reporters, "before going to the bank to try to see if there is any possibility of loans, now do not want to think at all, and will not go."

Private financing is not easy to close when the bank loan is closed, and more and more SMEs are in urgent need of funds to turn to private lending.

In Zhejiang, where private enterprises are relatively developed, this trend is particularly serious.

In December 11th, the interest rate monitoring results of private lending issued by the Central Bank of Wenzhou, the people's Bank of China, showed that interest rates on private lending continued to rise in Wenzhou since April of this year. As of November, the monthly interest rate of private lending reached 11.07%, the highest since 2005 March.

Yi Xianrong, director of the financial development and financial system Office of the Chinese Academy of Social Sciences, pointed out that "private lending rates are high everywhere, and are continuing to rise. This shows that private capital is tightening.

However, private lending can solve the urgent problem at the moment, but it is not a permanent solution to the long-term development of an enterprise. "

Zhang Chunye also said that the financing of private lending has greatly increased the operating costs of SMEs. The burden of SMEs is bound to increase. The long-term development of enterprises is not supported by private lending.

In addition, private lending is a semi legal and semi illegal nature, which undoubtedly increases the risk of enterprises.

The scope of private investment is limited. According to the latest statistics released by Qing Ke group in December 11th, the total investment of China's venture capital market in the first 11 months amounted to US $3 billion 180 million, which is 78.9% higher than that of last year, and private equity investment has been unprecedented in China in recent years.

At the same time, in the first 11 months of this year, domestic and foreign venture capital institutions raised 55 new funds and raised more than 5 billion 400 million US dollars.

The popularity of private equity seems to bring a glimmer of light to SMEs in financing difficulties.

In this regard, Zhang Chun pointed out that "the rapid development of private equity has broadened the financing channels for SMEs to a certain extent. However, we must also note that the vast majority of private equity investments are in Beijing and Shanghai, and the investment field is still concentrated in the IT industry, and the investment entity is still the main source of foreign investment.

Private equity funds still prefer high-tech enterprises which are more connected with the international market. Most SMEs are hard to win the investment of private equity funds.

Yi Xianrong said that the cost of private equity funds is too high, which is not acceptable to ordinary SMEs, and the docking platform between the two sides is not equal. Financing through private equity funds is not realistic for most Chinese SMEs.