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财政撬动金融市场向薄弱领域倾斜的杠杆

时间:2022-07-18 来源:未知 编辑:梦想论文 阅读:
The report of the 19th CPC National Congress pointed out that building a modern economic system will enable the market to play a decisive role in resource allocation and better play the role of the government. China has entered a new era. Under the new situation of promoting targeted poverty alleviation, achieving the goal of building a moderately prosperous society in an all-round way, supporting small and medium-sized enterprises to solve employment problems, providing social public services and meeting the people's aspirations for a better life, the weak areas of targeted poverty alleviation, small and micro enterprises, public services and so on, if only relying on market regulation, will fail. At present, the disadvantages of the financial market for investment and financing services in weak areas are very obvious, For example, the recovery cycle of public services is long, and it is difficult to monetize external benefits. [1] However, these weak areas are also the basis of economic and social development, which eventually converge to solve the main social contradiction between the growing needs of people for a better life and the imbalance and inadequacy. Therefore, we need to use the visible hand of the government to leverage the financial market to tilt to weak areas.
 
1、 Correctly analyze the new situation and challenges faced by the financial industry
 
There are five state-owned commercial banks and many financial institutions in China's traditional financial institutions. As a bank, it is connected with the market, serves enterprises, affects everyone, and connects with the government at the same time, which requires the support of various macro policies. A common feature of banks is that they focus on interest rate efficiency, and their goal is to be market-oriented, maximize profits, and prevent financial risks, especially systemic financial risks. With the emergence of modern scientific and technological means, financial technology has achieved new development. High technologies such as Internet, big data, cloud computing, blockchain, artificial intelligence and so on have been widely used in the financial system, greatly promoting financial innovation. At the same time, these new scientific and technological means in the process of innovative development of financial institutions, while bringing convenience and efficiency, have also brought new challenges to the financial industry.
 
(1) In terms of customer business, banks reduce their control over capital payment
 
First, the new means of payment make banks lose the control of capital flow. In the continuous innovation of new multi-channel payment methods such as wechat and Alipay, customers can only bind a credit card? C all banks are interconnected and pay online anytime and anywhere, which virtually cuts off the direct communication between banks and customers. Banks have lost the control position of capital payment. To some extent, banks have become passive payers, lacking systematic information symmetry, and there are certain risks in the supervision of funds. Second, the multi-channel settlement method makes the bank have systematic potential risks. The control of payment and settlement must be vested in the people's Bank of China, but in reality, there are many payment and settlement channels, which brings great risks to the banking system. In particular, the multi-channel settlement method is prone to adverse phenomena such as landlord banks, money laundering, and capital outflows abroad.
 
(2) Overdue repayment affects the bank's loan ability
 
According to the agreement between the bank and the customer, the loan must be recovered after maturity, but as a way of credit loan, there is neither collateral nor guarantee of valuable goods, which will increase the financial risk coefficient. For example, in recent years, local governments have set up guarantee companies (centers) to learn from each other. The guarantee method is that the government takes a certain amount of funds to deposit in the credit bank for mortgage guarantee. The bank will enlarge the loan amount to small and micro enterprises according to the guarantee fund limit provided, and require the enterprises to repay the principal and interest and compensate the guarantee costs when due. According to reality, government guarantee institutions generally operate well when they are first established, and can provide loan guarantees for small and medium-sized enterprises in a timely manner. However, later, some small and medium-sized enterprises will lack of government financial funds due to their inability to repay the loans, which will affect the development of government guarantee business.
 
(3) The pressure of deposit business competition between financial departments
 
Within a region, banks often compete for limited deposit market business, and are good at grasping deposits and controlling loans. In particular, state-owned commercial banks will focus on fiscal deposits, because fiscal deposits are stable, large in amount and high in profit. Especially in recent years, the state has strengthened its support for projects in poor areas, and more construction project funds will bring considerable interest income to banks. However, banks are unwilling to lend to weak areas of the market. First, they are afraid of risks. For example, the Pratt & Whitney credit project loan was originally a good thing for the people. Due to the poor integrity of some loan users, which dampened the lending enthusiasm of financial institutions, the financial sector did not dare to lend money, because banks should accept the supervision of the banking regulatory department that the asset quality should not exceed 30% of the overdue rate; Second, the amount of scattered loans is small and the cost is high. Especially in economically underdeveloped areas, the banking business has become "absorption", only deposit but not loan, and the excess money of the bank has been deposited. Especially for financial products, they are deposited in full for investment agreement enterprises, which cannot be used for local loans, resulting in the imbalance of deposit and loan ratio of "only receive but not release" in banks in poor areas.

2、 Give play to the policy guidance of the government to build a financing platform
 
The business nature of banks determines the behavior characteristics of banks, especially commercial banks must ensure profits and no financial risks. Therefore, mortgage loans and secured loans have become the two main ways of banks, but for the weak areas of the market, the lack of mortgages and guarantors has become a weakness. Financial support for weak areas of the market requires the government to bridge and guide. In recent years, local governments have made some positive and effective explorations in solving the problem of the ability to obtain funds in the weak areas of the market.
 
(1) Targeted poverty alleviation financing
 
In accordance with the goal of building a moderately prosperous society in all respects by 2020, the implementation of precise poverty eradication is both a hard measure and a rigid task. In order to achieve the goal of poverty eradication, all regions have formulated policies to help farmers and benefit farmers, so as to maximize the benefits to poor households and enable them to achieve the goal of poverty eradication on schedule, especially in industrial poverty alleviation, government financial funds play an important role. According to the survey, in the national Qinba Mountain concentrated poverty alleviation area, the support for industrial poverty alleviation in some places is the "government + Bank + insurance company" model, using a small amount of government investment and credit guarantee to pry the loosening of bank loans. That is, the government bears the loan interest and loan insurance costs for the poor households who need to file and establish cards. Then, the poor households who file and establish cards can obtain small loans such as less than 100000 yuan. For the loan households, it is "free of mortgage, guarantee and full discount". At the same time, for the new agricultural business entities that drive the filing of poverty-stricken households, they mainly refer to agricultural leading enterprises, farmers' professional cooperatives, professional farmers in the breeding industry, and family farms. In the same way, the government will give subsidies and financial compensation according to a certain limit, and obtain a certain amount of bank loans (generally less than 2million yuan, that is, according to 100000 yuan for each poverty-stricken household driven by the enterprise, up to 20 households). According to the principle of repayment before discount and compensation, the local finance will transfer the compensation to the banking and insurance departments at one time when the loan expires. For targeted poverty alleviation loans, more preferential policies have been adopted than general agricultural production and small and micro enterprises. Since 2007, China has implemented insurance subsidies for agriculture. On the basis of farmers' willingness, farmers bear only 20% of the insurance amount, and central and local governments share 80%. In this way, once encountering natural disasters, we can get the funds to resume reproduction in time through insurance. At present, the loan for precisely helping poor households adopts the policy that all insurance costs are borne by the government, and it is a full interest discount loan to help poor households achieve the goal of poverty eradication. In addition, there are new agricultural business entities that absorb the funds of household loans of the poor households with filed and filed cards according to the policy to the village level cooperatives, and enjoy the benefits from their industrial development. Finally, the poor households with filed and filed cards in rural areas can obtain comprehensive cash benefits from the industrial development, such as the income from their own products, the income from working and the income from the industrial development of joining the cooperatives. (2) Financing of small and micro enterprises
 
At present, state-owned commercial banks mainly take mortgage loans for small and medium-sized enterprises, and the loan interest plus floating rate is controlled at about 7%. Among them, the deposit interest is 3%, plus the salary of bank staff is 4%. For commercial banks, it is stipulated that 21% of the deposit margin should be handed over to the people's Bank of China, and only a little more than 70% can be used. Therefore, in practice, the credit loan ratio of state-owned commercial banks is at a high level, and the financing cost of state-owned commercial banks is not high compared with the financing cost of private loans, which is as high as 30%, and should be within the range that enterprises can bear. The Government Financial Credit Guarantee Center (guarantee company) can provide unsecured policy capital guarantee loans according to the credit situation of enterprises. Enterprises can obtain small loans, but they have to pay the same fees as other social guarantee companies when due, and repay bank debts with principal and interest. Commercial banks are profit oriented, and they are all listed companies, so it is impossible to invest funds into enterprises free of charge. The non-performing assets of commercial banks should also be subject to the supervision and management of the national banking regulatory department. Unless the state finance subsidized loans, enterprises can get the discount fees, otherwise, enterprises can not get any interest free from the bank. According to the survey, there are three main reasons for the current lack of funds in small and micro enterprises: first, the enterprises have less self owned funds, which mainly rely on high interest private lending; Second, if you want to borrow money without mortgage or guarantee, it is difficult to obtain the desired amount of funds; Third, the profit-making rate of enterprises is low, and the tax rigidity has increased after the replacement of business tax with value-added tax. In particular, the payment of small and micro enterprises is affected by the futures settlement method of large enterprises. Large enterprises have a long time to occupy and bear intermittent interest. By virtue of their dominant position, large enterprises adopt futures settlement for upstream and downstream enterprises, which generally takes more than half a year from supply to settlement. As a result, their upstream and downstream small and micro enterprises not only cannot get the loan funds in time, but also bear the interest expenses during the period. This is often heard that the financial sector has so many loans, and one of the main reasons why enterprises still lack funds. For example, a small and micro enterprise supplying parts to large enterprises requires a rolling period of 3 months according to the settlement method of large enterprises. When settling, it uses bank acceptance bills or commercial acceptance bills, and the payment period is 6 months. Small and micro enterprises hold bills that are either discounted by 3% or can be used after 6 months. Finally, large enterprises occupy the payment of small and micro enterprises for as long as 9 months, thereby reducing the cost of large enterprises, Correspondingly, it increases the cost of small and micro enterprises.

(3) Public service financing
 
With the formation of the social atmosphere of sharing the concept of development in China, the government and society pay more attention to the investment in public services. The financing method has not only changed from a single government investment in the past, but also changed into a diversified financing channel of government, enterprises, individuals, partners and so on, which has brought huge spillover effects. In recent years, in order to alleviate the shortage of financial funds and improve the quality and efficiency of construction projects, local governments in China have actively promoted the PPP (public private partnership) model, that is, for the construction projects of social public services, the government finance and social capital cooperation are adopted, and the main purpose is to pry social funds into the society, so as to promote social development?? The construction of public service projects will receive investment funds, so that private investment can finally be compensated from the consumption of government or public goods in accordance with the agreement between government and enterprises. Since 2013, local governments in China have adopted the PPP model and carried out continuous practice and exploration, which has promoted the construction of social public service projects. At present, China has covered many fields such as water conservancy, transportation, urban construction, environmental protection, culture, tourism, education, medical treatment, pension and so on. Banks play an important role in the construction of PPP projects. Banks can not only directly participate in the social capital investment of PPP projects through investment operation, such as China's current urban shanty town reconstruction, water and soil treatment and other public infrastructure construction projects supported by the state, but also adopt PPP mode to promote project implementation. At the same time, banks can also provide financing for the social capital parties of PPP projects, and participate in PPP projects by means of project loans, cooperative funds, project income bonds, etc.
 
3、 The way and innovation mode of financial resources inclining to the weak field of the market
 
In order to solve new contradictions in the new era, reform and improvement should be carried out in all areas where social development is uneven and insufficient, so as to fill up the shortcomings and promote their development. At present, the targeted poverty alleviation work, the three rural issues, the development of small and micro enterprises and employment, the field of public services and the equalization of public services and other major social concerns will be taken as an important work of the whole party, and we will pay close attention to and achieve results.
 
(1) We will further promote micro loans for poverty alleviation and achieve the goal of accurately eradicating poverty
 
In accordance with the model of "Government Finance + bank credit + insurance guarantee", guided by the government financial poverty alleviation funds, based on the market-oriented operation of financial credit funds, by means of enlarging the benefits of poverty alleviation loans, and guaranteed by the establishment of risk prevention and control mechanisms, we will enhance the confidence of poor households and new agricultural business entities to get rid of poverty and become rich, and build a moderately prosperous society in all respects on schedule.
 
First, the combination of government guidance and market regulation. Establish a financial coordination mechanism for targeted poverty alleviation led by local governments and led by the people's Bank of China, with the cooperation of counties, villages and various financial institutions, and improve the co construction financing platform with agricultural banks as the main body and all financial institutions as the full participants. Guided by the "two stations" of township governments and village level financial targeted Poverty Alleviation (the financial targeted poverty alleviation workstation in poor villages and the agricultural benefit financial service station in non poor villages), guide financial institutions to accurately loan products for poor households and new agricultural business entities. Poverty-stricken households and new agricultural business entities shall, on a voluntary basis, make loans, insure, assume responsibilities and develop independently.
 
The second is the combination of poverty relief loans and commercial loans. In accordance with the principle of targeted poverty alleviation, the credit system construction, cooperation mode, policy cashing and other methods are targeted to households. Through credit rating and insurance measures, the risk is dispersed, and the poor households with filed cards can obtain "two exemptions and one subsidy" credit loans free of mortgage, guarantee and financial interest discount; Let the new agricultural business entities that establish assistance agreements with the poverty-stricken households who file and establish cards obtain small poverty alleviation loans in the form of credit loans. Adopt risk compensation, micro loan insurance, agricultural insurance, accidental injury insurance and other means to establish a mechanism for the dispersion and resolution of poverty alleviation micro loans. Financial institutions rely on the "two stations" of financial targeted poverty alleviation to collect credit information, grade credit, and verify the credit line and loan management ratio of the credit subject of the documented poor households and new agricultural business entities.
 
Third, voluntary equity should be combined with priority of credit loans. The poverty alleviation credit loan fully respects the wishes of poor households and decides whether to apply for a loan at their own discretion; Encourage financial institutions to participate in poverty alleviation loans in accordance with commercial principles and improve service levels. The loan is mainly used to solve the problem of lack of development and production funds for poor households. Priority loans and preferential interest rates will be given to poor farmers who have financing needs, and leading enterprises in poverty alleviation agricultural industrialization (farmers' cooperatives, large planting and breeding households), so as to reduce financing costs and improve investment and financing benefits.
 
(2) Innovate small loan policies for small and micro enterprises and expand loan channels
 
A good way for small and micro enterprises to obtain funds is to rely on government credit loans without collateral. Then, as a local government, we should actively play the role of the Government Guarantee Center (company), innovate mechanisms, and enhance the quality and efficiency of government loan guarantees for small and micro enterprises. In the past, the way of single credit, namely loan, has been changed to credit loan + process supervision (which can be entrusted to intermediary institutions such as financial companies) + insurance (insurance institutions), so as to enhance the ability of risk prevention and control, improve the loan recovery rate, ensure the continuous replenishment of government financial guarantee funds, expand the loan ratio, and provide strong support for small loans for small and micro enterprises. At the same time, expand the scope of collateral and obtain loans. For example, enterprises can take advantage of the water areas, beaches, forest rights, wetland contractual management rights, intangible assets, etc. they occupy as mortgages.
 
(3) Establish a government guided multi-channel public service financing platform system
 
For public goods, especially social public service products, we should adhere to the co construction and sharing financing platform system led by the government and participated by banks, enterprises and individuals. For example, according to experts in the industry, the characteristics precipitated by the PPP model of Huaxia happy industrial new town, such as using advantageous resources to supplement the county development weakness, exploring new ways for social capital to participate in the comprehensive development of cities and towns, and leading regional transformation and upgrading with industrial clusters, provide a reference path for the healthy and sustainable development of PPP. [2] Through the limited funds of the government, leverage finance to enlarge loans, drive unlimited social financing, and realize the external effect of maximizing social public service products, so as to better meet the growing demand of the whole society for public services.
 


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