The private economy is an important achievement in the development of socialist market economy and an important force in promoting economic and social development. Supporting the development of private enterprises is the responsibility of the financial sector, and it is also an important part of the structural reform of the financial supply side. Recently, a series of financial assistance measures for enterprises have been intensively introduced. The "Opinions of the Central Committee of the Communist Party of China and the State Council on Promoting the Development and Growth of Private Economy" (hereinafter referred to as the "Opinions") clearly stipulates the improvement of the financing support policy system; The People's Bank of China and the State Administration of Foreign Exchange held a work meeting for the second half of 2023, requiring the effective optimization of the financing environment for private enterprises; The People's Bank of China held a symposium on financial support for the development of private enterprises, proposing to guide more financial resources to flow to the private economy... How effective are the measures of financial support for private enterprises? How to better optimize the financing environment for private enterprises in the future? The Economic Daily reporter interviewed relevant departments and experts and scholars. The "Three Arrows" provide a green light for private enterprise financing. In order to optimize the financing environment for private enterprises, the "Opinions" once again focus on the "Three Arrows", providing a green light for private enterprise financing from three aspects: credit, bond, and equity financing. Specifically, the Opinion proposes to improve a market-oriented financing risk sharing mechanism involving banks, insurance, guarantees, securities firms, and other parties. Improve the credit rating and evaluation system for small and medium-sized enterprises and individual businesses, strengthen the collection of enterprise credit information, and promote service models such as "Xinyi Loan". Support eligible private small and medium-sized enterprises to raise funds in the bond market, encourage eligible private enterprises to issue technology innovation company bonds, and promote the special support plan for private enterprise bond financing to expand coverage and enhance credit enhancement efforts. Support eligible private enterprises to go public for financing and refinancing. This "Opinion" covers three main financing channels for private enterprises, reflecting the policy orientation of comprehensively improving the financing environment for private enterprises, "said Wang Qing, Chief Macro Analyst of Dongfang Jincheng. There have always been two prominent problems for private enterprises when applying for bank loans: firstly, the scale of private enterprises is generally small, with insufficient qualified collateral, making it difficult to meet the bank's credit risk control requirements; secondly, private enterprises generally prioritize the market and technology, and their financial management systems are not sound. This is also the reason why banks find it difficult to control the credit risk of private enterprises. In response to these practical problems, this Opinion Emphasis should be placed on improving a market-oriented mechanism for sharing financing risks through joint participation from multiple parties, improving the credit rating and evaluation system for small and medium-sized enterprises and individual businesses, and strengthening the collection of credit information related to enterprises. This is highly targeted Feng Lin, senior analyst at Dongfang Jincheng, added. Looking ahead to the direction of financial institutions assisting private enterprise financing in the next step, Wang Qing believes that in terms of credit financing, banks may make efforts from two aspects: firstly, improve the credit risk assessment mechanism of banks, set effective risk assessment and monitoring indicators based on the characteristics of private enterprises and industry characteristics, reduce dependence on collateral, and increase the issuance of credit loans; Secondly, in the internal assessment of banks, it is also necessary to implement a due diligence exemption mechanism to solve the problem of "not daring to lend". At the same time, government financing guarantee institutions should further increase their support for private enterprise credit financing, including increasing guarantee limits, optimizing guarantee processes, and improving guarantee efficiency. Debt
Edit：Hou Wenzhe Responsible editor：WeiZe
Source：economic daily
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