Liu Liuyong, deputy dean of Zhejiang University Financial Research Institute: Yinfang cooperation promotes "dual guarantee"

my country's economy is facing the influence of "triple pressure" and the raging epidemic of the new crown. The stability of the industrial chain has been greatly impacted. It has brought abnormal effects on the continuous operation of small and micro enterprises that were originally fragile, thereby reducing employee employment and family income levels. Small and micro enterprises account for an absolute majority of my country's market entities and contribute 80%of employment. If the individual operation is calculated, small and micro enterprises have contributed more than 90%of employment, so it is also the main source of family income. According to data from the National Bureau of Statistics, in June, the national urban investigation rate was 5.5%, which was still at a high level. Among them, the investigation rate of young people aged 16 to 24 continued to rise, a record high of 19.3%. Therefore, promoting the "dual insurance" work of employment and market entities, and increasing the business toughness of small and micro enterprises, it is beyond doubt about the importance and development of my country's economic and social stability and development. Due to its large scale and a strong mechanism of action, finance plays a role in setting the sea god needle in the "dual insurance" work. Government financing guarantee itself is not a financing instrument, but it can provide credit increase for debt financing. Through the credit increase mechanism, the number of households or coverage of loans can be increased, and financing costs can be reduced. The role of). The vulnerability of small and micro enterprises in the epidemic is prominent. The financing guarantee mechanism can increase the accessability and sustainability of small and micro enterprises' financing, which is conducive to the implementation of the "dual insurance" policy measures.

With the establishment and improvement of the government financing guarantee system in recent years, the growth of guarantee loans driven by silver cooperation has grown rapidly, and it has become a powerful means to support small and micro enterprises' financing. In theory, among small and micro enterprises with loans, small and micro enterprises with less credit risks can obtain normal bank loans, but the proportion of enterprises obtaining loans is usually less than 20%. There are also some small and micro enterprises in good prospects but lacking funds, and there is a problem of insufficient pledged assets. Usually, financial innovation and external credit increase are needed to obtain loans. The satisfaction of this part of small and micro enterprises' financing needs can be considered from several aspects: First, to increase assets that can be used for pledges, such as inventory, account receivables and intellectual property pledge, pledge of rural land use rights, etc. Second, under the conditions of digital technology, you can develop online credit loans (including online small loans based on big data technology) through data sets and data technology; third, through external credit increase, especially in recent years The means of government financing guarantee for bank credit to increase credit. At present, small and micro enterprises that have difficulty under the epidemic need to be rescued in the short term. In addition to the government's fiscal tools, the intervention of government financing guarantees has continued or the intervention of government financing guarantees has continued or the bank loans of small and micro enterprises have continued or It is the first loan, which is faster in time and the effect is better. Compared to the innovation and digital tools of the pledge method, the support of small and micro enterprises through silver cooperation is the largest in financing scale. The diversified risk sharing and compensation mechanism has been promoted in practice.

In a solid and stable economy of the State Council, the State Financing Guarantee Fund will add more than 1 trillion yuan to a new reinstallation cooperation business this year, and issue a small and micro enterprise financing guarantee and fee reduction of 3 billion yuan to support the expansion of financing guarantees. The business scale and the reduction of the guarantee premium rate will further alleviate the difficulty of financing for small and micro enterprises and expensive financing. This year's Zhejiang Provincial Government issued the "Opinions on Financial Support to Stimulate the Vitality of the Market Activity", and the China Banking Regulatory Commission Zhejiang Supervision Bureau and other departments issued the "Notice on Building and Improve the" Double Insurance "to help financing support mechanisms", which clearly put forward the proposal. Three support models, the first of which is the government financing guarantee support model, and the other two are financial and industrial policy collaborative support models and financial and fiscal policy collaborative support models. For how to play the role of government financing guarantee support, the Banking Insurance Regulatory Bureau has proposed specific arrangements such as support goals and objects, business processes, credit quotas, risk sharing, etc., and emphasized that the government financing guarantee model is building "dual guarantees" to help financing The importance in the support mechanism.

After the provincial government specialized and issued the "Opinions on Deepening the Reform of the Government Financing Guarantee Institution System and effectively supporting the development of small and micro enterprises and" agriculture, farmers "development", Zhejiang Province has made great progress in establishing a government financing guarantee system. At present Government guarantee (including agricultural burden) in Zhejiang Province has initially established a top -down institutional system. This year Zhejiang Province has proposed a policy measure for the implementation of the economy steady and quality -to -quality operations and stabilizing the economy. Control and economic and social development. According to this, the Zhejiang Guarantee Group issued a special implementation opinion, with a guarantee business for the guarantee rate of less than 0.5%(inclusive) and a single household amount of less than 500,000 yuan (inclusive). Including) The guarantee business within 1 million yuan (inclusive) below is half a guarantee of the guarantee business. Keeping compensation rate tolerance is not less than 5%, guiding the province's guarantee agencies to control the average guarantee rate below 0.9%, and the provincial re -guarantee company implements a 0.12%discount and re -guarantee rate. These measures have strongly promoted the increase in government financing guarantee business. Taking the financing guarantee business of Zhejiang Guarantee Group as an example, as of the end of June 2022, its financing guarantee business scale exceeded 100 billion yuan, and the balance of insurance reached 100.31 billion yuan, an increase of 54.3%year -on -year. Households, a year -on -year increase of 56.1%. Since its establishment in March 2016, the Group's cumulative guarantee amount is 238.23 billion yuan, and the cumulative number of guarantees is 30,600, which drives market entities to create taxes of 11.9 billion yuan for society, and stable or drive 3.12 million employment positions. In addition, as of the end of 2021, the province's first insured business balance reached 15.19 billion yuan. According to the National financing guarantee fund's 2021 business notification, the scale of 5 million yuan and below of the provincial re -guarantee company continued to maintain the country's first, and the total scale of the total filing business in 2021 ranked second in the country. Calculated by the average number of employees per household in the provincial guarantee group in the provincial guarantee group and the current average number of employees of the small and micro enterprises who are currently guaranteed, and the number of employees supported by more than 3.8 million, which strongly supports the "dual guarantee" work. Zhejiang's other provincial guarantee company Zhejiang Agriculture has also exceeded 10 billion yuan in the balance of the guarantee in April this year. In the past 6 years, it has provided a loan guarantee of 19 billion yuan for 54,000 agricultural business entities in the province. Government financing guarantee business still has much room for growth. According to statistics, as of the end of 2021, the balance of loan loans of inclusive small and micro enterprises in Zhejiang Province was 2.7 trillion yuan, accounting for only 16.28%of the proportion of various loans. The province's guarantee loan accounts for about 4%of the loan ratio of small and micro enterprises (the penetration rate of guarantee loans). Compared with the penetration rate of more than 10%of the developed economies, there is still a large gap. Essence Therefore, it is necessary to focus on studying the financing needs of small and micro enterprises and the effective demand for guarantee loans, testing the financing cost pressure of small and micro enterprises, etc., and then innovate through silver cooperation and the innovation of financing guarantee business to better match the small and micro enterprises’s enterprises that are better. The demand for financing has better promoted the implementation of the "dual insurance" policy.

Source: Science and Technology Finance Times

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