165438+1At the end of October, 2 1 Century Business Herald interviewed Nanjing and Suzhou-Hangzhou branches of Minsheng Bank, and conducted field research on many large private enterprises in Jiangsu and Zhejiang, mainly manufacturing enterprises, including Yuyue Group, Chengxing Group, Hua Hong Group, Hengli Group, Zhen Shi Group, Fortis Group and Liang Hai Group.
Many private entrepreneurs call for more continuity in policies, and state-owned enterprises and private enterprises should be treated equally.
Zhou Jie, vice chairman of Jiangsu Federation of Industry and Commerce, said frankly that private entrepreneurs are confused about the market now. On the one hand, due to the more mature market, more competitors, globalization and other factors, it is more difficult for private enterprises to make money, and some private entrepreneurs take money to speculate in real estate instead of putting it into production; On the other hand, there are objective differences between state-owned enterprises and private enterprises, but the differences are by no means so great. Jiangsu high-quality private enterprises (enterprises with strong sustainable development ability and great contribution to local economy) may enjoy higher treatment.
Continuity and stability of proposed policies
"The previous policies lacked flexibility, and some even braked suddenly and across the board. I'm a little confused. " Li Xing, Chairman and President of Jiangyin Chengxing Industrial Group Co., Ltd. (hereinafter referred to as "Chengxing Group"), said bluntly.
According to the reporter of 2 1 Century Business Herald, in recent years, because Chengxing Group has made great strides in industrial investment, the capital demand is mainly solved by issuing bonds by enterprises, and the capital pressure is great when centralized payment is made; At present, private enterprises have encountered bottlenecks in issuing bonds again, and the liquidity gap of funds is even greater. However, recently, with the support of financial institutions such as Minsheng Bank and Industrial and Commercial Bank of China, syndicated loans were coordinated with liquidity, which greatly eased the financial difficulties of enterprises.
Li Xing said that private enterprises are facing multiple dilemmas, and financing difficulties and expensive financing are only appearances.
"20 13 years, we are not short of money, and there are 3 billion cash in the account. The government promotes the establishment of 100-billion-level enterprises, and many banks come to talk about cooperation, so we will issue bonds, accumulating143 billion in five years. Later, difficulties appeared and many banks abandoned us. " Li Xing said. "After the private enterprise symposium, whether the enterprise environment has changed, the actual situation is not obvious."
Pan Wengang, president of Minsheng Bank Wuxi Branch, told 2 1 Century Business Herald that although the situation of different industries and companies is different, on the whole, most listed companies in Wuxi are "short of money". "In June 5438+10, Chengxing Group repaid all the bonds due, but we made up the loans on the table without renewing the bonds."
"Few companies show us the overall data such as finance and inventory, but Chengxing Group is open to us. There are two bank employees stationed in the company to understand the real situation of the company." Pan Wengang said.
He admits that private entrepreneurs are worried about the lack of continuity of policies, and banks are also worried that policies should not slam on the brakes and give enterprises a transition period.
"For enterprises, it is very important to control a reasonable financing structure. The long-term use of short-term loans is one of the problems existing in private enterprises, which puts great pressure on private enterprises to transfer loans and is also a problem that banks need to solve. " Pan Wengang said.
Financing differences between state-owned enterprises and private enterprises to be solved
Regarding the current economic trend, Zhang Yuqiang, Chairman of the Board of Directors of Zhen Shi Group, used the "Troika" to analyze: "It remains to be seen whether it is effective to support the development of private enterprises and increase bank loans. But the proportion of consumption-driven is increasing, which is a good thing. Have to pay attention to it. "
In terms of financing, Zhang Yuqiang said that the financing difference between state-owned enterprises and private enterprises is objective.
"As far as I know, the average one-year borrowing rate of large state-owned enterprises is 3.9%, while that of private enterprises is 4.9%. This has something to do with policy orientation. At the same time, the government cannot force banks to lend. Who is responsible for bad debts? " Zhang Yuqiang gave an example.
In this regard, Xu Jianbo, general manager of the Finance Department of Chengxing Group, shares the same feeling: "For the same type of projects, banks have different loan attitudes towards state-owned enterprises and private enterprises. For example, when we cooperate with a state-owned bank, the head office designates the petrochemical industry to enter the industry cautiously, while a state-owned petrochemical enterprise is not subject to this restriction. "
Xu Ruize, deputy general manager of the corporate business department of Minsheng Bank Head Office, introduced that Minsheng Bank is committed to being a bank for private enterprises, and the head office has set up a short-term liquidity relief mechanism for private enterprises, and there have been practical cases.
Focus on the dispute between main business and diversified layout
On the economic upswing, many private enterprises have expanded rapidly and diversified their layout; After deleveraging, it faces greater financial pressure. Private enterprises that focus on their main business have relatively little pressure.
Talking about the logic of diversified layout, Zhang Yuqiang told 2 1 Century Business Herald that Zhen Shi Group's earliest glass fiber manufacturing, real estate development, hotel tourism, etc. were not the main businesses, accounting for only a small part, and will not focus on layout in the future; After 2008, we can't just judge by the manufacturing industry, and we began to be optimistic about the tertiary industry, mainly the pension and education industries.
"Our diversification is an extension of existing industries. At present, it basically relies on bank loans, and the overall debt ratio is around 59%. " Zhang Yuqiang said.
Another private enterprise, Yuyue Group, focuses on the health industry, and its A-share listed company, Yuyue Medical, is less affected by deleveraging and is looking for investment targets.
"We have abundant cash flow and low debt ratio, only about 10%. De-leveraging has little pressure on diving. We focus on our main business and are not tempted by real estate; I don't make financial investment, and I never make a guarantee. It is easy for banks to audit our financial statements. There are indeed some enterprises in Jiangsu that have financial difficulties and are easy to be acquired, but integration is not a simple matter. " Xin Yuan, chief financial officer of Yuyue Group, told the reporter of 2 1 Century Business Herald.
Xin Yuan further stated that the current market environment is a good thing for conservative, dedicated and high-quality listed companies, and they can look for suitable investment opportunities.
Blind diversification leads to operational difficulties, which also occur in small and micro enterprises. Cao Liang, president of Suzhou Branch of Minsheng Bank, said frankly: "An important factor that causes risks for small and micro enterprises is that when the economy goes up, there is too much money. Instead of expanding production and operation, they buy houses and spend money in various ways, which leads to investment risks. When the economy goes down, the main business has difficulties, and the return on investment is not so fast, which is prone to liquidity problems. "
Lin, president of Nanjing Branch of Minsheng Bank, told 2 1 Century Business Herald: "We don't think this is a' sports' support for private enterprises now. As for the market, whether it will lead to a new round of blind investment by private enterprises cannot be said to be impossible, but it is still too early to judge. At present, the macro environment is different and there is no phenomenon of' flooding'. "
Liang Hai's Enlightenment: Take the initiative to deleverage in advance.
Cong Jun, president of Hangzhou Branch of Minsheng Bank, said that Zhejiang private enterprises have rich types of financing. In the past, bond financing accounted for a large proportion, and it was difficult to issue bonds again. After deleveraging, more loans turned to on-balance-sheet loans.
"After deleveraging, private enterprises generally have staged difficulties this year, and private enterprises in Zhejiang are more prominent. However, we took the initiative to deleverage on 20 16, so this year is easier. " Cao Jianguo, Chairman and President of Liang Hai Group, said frankly.
Cao Jianguo said that Liang Hai Group started with copper processing, and after years of development, it owned six major sectors, including real estate, by 20 16; After 20 16, industrial adjustment was carried out, emphasizing doing something and not doing something; In 20 17, we will focus on developing three major directions and give up other industries decisively.
The three major directions of key development include: giving priority to the development of education industry, including basic education and preschool education; The leap-forward development of non-ferrous metal material manufacturing industry; The health industry has developed steadily, including health food, medical care and pension industry.
"The main idea at that time was to focus on the main business. Although we have done well in other industries, we can't compete with the head company, so we resolutely quit. " Ji Danyang, vice president of Liang Hai Group, said frankly.
Focusing on its main business, Ji Danyang told 2 1 Century Business Herald that Liang Hai Group is planning to acquire 0/00% shares of a leading European copper tube manufacturing enterprise, and is docking with The Export-Import Bank of China for a M&A loan of more than 0/100 million euros, which is expected to be completed in the first quarter of next year.
(Article source: 2 1 Century Business Herald)