1、1SME LENDING AND CREDIT RISK MANAGEMENT PROBLEMS IN CHINA中國中小企業(yè)貸款風(fēng)險(xiǎn)管理問題中國中小企業(yè)貸款風(fēng)險(xiǎn)管理問題 Financial Risk and Corporate Finance Management Forum, Dalian， July 2010第二屆金融風(fēng)險(xiǎn)與公司財(cái)務(wù)管理國際研討會(huì)第二屆金融風(fēng)險(xiǎn)與公司財(cái)務(wù)管理國際研討會(huì)大連大連2010年年7月月Introduction 簡介2 Richard Bisset畢業(yè)于利茲大學(xué)，主修中文和德語。在匯豐銀行工作25年。 匯豐的工作業(yè)務(wù)開拓遍及遠(yuǎn)東許多國家和地區(qū)以及大中華區(qū)（上海和香港

2、）。 最后的12年，從事于信用領(lǐng)域，包括4年匯豐日本信貸總部信用風(fēng)險(xiǎn)負(fù)責(zé)人的經(jīng)歷。負(fù)責(zé)銀行、證券公司業(yè)務(wù)，負(fù)責(zé)管理私營銀行、公司銀行、金融機(jī) 構(gòu)、項(xiàng)目融資和主權(quán)借款的多元資產(chǎn)組合。 負(fù)責(zé)為交通銀行（匯豐持股19.9%）信貸風(fēng)險(xiǎn)管理的優(yōu)化實(shí)施提供咨詢，包括：信用風(fēng)險(xiǎn)政策、手冊(cè)的制定，員工培訓(xùn)，為交行2005香港上市提供解決壞賬、疑帳貸款的咨詢；負(fù)責(zé)為上海銀行（匯豐持股8%）籌建全面信貸風(fēng)險(xiǎn)管理部門的服務(wù)體系，包括：信用風(fēng)險(xiǎn)政策、手冊(cè)的制定。2007年加入IBM為全球咨詢服務(wù)部（GBS）資深咨詢經(jīng)理，負(fù)責(zé)領(lǐng)域?yàn)樾庞蔑L(fēng)險(xiǎn)管理、合規(guī)和監(jiān)管。2009年6月加入澳大利亞聯(lián)邦銀行為中國銀行業(yè)務(wù)高級(jí)顧問，現(xiàn)在

3、在濟(jì)南市齊魯銀行（聯(lián)邦銀行持股19.9%）為副行長和風(fēng)險(xiǎn)管理首席。 Resume and Background31 - 99.3% of registered companies in China are SMEs1 在中國注冊(cè)成立的企業(yè)中有99.3%都是中小企業(yè) 2 - 55.6% of GDP is generated by SMEs2 國內(nèi)生產(chǎn)總值中的55.6%是由中小企業(yè)貢獻(xiàn)的 3 - 62.3% of exports undertaken by SMEs3 中小企業(yè)出口額占出口總額的62.3% 4 - 46.2% of tax revenues provided by SMEs4 國

4、家稅收的46.2%是由中小企業(yè)貢獻(xiàn)的 5 75% of employment provided by SMEs5 中小企業(yè)提供了75%的就業(yè)機(jī)會(huì) Key Statistics for SMEs in China 1有關(guān)中國中小企業(yè)的關(guān)鍵數(shù)據(jù) 141) Only 12 percent of SMEs working capital requirements are obtained from bank loans 中小企業(yè)的運(yùn)營資本中只有12%來自銀行貸款 2) 55% of start-up firms are financed predominantly by owner-managers

5、personal wealth 約有55%處在起步階段的企業(yè)的資金絕大多數(shù)都來自企業(yè)主的個(gè)人財(cái)產(chǎn) 3) 31.6 % of these start-ups are funded by borrowings from family or friends 有31.6%處在起步階段的企業(yè)的資金由親友借款構(gòu)成 4) Only 13.4% are financed by banks and other non-bank financial institutions. 只有13.4%的中小企業(yè)通過銀行和其它非銀行金融機(jī)構(gòu)融資5) 66% of SMEs have difficulty to access

6、to finance (IFC-CPDF 2004 survey) 66% 的中小企業(yè)面臨融資難的問題（根據(jù)IFC-CPDF2004年的調(diào)查數(shù)據(jù)）Key Statistics for SMEs in China 2有關(guān)中國中小企業(yè)的關(guān)鍵數(shù)據(jù) 25Western banks generally evaluate business loans by looking at the companys income and cash flow statements. Does the borrower earn enough to meet its obligations? Can it continu

7、e to do so over the life of the loan? To answer these questions, the lender often uses metrics which measure loan amount to EBITDA (earnings before interest, taxes, depreciation, and amortization) or the debt service coverage ratio. Only then will they consider the question of collateral. Any collat

8、eral is regarded as a back-up, a way of mitigating losses if all else fails. The basis for making the loan is an assessment of the borrowers ability (and its willingness) to pay.西方的銀行通常會(huì)依據(jù)公司的損益表及現(xiàn)金流量表來評(píng)估商業(yè)貸款。借款人是否能賺足夠的錢履行還款義務(wù)？在貸款到期前，借款人是否具備持續(xù)還款能力？為了解答這些問題，貸款人通常會(huì)使用計(jì)量模型來測(cè)算貸款額與扣除利息、稅收、折舊及攤銷前的收益的比值或債務(wù)償還

9、能力比率。測(cè)算完這些之后，銀行才會(huì)考慮抵押問題。任何抵押物都只是在貸款無法收回的情況下用來減少損失的備用品。對(duì)借款人還款能力（及其還款意愿）的評(píng)估是放款的依據(jù)。 Differences between Western and Chinese Banks in Treatment of Loans 1 西方銀行和國內(nèi)銀行處理貸款的不同方式16In China, when a company requests a loan, the first thing banks look at is the borrowers balance sheet. What hard assets does the

10、 business have, in case it fails to pay? Land is best, in the banks eyes, but a really big, expensive piece of machinery might suffice. The lender may or may not actually secure that asset with a lien, but the value of the collateral serves as the basis for making the loan.在中國，當(dāng)一家公司申請(qǐng)貸款時(shí)，銀行首先會(huì)看借款人的資

11、產(chǎn)負(fù)債表。以防借款人無力償還貸款，銀行要看該公司擁有哪些硬資產(chǎn)。在銀行看來，土地是最好的硬資產(chǎn)，但價(jià)格不菲的大型機(jī)械設(shè)備也可滿足銀行的要求。貸款方可能會(huì)用抵押品留置權(quán)扣留該硬資產(chǎn)，也可能不會(huì)，但該抵押物的價(jià)值會(huì)是貸款的一大依據(jù)。 In 2006, an IMF study confirmed that, despite efforts at reform, Chinese banks still “do not appear to take enterprise profitability into account when making lending decisions.” The rea

12、son is that, from a technical and bureaucratic perspective, collateral lending is much easier. At least superficially, it doesnt require any business judgment, just tick-the-box procedures to make sure the bank is adequately “covered.” 2006年，一項(xiàng)國際貨幣基金組織的調(diào)查證實(shí)了這一點(diǎn)，盡管中資銀行在改革中做出了努力，但“在做放款決定時(shí)”他們?nèi)匀弧八坪醪话呀杩钇?/p>

13、業(yè)的贏利能力考慮在內(nèi)”。無論是從技術(shù)角度還是從機(jī)構(gòu)自身角度來說，抵押貸款都更容易操作，這便是中資銀行這么做的原因。至少從表面來看，這么做不需要任何商業(yè)判斷，只需要按部就班，確保銀行獲得足以“抵償”貸款的抵押物。 Differences between Western and Chinese Banks in Treatment of Loans 2西方銀行和國內(nèi)銀行處理貸款的不同方式 27Limited or little access to capital markets 進(jìn)入資本市場(chǎng)有限制或有困難Risk pricing is not geared to SME lending 中小企業(yè)貸

14、款未考慮風(fēng)險(xiǎn)定價(jià)因素High bad loan ratio compared to corporate lending 與大企業(yè)貸款相比，不良率較高High reliance on internal and informal finance channels對(duì)內(nèi)部及非正式融資渠道的依賴性較高Lack of core Credit Technology and Systems in Banks 銀行缺乏核心信貸技術(shù)和系統(tǒng)Lack of or unreliable financial information provided by SMEs 缺乏中小企業(yè)提供的財(cái)務(wù)信息或所提供的信息不可靠Banks

15、 desire for collateral 銀行希望有抵押物Poor corporate governance 公司治理較差Bank credit culture and credit policy not adapted to SME lending 中小企業(yè)貸款與銀行的信貸文化和信貸政策不符Major obstacles to improving SME finance 發(fā)展中小企業(yè)融資的主要障礙8Bank Barriers 銀行造成的障礙銀行造成的障礙1) Chinese companies often inflate their balance sheets to impress b

16、anks. 中國的公司經(jīng)常通過美化資產(chǎn)負(fù)債表給銀行留下好印象。 2) Chinese accounting makes liberal use of the international accounting rule that lets companies revalue their fixed assets upwards, in excess of cost中國的會(huì)計(jì)師會(huì)濫用國際會(huì)計(jì)準(zhǔn)則，公司可以重新對(duì)固定資產(chǎn)進(jìn)行估值并將價(jià)值上調(diào)，調(diào)整后的價(jià)值超過了原來的成本 3) Companies regularly hire appraisers to declare their machinery

17、 to be worth two or three times what they paid for itoften just months after installation. They value the land under their factory based on the going price of the nearest luxury condo developmenteven if that project lies uncompleted or empty. This whole charade tends to distort the value of the busi

18、ness in the eyes of the bankers and sometimes the managers themselves.公司定期聘用估值機(jī)構(gòu)，將其機(jī)器設(shè)備評(píng)估價(jià)值上調(diào)至兩倍甚至三倍于購買價(jià)格通常是在安裝僅僅數(shù)月后。甚至在工程尚未完成或啟動(dòng)之前，公司就根據(jù)最近的豪華公寓開發(fā)現(xiàn)價(jià)來評(píng)估工廠所占土地價(jià)值。這整套把戲常常把實(shí)際企業(yè)價(jià)值虛高報(bào)給了銀行工作人員，有時(shí)甚至是企業(yè)自身管理人員。 4) Bank lending officers still have a great deal of discretion in determining which assets they wil

19、l accept as collateral and at what valuation. An SOE, with the central or provincial government to back it, will obviously get what it wants with the least fuss and delay. 信貸人員在決定將哪些資產(chǎn)作為抵押物以及如何估值的問題上還需做大量思考。有中央或省級(jí)政府做靠山的國有企業(yè)明顯能在申請(qǐng)貸款時(shí)省卻很多麻煩節(jié)省很多時(shí)間。 5) SMEs by contrast, usually do not have huge plots of

20、 land, large factories and plentiful other fixed assets to offer.相反，中小企業(yè)一般無法提供大量土地、大型工廠以及其它固定資產(chǎn)作為抵押物。 How does an SME in the retail trade, in marketing, in a service industry convince a bank lending officer that they have a viable business and the ability and willingness to repay a loan?從事零售貿(mào)易、市場(chǎng)買賣或

21、服務(wù)業(yè)的中小企業(yè)該如何讓信貸人員相信他們的生意有望成功，從事零售貿(mào)易、市場(chǎng)買賣或服務(wù)業(yè)的中小企業(yè)該如何讓信貸人員相信他們的生意有望成功，相信他們有能力也愿意償還貸款？相信他們有能力也愿意償還貸款？ 9SME Barriers 中小企業(yè)自身造成的障礙中小企業(yè)自身造成的障礙The 3 most difficult problems to overcome from the SME side are:中小企業(yè)自身需要克服的最大難題有三個(gè)： The lack of reliable, transparent and timely financial information in the form of

22、 balance sheets, P & L accounts and cash flows. In many instances the company is indistinguishable from the owner and SMEs often make the mistake of not separating the businesss use of cash from the owners資產(chǎn)負(fù)債表、損益表以及現(xiàn)金流量表缺乏可靠、透明、及時(shí)的財(cái)務(wù)信息。很多時(shí)候，沒有將企業(yè)本身和企業(yè)主進(jìn)行區(qū)分，中小企業(yè)經(jīng)常會(huì)犯混淆企業(yè)資金和企業(yè)主個(gè)人資金的錯(cuò)誤。 The lack of

23、 any credit track record, because financing has often been from friends and family and other underground sources. As these are often at the fringes of what is legally permissible, the bank cannot obtain information from these informal lenders nor can the SME use them to demonstrate its credit-worthi

24、ness.因?yàn)橹行∑髽I(yè)的融資通常來自朋友、家人以及其它地下渠道，所以缺乏信用記錄。因?yàn)橥ㄟ^這些渠道融資通常是游走在合法融資的邊緣地帶，銀行不能從這些非正規(guī)的貸款人處獲取信息，中小企業(yè)也不能用這些信息來證實(shí)企業(yè)信譽(yù)。 Bad reputation: The global financial crisis led in 2008-2009 to a great deal of difficulty for SMEs, particularly in the Pearl River Delta, where there was a string of very public bankruptcies

25、 amongst small exporters. This has damaged the credibility of SMEs in the eyes of many bankers and deterred bank lending officers country-wide from lending more to this sector.不良聲譽(yù)：2008-2009年的全球金融危機(jī)給中小企業(yè)帶來了很多難題，尤其是珠江三角洲的中小企業(yè)，一連串小型出口企業(yè)公開對(duì)外宣布破產(chǎn)。這些都破壞了銀行客戶經(jīng)理眼中的中小企業(yè)信用，也致使全國上下的信貸人員不愿意發(fā)放更多貸款給中小企業(yè)。 10Polic

26、y Barriers 政策障礙政策障礙The government can and does order banks to channel money towards different sectors of the economy, and could do the same with SMEs. But lending by state fiat is a step in the wrong direction and it can never ensure that financing is directed to areas of the economy, or SMEs, which

27、 are most deserving of support and who would make the best use of the resources. If an SME is defined as having a turnover of up to RMB1.7 billion, that leaves a great deal of leeway for banks to lend only to the biggest (and therefore presumably most stable) SMEs. It would leave countless thousands

28、 of small businesses not catered for by banks, because they would be deemed “too difficult”.政府有能力也確實(shí)已經(jīng)要求銀行放款給不同行業(yè)，那么政府也可以在中小企業(yè)貸款問題上作此努力。但根據(jù)國家法令來發(fā)放貸款本身就是方向性的錯(cuò)誤，這永遠(yuǎn)無法確保資金確實(shí)是流向了最需要支持也最懂得如何優(yōu)化利用這些資源的經(jīng)濟(jì)領(lǐng)域或中小企業(yè)。如果中小企業(yè)被定義為營業(yè)額最高可達(dá)17億元人民幣的企業(yè)，銀行就大可只把資金放貸給規(guī)模最大可能也最穩(wěn)定的那些中小企業(yè)。這樣一來，成千上萬數(shù)不清的小企業(yè)得不到銀行的支持，因?yàn)樗鼈儠?huì)被認(rèn)為是風(fēng)險(xiǎn)太大

29、“難以放貸”的對(duì)象。 So, how can banks and lending officers (including the risk management officers who police lending portfolios) go about opening up the market for SMEs?所以，銀行和信貸人員（以及負(fù)責(zé)管理貸款組合的風(fēng)控人員）的大門如何能為中小企業(yè)所以，銀行和信貸人員（以及負(fù)責(zé)管理貸款組合的風(fēng)控人員）的大門如何能為中小企業(yè)開啟呢？開啟呢？ 11So what is being done to help SMEs now? 為扶持中小企業(yè)我們做出了哪些努力？為扶持中小企業(yè)我們做出了哪些努力？1.Many banks now have dedicated desks or departments dealing specifically with SMEs. Both Qilu Bank and Hangzhou Bank have and they are making