张化桥（慢牛投资公司董事长）

Zhang of bridge（Slow cow investment company President）

　　要想降低中小企业的资金成本，政府必须大幅度收缩国有企业在经济中的比重，减少他们对资金的占用和浪费。

To lower the cost of capital for small and medium-sized enterprises，The government must greatly contraction in the proportion of state-owned enterprise economy，Reduce them to the occupation of the funds and waste。

　　中国的利率就像一个高高的水泥柱。柱子的下端是活期存款利率：年息1%甚至更低。往上看，是定期存款利率（2%～5%），基准贷款利率（6%以上）。再往上看，是银行实际收取的中小企业贷款利率，为10%左右，小额贷款公司收取的年息18%～25%，以及民间借贷利率30%到50%。

China's interest rates is like a tall cement posts。The lower end of the pillars is a current deposit interest rate：Annual interest 1% or less。Looked up，Is fixed deposit rates（2% ~ 5%），Benchmark lending rates（6%）。Then look up，The bank is actual collection of small and medium-sized enterprises loan interest rate，10%，Microfinance companies charge annual interest of 18% ~ 25%，And folk lending rate by 30% to 50%。

　　每个国家的中小企业贷款利率都大大高于基准利率，这并不奇怪。但是，中国利率的这根水泥柱太高。不是因为高利贷业者过于贪婪，而是各种主客观因素逼出来的市场供求就是这样。以小额贷款公司为例，在现有监管制度下，其收取客户18%以下的年息是要亏本的，原因在于监管成本和资金成本太高。那么，原因何在？

Each country of the small and medium-sized enterprise loan interest rates are far higher than benchmark rates，It is strange。but，China's interest rates this cement posts too high。Not because of usury too greedy companies，But the subjective and objective factors forced out of the market supply and demand is so。In the small loan company as an example，In the current regulatory system，The charge customers under 18% annual interest is to lose money，Reason is that the supervision cost and capital cost is too high。so，why？

　　其一，小贷公司在规模上受到限制（规模不经济，单位运营成本高），业务在地域上受到限制，导致风险集中，因此风险溢价高。

one，Small loan company in size limits（Scale economy，Unit operation cost is high），Business in the regional limits，Lead to risk concentration，So high risk premium。

　　其二，小贷公司的负债率上限为注册资本的一半，其借贷成本一般在年息7%～13%。小贷公司虽然有政府大力扶持，但5.65%的营业税和附加，以及25%的收入所得税是难以回避的。另外，还有营业成本，坏账成本和基本利润。

The second，Small loan company ratio is the upper limit of the registered capital of the half，The average annual interest in borrowing costs by 7% ~ 13%。Small loan company although there is strongly supported by the government，But 5.65% of the business tax and additional，And 25% of the income tax is hard to avoid。In addition，And operating costs，Bad debt costs and basic profits。

　　此外，因为不可能在第一天就全部放贷出去，小额贷款公司借入的资金还有闲置成本。上述各种成本累积起来，放款的利率很难低于18%。而这个利率对中小客户来讲，显然太高。

In addition，Because it can't possibly be on the first day that all lending out，Microfinance companies took money and idle cost。The above all kinds of costs add up，The loan interest rate is hard to less than 18%。And the interest rate on small and medium-sized client，Obviously is too high。

　　小额贷款公司的根本利益和长远利益是收取低利率。通常来说，高利率都会伴随着高风险（更多坏账），这样很容易伤害客户，等于竭泽而渔。

Small loans in the fundamental interests of the company and long-term interests collection low interest rates。usually，Higher interest rates will be accompanied by high risk（More bad loans），It's easy to damage the customer，Equal to the goose that lays the golden eggs。

　　与此同时，政策动机也希望把水泥柱上端的利率降下来。当然，利率只是供求关系的反映，要真正把上端的利率降下来，必须得改善供给关系，而要改善供给关系，就必须减少国有企业对资金的占用。

At the same time，Policy motive also wanted to use cement posts at the top of the interest rates down。Of course，Interest rate is only the reflection of supply and demand，To really put at the top of the interest rates down，Must improve supply，And to improve the supply，Must be reduced to the occupation of the state-owned enterprise funds。

　　国有企业凭借其特殊身份，占用和闲置了部分资金，如此一来，这种占用和闲置在一定程度上加剧了中小企业的资金紧张，进而抬高了中小企业的资金成本。

The state-owned enterprise with its special status，Take up and left unused part of funds，so，This kind of take up and idle in certain level aggravate the middle and small enterprise of funds，And then drive up the cost of capital for small and medium-sized enterprises。

　　笔者曾经认为解决方案在于监管层大幅提高贷款的基准利率，迫使国有企业放弃一部分低效率或重复建设的项目。后经探讨和思考，才认识到这个方案不具可行性，因为国有企业对利率的敏感性太低，那怕再高的利率国有企业也照样借贷。

The author thought solution is greatly increased regulatory benchmark interest rate of loans，Forced to give up part of the state-owned enterprise low efficiency or duplicate construction projects。After discussion and thinking，To realize the plan has no feasibility，Because of the sensitivity of the state-owned enterprise interest rates too low，That is afraid of state-owned enterprise to high interest rates so also lending。

　　为了从根本上解决中小企业资金成本太高的问题，必须大幅度降低国有企业在经济中的比重，尽量减少国有企业对资金的占用和浪费。这也许是长治久安的办法。

In order to solve the small and medium-sized enterprise funds from the cost is too high，Must greatly reduce the state-owned enterprises in the proportion of the economy，To reduce as far as possible to the occupation of the state-owned enterprise funds and waste。Perhaps this is the stability of the method。