今天，中国的小额贷款行业充满了商机。千千万万的小微企业不仅需要小额贷款行业，而且需要它强大、稳健和高速成长。

today，China's small loan industry full of business opportunities。Thousands of small micro enterprise not only need to microfinance industry，And need it strong、Steady and fast growth。

　　但是这个行业正在傲慢与偏见的笼罩中痛苦挣扎。而它的挣扎就是中小企业的挣扎，就是中国的挣扎。

But the industry is pride and prejudice in the shadow of pain struggle。And it is the struggle of the small and medium-sized enterprises struggle，Is China's struggle。

　

　规则制约 Rules restrict

　　自从2008年小额贷款行业被政府认可，全国已有4600多家小额贷款公司开业。但是，至今它们的总贷款余额只有5000多亿元，占全国金融系统贷款额的比重不到1％，相当于半个兴业银行(601166,股吧)或者半个华夏银行(600015,股吧)。

Since the 2008 microfinance industry recognized by the government，The national more than 4600 have small loan company practice。but，So far their total outstanding balance of the loans only more than 5000 yuan，Accounts for the financial system the proportion of loan specified amount is less than 1%，Equivalent to half a societe generale(601166,guba)Or half of the huaxia bank(600015,guba)。

　　这几年，银行虽然也做了一些小额贷款，但是除了少数银行（比如民生、招商、包商等），多数还停留在装模作样的阶段。何以为据？目前，小贷公司的放款利率高达25％甚至更高，而民间借贷的利率高达30％甚至50％。这件事本身足以证明金融机构对中小企业的贷款需求不关心。我们必须相信供求关系。很多人说民间借贷的利率被人为地炒高了！这是无知的话。因为，资金需求者不是傻瓜。

Over the past few years，Though the Banks also made some small loans，But except a few Banks（Such as the people's livelihood、investment、Contractor, etc），Most still stays in the bumbling stage。Why according to？At present，Small credit company's loan interest rates as high as 25% or more，While the folk loan interest rates as high as 30% or even 50%。This matter itself is enough to prove financial institutions to small and medium-sized enterprise loan demand don't care about。We must believe that supply and demand relation。Many people say the folk loan interest rate is artificially Fried high！This is the word of ignorance。because，Capital demanders is not a fool。

　　目前，小贷行业缺陷很多。根源在政策和法规有过度限制。具体如下：

At present，Small credit industry many defects。Root in the policy and regulations have excessive restrictions。Specific as follows：

　　首先，每家小贷公司只能在一个很小的业务范围之内（比如一个县或区）经营，这就加大了经营风险。有些小贷公司的客户全部是铜厂，有的全部是纺纱厂，有的全部是皮革企业，或者大部分是香蕉农场。这是非常危险的状况。

First of all，Every small credit company can only in a small business scope（Such as a county or district）business，This increases the business risk。Some small credit company's customers are all copper factory，Some are all spinning mill，Some are all leather enterprise，Or mostly banana farm。This is a very dangerous situation。

　　其次，绝大多数省市对股东资格有很荒唐的规定: 股东必须是有三年盈利的本地企业和个人，且每个股东的持股比例上限为20％或者30％。前者无异于闭关锁国，后者则增加了小贷公司的经营难度。

secondly，The vast majority of provinces and cities to the status of the shareholder have very ridiculous regulation: shareholders must be a three year profit of local enterprises and individuals，And each shareholder shareholding ratio limit is 20% or 30%。The former is seclusion，The latter increased small credit company's management difficulty。

　　小贷公司一般只有1亿到2亿元的注册资本，要找到10个以上志同道合的股东很不容易。结果是，很多发起人股东请他人代为持股，担惊受怕。这样做有风险，也犯规。

Small credit company usually only 100 million to 200 million yuan of registered capital，To find more than 10 like-minded shareholders is not easy。The result is，Many sponsors shareholders please others to holding，anxiety。This risk，Also foul。

　　那些不愿意 (或者不敢) 找人代持的发起人股东很快也发现，他费很大的力气申请牌照，张罗生意，承担风险，最后只有20%或者30％的权益。公司做好了，其他股东不感谢他；出了问题，大家责怪他。所以，发起人股东没有足够的积极性，更不敢有长远的打算。

Those who do not want to (Or dare not) Look for a person to generation of holding shareholders also quickly find sponsors，He take a lot of strength application licence，Scare up business，risk，In the end only 20% or 30% of the equity。The company ready，Other shareholders don't thank him；Out of the question，We blame him。so，The shareholders don't have enough enthusiasm，More can't have long-term plan。

　　现在，多数小贷公司只做短期打算：他们聘请六个到八个员工，发放20笔到40笔大额的贷款，便无所事事。他们能真正帮助小微企业吗？既然我们的制度不鼓励长期打算，谁能怪罪这些人？

now，Most small credit company only short-term plan to do：They employed six to eight employees，Issue 20 pen to 40 big loans，Will do nothing。They can actually help the little micro enterprise？Since our system do not encourage long-term plan，Who can blame these people？

　　如此下来，中国可能重蹈农信社经营不善的覆辙。这60年来，农村信用社最大的失败就是股权过于分散，结果谁也不关心和维护信用社的利益。而且，政府不允许它们跨地区经营，它们也不需要竞争，结果，就形成了一个个弱不禁风的小垄断。

So down，China may repeat mistakes of the poor management of rural credit cooperatives。This 60 years，The biggest failure of rural credit cooperatives is equity too scattered，Results who also don't care about and maintain the interests of the credit cooperatives。and，The government didn't allow them trans-regional operation，They also do not need to competition，The results，It formed a fragile little monopoly。

　　股东太多，没有一个强大的主心骨，那些农信社实际上成为低效的全民所有制企业。西方的投资银行即使破产了好几回，在需要纳税人救援之时，还要每年给每个高级管理人员几百万美元, 甚至几千万美元的奖金！如此荒唐，根子就在股权分散，股东缺失。

Shareholders too much，Without a strong mainstay，The rural credit cooperative in fact become inefficient enterprises owned by the whole people。Western investment bank even bankruptcy several times，In need of taxpayers relief，And every year to every senior management personnel millions of dollars, Even tens of millions of dollars！So absurd，Source in equity dispersion，Shareholders lack。

　　有的中国监管者辩解说，如果不限制小额贷款公司主发起人的持股比例，他的权力会太大，容易发生关联贷款，或者卷款逃走。其实，只要股东控制实际业务，不管他的股份是20％还是60％，权力都同样大。如果想卷款逃走，持股20%的股东的可能性反而更大，因为他的股比太低，诱惑太大。

Some argue that China's regulators，If not limited to small loan companies main promoter of shareholding ratio，His power will be too big，Prone to related loans，Or volume of escape。In fact，As long as the shareholder control actual business，No matter his share is 20% or 60%，Power is also big。If you want to roll of escape，20% of shareholders holding the possibility of more instead，Because of his low joint，Temptation too big。

　　小微金融机构万不可走农村信用社的老路，而必须在竞争中成长壮大。监管部门要允许小额贷款公司跨地区经营、竞争、 兼并。只有在这个基础上冒出来的赢家才有生命力。

Small micro financial institutions do not go old rural credit cooperatives，And in the competition must be growing。Regulators want to allow small loan company trans-regional operation、competition、 merger。Only on this basis come out winners have vitality。

　　但现在, 监管部门不允许小额贷款公司把利润留存下来增加贷款的发放。这在很大程度上限制了小额贷款公司的成长。事实上，利润与注册资本区别不大。而增资扩股的程序之复杂, 足以让企业管理者发疯。

But now, Regulators don't allow small loan company profit retained down increase the release of the loan。This in a great degree, restricted the petty loan company's growth。In fact，Profit is not much different from and registered capital。And increase endowment spread process of the complex, Enough to make enterprise managers go mad。

　　第三，政府部门给小额贷款公司规定的负债率上限是0.5倍。而银行的负债率是10多倍，信用社实际上更高（特别是把他们的坏账剔除之后）。其实, 即使监管当局允许小额贷款公司从银行和市场上不受任何限制地获取贷款，也不等于银行会无限制地提供贷款。政府应该把这个决定权交回到银行，交回到市场。其实，现在很多小贷公司连0.5倍的负债率也没有。因为，即便政府允许他们借债，也不等于他们能够借到钱。

The third，The government to the provisions of the small loan companies limit ratio is 0.5 times。And bank leverage is more than 10 times，Credit cooperatives in fact higher（Especially their bad loans after eliminate）。In fact, Even if the regulatory authorities to allow small loans from Banks and companies on the market without any limit access to loans，Also not be equal to the bank will provide loans without limit。The government should take the decision to return the bank，To return market。In fact，Now a lot of small loan companies even 0.5 times more leverage also have no。because，Even if the government allowed them to borrow money，Also not be equal to them to borrow money。

　　第四，小额贷款公司不仅要支付获取牌照时的巨大行政费用，还要缴纳5.5％的营业税和附加费用（而且不能抵扣付给银行的利息成本），另外要缴纳25％的所得税。在监管上，小额贷款公司受到这样和那样的监管，而民间借贷业者则不需要牌照、不缴税、不受监管。这使小贷公司的竞争力受到影响。如果温州的小微金融机构生龙活虎，哪里还有地盘留给高利贷业者？

The fourth，Small loan companies not only to pay for the licence huge administrative expenses，To pay 5.5% of the sales tax and additional charges（And I can't touch buckle to pay the bank interest cost），In addition to pay 25% of the income tax。In the regulation on，Small loan companies under such and such supervision，While the folk loan companies do not need licence、Don't tax、Not regulated。This makes little credit company competitiveness affected。If the wenzhou small micro financial institutions full of vim and vigour，Is there any site to usury industry？

　　监管者普遍担心小贷公司的风险控制。但事实上，只要坚持“小额，分散”的原则，小贷公司的信用风险非常小。因为，你应该相信大数定律。三年来，小贷公司整个行业的坏账率还不到1％。而小额贷款行业不吸收存款，也就谈不上系统性风险或者骨牌效应。

Regulators common worry about small credit risk control of the company。But in fact，As long as we persist in“small，dispersion”principle，Small credit company's credit risk is very small。because，You should believe that the law of large Numbers。Three years，Small loan companies the industry's bad debt rate is less than 1%。And the microfinance industry don't absorb deposits，Was also far from systematic risk or domino effect。

　　

尊重市场细分 Respect the market segmentation

　　小贷公司最大的社会责任就是利润最大化。这听起来似乎太残酷。但这实际上意味着，小贷公司的社会责任是要为金融上的弱势群体提供一个可靠的、坚如磐石的融资平台。

Small credit company's largest social responsibility is the profit maximization。It sounds too cruel。But it actually means，Small credit company's social responsibility is to for financial disadvantaged groups to provide a reliable、A rock-solid financing platform。

　　为此，小贷公司必须做到利润最大化，使自身强壮。否则，小贷公司的经营不善，不仅使需要钱的弱势群体无处融资，也将失去老股东的支持，并导致新股东（和资金)不再进入。显然，政府应为小额贷款公司提供各种支持。

therefore，Small loan companies must do the profit maximization，Make their own strong。otherwise，Small credit company business gifts，Not only need the money of the disadvantaged groups is financing，Also will lose the support of the old shareholders，And lead to the new shareholder（And capital)Not enter。obviously，The government should micro-credit company offers all kinds of support。

　　但现在全国很多小贷公司的实际放款利率高达35%甚至50%！表面上，他们收取的利息是基准利率的4倍，不违反规定。但是，他们用账外账收取很多额外的利息和费用。问题根源不在小贷公司本身，而是当前的利率管制和政府在资金流向弱势群体的路上设立的种种障碍。基本的供求关系告诉我们，关税高了鼓励走私，税收高了鼓励逃税，资金市场也是如此。

But now the many small credit company's actual loan interest rates as high as 35% or even 50%！On the surface，They charged interest is four times as benchmark interest rate，Not in violation of regulations。but，They use concealed accounts collect a lot of extra interest and costs。Root cause is not small credit company itself，But the current interest rate control and government in the capital flow to the disadvantaged groups set up the way of all kinds of obstacles。The basic supply and demand relation to tell us，High tariffs on the encourage smuggling，Tax high encourage tax evasion，Capital market is also so。

　　全世界很少像中国有这么宽的利率区间。我国的老百姓把钱存在银行，利率低达1％到2％，银行放款的实际利率7％到9％，PE投资者和各种非银行金融机构收取20％到30％，高利贷的利率高达50％。这种状况持续已久，还会持续更久！

The world like China rarely have so wide interest rates interval。Our common people put money in the bank，Low interest rates of 1% to 2%，Bank lending real interest rates of 7% to 9%，PE investors and all kinds of non-bank financial institutions charge 20% to 30%，Usurious interest rates as high as 50%。This situation has continued for long，Will also last longer！

　　而这种畸形的根源在于利率管制。它牺牲了资源配置的效率，伤害了中国经济，纵容了低效率的投资，鼓励了腐败行为。

And this deformity is the root cause of the interest rate control。It at the expense of the resource allocation efficiency，Hurt China's economy，Indulge the low efficiency of investment，Encourages corruption。

　　我们必须接受市场细分的理论。期望大银行十分关注小微企业贷款，那是不现实的。大银行官僚主义严重，决策程序冗长，成本高企，弯不下腰来。这是普遍的事实，中外皆然。

We must accept the theory of market segmentation。Expect big Banks pay much attention to the small small enterprise loan，It is not realistic。Big Banks bureaucracy is serious，Decision-making process long，Cost high，Bending not low back to。It is a common fact，Sino-foreign all but。

　　小微企业必须依靠小微金融机构，主要是信用社、小额贷款公司、担保公司和村镇银行。此外，民间借贷本身是合法的，长期以来它也对社会和经济起到了巨大作用。

Small micro enterprise must rely on small micro financial institutions，Mainly is the credit cooperatives、Petty loan company、Guarantee company and bank villages and towns。In addition，Folk lending itself is legal，For a long time it also to society and economy has played a huge role。

　　政府不要指望银行大量发放小微贷款，而要允许甚至鼓励银行贷款给小贷公司, 然后由小贷公司直接贷款给千千万万小微企业。市场分工就是如此。对银行来讲，这样才是真正的风险分散。

The government don't expect Banks issuing small micro lending，But to allow even encourage bank loans to small credit company, Then the little credit company direct loans to thousands small micro enterprise。Market division of labor is so。Will tell to the bank，This is the real risk dispersion。

　　而小贷公司都是普普通通的企业，它们中管理不善、偷税漏税和贪婪等问题也十分严重。但是，小贷公司的问题就跟中国任何其他行业一样，不多也不少。不要因为你发现了几个烂苹果，就说这个行业坏透了。

And small loan companies are ordinary enterprise，In their management、Tax evasion and greed is also very serious problems。but，Small credit company of the problem is with China as any other industry，Too much or too little。Don't because you find a few rotten apples，He said the industry rotten to the core。

　　因此，公众和政府首先要解决的问题是，抛弃傲慢与偏见，公正对待小额贷款行业，推行政策改革。

therefore，The public and the government should first solve the problem is，Abandon pride and prejudice，Just to microfinance industry，Implementation of the policy reform。

　　小贷行业的根本利益不在于持续的高利率，而在于提高负债率，增加业务量，减少目前能力闲置的状况。所以，小贷行业跟中小企业的根本利益是一致的。如果政府真的希望帮助中小企业获得资金，并降低他们的利息负担，那就必须打通银行与小贷公司的大门。

Small credit the fundamental interests of the industry is not continuous high interest rates，But to improve leverage，Increase traffic，Reduce the current capacity idle condition。so，Small credit industry with the fundamental interests of the small and medium-sized enterprise is consistent。If the government really wants to help small and medium-sized enterprises receive money，And reduce their interest burden，You will have to get through Banks and small credit company's gate。

　　归纳起来，可从四点着手：一，把0.5倍负债率上限提高到2倍；二，鼓励银行购买小额贷款公司的贷款资产包；三，鼓励信托公司为小额贷款公司发行信托产品和投资基金；四，鼓励银行跟小额贷款签订助贷协议，实现社会分工。

To sum up，From the four set out to：a，The ratio of 0.5 times the upper limit increased to 2 times；two，Encourage Banks to buy small loan company's loan assets bag；three，Encourage trust company for small loan companies issuing trust products and investment funds；four，Encourage bank with small loans to help credit agreement signed，Realization of social division of labor。

　　作者为广州万穗小额贷款公司董事长、资深投资银行人士

The author is guangzhou graine micro-credit company director、Senior investment bankers