近日，旗下拥有盛融在线、广东盛融担保有限公司（以下简称“盛融担保”）、广东盛融小额贷款有限公司（以下简称“盛融小贷”）的广东大华仁盛科技集团（以下简称“大华集团”）被推到风口浪尖。有业内人士告诉《中国经营报(博客,微博)》记者，盛融在线被人以“非法融资”、盛融担保被人以“非法经营”之名举报到广州金融办。

recently,The company now owns ChengRong online/Guangdong ChengRong company limited by guarantee(Hereinafter referred to as"ChengRong guarantee")/Guangdong ChengRong small loan co., LTD(Hereinafter referred to as"ChengRong small credit")Guangdong dahua RenCheng technology group(Hereinafter referred to as"Dahua group")Is pushed to in the teeth of the storm.The personage inside course of study to tell[China business newspaper(blog,Micro bo)]reporter,ChengRong online is a person with"Illegal financing"/ChengRong guarantee is a person with"Illegal business"The name of the financial report to guangzhou do.

　　盛融在线此时开始了脱离母担保公司的“独立运动”。在影子银行规模越来越大的背景下，盛融在线的“独立运动”会否成为地方金融办阻隔“影子银行”之间互相传导的风险的一个典型案例？

ChengRong online now began to emerge from the guarantee company"Independence movement".In shadow Banks under the background of scale is getting bigger and bigger,ChengRong online"Independence movement"Will you be local financial services office block"Shadow Banks"Each other between the risk of transmission of a typical case?

　　盛融在线“独立运动” ChengRong online"Independence movement"

　　目前专家对“影子银行”的看法并不统一，一般认为，只要涉及借贷关系和银行表外交易的业务都属于“影子银行”。在中国，银信合作理财、小额贷款公司、典当行、民间金融、私募投资、对冲基金等非银行金融机构贷款都属于这一范畴。然而日前中国银行(601988,股吧)董事长肖钢关于“影子银行将成为中国金融未来五年最大的风险”的担忧再次提醒，影子银行风险不容小觑。

The expert to"Shadow Banks"Opinions are not uniform,General think,As long as involve borrowing relations and the bank's off-balance sheet business trade belong to"Shadow Banks".In China,Such financial cooperation/Petty loan company/pawnshop/Folk financial/Private investment/Hedge funds non-bank financial institution loans belong to this category.Recently, however, the bank of China(601988,guba)The chairman XiaoGang about"Shadow Banks will become China's financial future five years the biggest risk"Worries again to remind,The shadow banking risk not allow small gaze.

　　今年7月，曾有媒体报道，盛融在线总经理刘志军，以tonyliu的盛融账号，通过盛融在线平台，累计借入本金超1亿元人民币——这成为近期盛融在线被举报“非法集资”的重要原因。

July,There have been media reports,ChengRong online general manager liu zhijun,With the tonyliu ChengRong account,Through the ChengRong online platform,Accumulated borrowed capital exceeds 100 million yuan RMB - this become a recent report by ChengRong online"Illegal financing"The important reason for the.

　　尽管有业内人士告诉记者，根据目前的法律无法界定盛融在线的做法是否属于“非法集资”，但这种自导自演的P2P网络贷款，确有较大风险。

Despite the personage inside course of study tells a reporter,According to the present laws cannot define ChengRong online is the practice of belong to"Illegal financing",But this kind of homing from the perspectives of P2P network loans,Bigger risk is.

　　不过，盛融在线显然已经有所动作。

but,ChengRong online obviously have been action.

　　“近期盛融在线股改，原最大股东盛融担保所持全部股份被其他股东溢价收购。”11月22日，盛融在线股改的一位负责人告诉记者。

"Recent ChengRong online reform,The biggest shareholder ChengRong all the shares held by the guarantee by other shareholders premium acquisition."On November 22,ChengRong other online a person in charge told reporters.

　　10月30日，盛融在线的秒标留言信息显示，盛融在线的运营主体“广州志科网络信息科技有限公司”，注册资本金从200万元增加到1000万元，增资扩股后公司名称变更为“广州志科电子商务有限公司”（以下简称“志科”），并注明“名称和营业范围按照人民银行相关要求调整，以便更好地申请第三方支付牌照”。

October 30,,ChengRong online second mark message information display,ChengRong online operation subject"Guangzhou chi family network information technology co., LTD",Registered capital to increase 2 million yuan from 10 million yuan,Increase endowment spread after the company name changed to"Guangzhou chi family electronic business co., LTD"(Hereinafter referred to as"Volunteer families"),And indicate the"Name and business scope in accordance with the relevant requirements of the people's bank of adjustment,In order to apply for the third party payment licence".

　　而11月18日的秒标留言信息显示，志科继续增资，志科增资后的注册资本金将达到6000万元，暂时成为目前从事网贷P2P注册资本金最高的平台。

But on November 18 seconds mark message information display,Volunteer families continue to add endowment,Volunteer families after capital increase the registered capital will reach 60 million yuan,Temporarily become currently engaged in the registered capital of P2P network credit the highest platform.

　　记者获得的资料显示，广州志科网络信息科技有限公司于2010年5月在广州市注册成立，当时注册金额为200万元人民币，其中盛融担保出资80万元，是最大股东，占股比40%，相对控股。

Reporter obtained data shows,Guangzhou chi family network information technology co., LTD. In May 2010 was registered in guangzhou,When the registered amount is 2 million yuan RMB,The ChengRong guarantee investment 800000 yuan,Is the biggest shareholder,Joint accounts for 40%,Relative holding.

　　而盛融在线的“独立运动”不止于此。网上有人爆料指出：为了完全撇清与盛融在线的关系，盛融担保退出不再作为盛融在线的担保方。在未与投资人商量的情况下，盛融在线11月初起将借款协议由原来的担保方“盛融担保”变为“志科”，并将以前的借款协议全部变更为“志科”担保。

And ChengRong online"Independence movement"More than that.Online support was pointed out:In order to completely left clear and the relationship between the ChengRong online,ChengRong guarantee exit no longer as ChengRong online DanBaoFang.Before and investors to the,ChengRong online early November date will be loan agreement by original DanBaoFang"ChengRong guarantee"into"Volunteer families",And the former loan agreement for all changes"Volunteer families"guarantee.

　　11月8日，盛融在线的秒标留言就上述网友担心的问题做出解释：“过去一直是盛融融资担保为盛融在线担保标进行担保，而且合同要今年12月30日才到期。……这个问题一直很尴尬，始终无法摆脱自己给自己担保的质疑。志科股改后，盛融融资担保与志科彻底摆脱股权上的关联性，为志科平台担保已经无任何法律障碍，所以新的合同正在签订。同时，还在和多家担保公司谈合作事宜，包括我们拟引进新的股东成员中也有人有自己的担保公司，也很想做盛融在线的业务。”

On November 8th,ChengRong online second mark message is the net friend worry about an explanation:"The past has been ChengRong financing guarantee for ChengRong online security standard to guarantee,And contract to December 30, to run....This problem has been very embarrassed,Always can't get rid of oneself give oneself the security question.Volunteer families after reform,ChengRong financing guarantee and chi family completely out of the equity of relevance,For volunteer families platform guarantee has no legal obstacles,So the new contract is signed.At the same time,Also in and several guarantee company talk about cooperation,Including our plans to introduce new shareholders members also some people have their own guarantee company,Would like to do ChengRong online business."

　　一位不愿透露姓名的人士指，广东金融办担心盛融在线的P2P贷款平台一旦发生风险，可能把风险传递到由地方金融办监管的、盛融在线的母公司盛融担保身上。“金融办要它们改过来，至少要脱离出盛融担保，不能在网上写"盛融在线隶属盛融担保"。”

One does not wish to disclose the name refers to the people,Guangdong finance do worry ChengRong online platform for P2P loan risk event,May the risk transfer to do by the local financial supervision/ChengRong online parent company ChengRong guarantee body."Financial do to correct them,At least from the ChengRong guarantee,Can't write on the Internet"ChengRong online membership ChengRong guarantee"."

　　而金融办对盛融在线“独立”的法理根据，来自广东省2010年11月制定的《融资性担保公司管理暂行办法》实施细则：“融资性担保公司以自有资金进行投资，限于国债、金融债券及大型企业债务融资工具等信用等级较高的固定收益类金融产品，以及不存在利益冲突且总额不高于净资产20%的其他投资。”

And financial do to ChengRong online"independent"Legal principle theory of law according to,Come from guangdong province in November 2010 the formulated[Financing guarantee interim measures for the administration of the company]Detailed rules for the implementation of the:"Financing guarantee company with their own funds for investment,Limited to national debt/Financial bonds and large enterprise debt financing tool and so on credit rating higher fixed income kind of financial products,And does not exist conflicts of interest and no more than 20% of the total net assets other investment."

　　盛融担保投资盛融在线，明显超越了“信用等级较高的固定收益类金融产品”的范围，而这也就是盛融担保被举报“非法经营”的原因。

ChengRong guaranteed investment ChengRong online,Beyond the obvious"Credit rating higher fixed income kind of financial products"range,And this is ChengRong guarantee is to report"Illegal business"reason.

　　就融盛在线、融盛担保的问题，记者致函广州金融办，但广州金融办拒绝了记者的采访要求。

Will melt put online/Melt filled the problem of security,Reporter letter to guangzhou financial do,But guangzhou financial do declined a reporter's interview request.

　　摆脱自己给自己担保的质疑、引入第三方担保，盛融在线的“独立行动”步伐很急。

Get rid of oneself give oneself the security question/The third party security,ChengRong online"Independent action"Pace is urgent.

　　P2P监管的空白 P2P supervision blank

　　“昨天我们还在跟广东某家融资担保公司谈担保问题，讨论费率。”上述盛融在线股改的负责人告诉记者，未来公司有可能引入3个担保公司来担保业务，它们都是与盛融在线股东无关的第三方担保公司，至于盛融担保是否会为盛融在线做担保，现在还在商谈，还没谈下来。

"Yesterday, we had a house with guangdong financing guarantee company about security problems,Discuss rate."The above ChengRong online in charge of the other told reporters,The future company can lead into three guarantee company to guarantee business,They are and ChengRong online shareholders independent third-party guarantee company,As for ChengRong would guarantee ChengRong online do guarantee,Now is still in negotiations,Haven't talk down.

　　为了吸引出借人，大量平台引入担保，承诺一旦违约，借款人可以得到100%赔偿。

In order to attract lender,A large number of platform into guarantee,Commitment once the breach of contract,The borrower can get 100% compensation.

　　“担保可以保护投资人的利益。没有担保，投资人不愿在网上把钱借出去。”深圳红岭创投电子商务股份有限公司（以下简称“红岭创投”）董事长兼总经理周世平告诉记者。

"Guarantee can protect the interests of investors.No guarantee,Investors is not willing to lend them money on the Internet."Shenzhen red hill vc electronic business co., LTD(Hereinafter referred to as"Red hill vc")The chairman and general manager ZhouShiPing told reporters.

　　然而，现实却是，市场上从未有P2P公司能引入第三方担保机构来提供担保。比如，2011年9月成立的、中国平安(601318,股吧)保险（集团）股份有限公司（以下简称“平安集团”）旗下的上海陆家嘴(600663,股吧)国际金融资产交易市场股份有限公司，也是P2P公司，它就是引入平安集团旗下的平安融资担保有限公司做担保。

however,The reality is,Market has never have P2P company will introduce a third party to provide security guarantee agencies.For example,Founded in September, 2011/China peace(601318,guba)insurance(group)Co., LTD.(Hereinafter referred to as"Peace group")Its Shanghai lujiazui(600663,guba)International financial assets transaction market co., LTD,The company is also P2P,It is into peace group's peace financing guarantee co., LTD, as a guarantee.

　　而目前中国最大的P2P网络借贷平台红岭创投，为其提供担保的也是自己旗下的担保公司。

Currently China's largest P2P network lending platform red hill venture,To provide guarantee is also his its guarantee company.

　　“P2P公司的担保，如果能由第三方担保公司来为借款人建立防火墙，这样会更合理。”中国小额信贷联盟秘书长白澄宇告诉记者，P2P公司自己的担保公司提供业务担保，没有把风险隔离。

"P2P company guarantee,If you can guarantee company by a third party for the borrower establish firewalls,This will more reasonable."China microfinance league secretary general BaiChengYu told reporters,P2P company guarantee company provides business security,Without the risks isolation.

　　为什么这些P2P贷款平台不找“第三方担保”呢？

Why do these P2P loan platform don't find"Third-party guarantee"??

　　“我们谈过很多担保公司，”周世平说，“但第三方担保公司只愿意介绍借款人给网站，以换取中介费，不愿承担风险，不愿签赔付的协议。”所以红岭创投不得不自己成立了担保公司来为P2P业务提供担保。

"We talked about a lot of guarantee company,"ZhouShiPing said,"But the third party security company would only introduce the borrower to a website,In exchange for charge,Don't want to take the risk,Don't want to sign the agreement of compensation."So red hill vc have to set up the guarantee for P2P business to provide security.

　　周世平告诉记者他们做了3年，现在的坏账是2100多万元。而另一家P2P平台翼龙贷的董事长王思聪也表示，翼龙贷坏账率达到3%~4%。

ZhouShiPing told reporters they do for three years,Now the bad debt is more than 2100 yuan.And the other a P2P platform pterosaur credit chairman of the board WangSiCong also said,Pteranodon credit bad debt rate reached 3% ~ 4%.

　　事实上，要为P2P贷款平台的人提供贷款担保，风险相当大。一旦出现违约或逾期，担保公司要代垫本息。

In fact,For P2P loan platform to provide loan guarantees,Risk is quite large.Once appear, breach of contract or overdue,To guarantee the company acting mat principal and interest.

　　“质量好的贷款根本不需要担保，质量不好的贷款，第三方担保公司不愿做担保。”另一家P2P公司、上海信而富企业管理有限公司负责风险管理的王征宇告诉记者，双方很难合作。

"Good quality loans don't need a guarantee,Quality is bad loans,The third party security companies do not wish to be guaranteed."Another P2P company/Shanghai xin and rich enterprise management co., LTD. Is responsible for risk management WangZhengYu told reporters,Both sides is difficult to cooperation.

　　事实上，快速成长的P2P信贷平台正成为一股民间融资的新鲜力量。资料显示，国内P2P信贷起步于2006年，目前国内已有2000余家P2P公司，2007年至2011年上半年，其整体融资规模由2000万元飙升至60亿元。

In fact,Rapid growth of P2P credit platform is become a folk financing of fresh strength.Data shows,Domestic P2P credit started in 2006,The current domestic more than 2000 existing P2P company,From 2007 to the first half of 2011,Its overall financing scale by 20 million yuan soared to 6 billion yuan.

　　资料 material

　　所谓的“P2P”信贷（即点对点信贷，或称个人对个人信贷），主要是指个人通过第三方平台，在收取一定费用的前提下向其他个人提供小额借贷的金融模式。其客户对象主要有两方面：一是将资金借出的客户，另一个是需要贷款的客户。

The so-called"P2P"credit(That point to point the credit,Or say individual to individual credit),Is mainly refers to the individual through the third party platform,In the premise of charge a fee to other personal offer microfinance financial mode.Its clients mainly has two aspects:One is to put the funds lent out customers,The other is a need to loan customers.

　　不过，国内的P2P公司仍游走在灰色地带，这个行业被认为活力十足却鱼龙混杂。对于处于野蛮生长状态的P2P信贷，国内监管一直处于空白。截至目前，对P2P贷款平台“喊话”的监管部门仅有银监会。

but,Domestic P2P company still wandering in the gray area,The industry is considered to energetic but good and evil people mixed up.For in a savage growth state of P2P credit,Domestic supervision has been in a blank.So far,For P2P loan platform"propaganda"The supervision of the department of banking regulatory commission (CBRC) only.

　　银监会在2011年8月下发一份《关于人人贷有关风险提示的通知》，提示P2P贷款平台具有潜在风险，要求各地银监局和各家银行采取措施，做好风险预警监测与防范工作，但未有具体的监管措施。

The CBRC in August 2011 issued a[About all relevant credit risk prompt notice],Prompt P2P loan platform has the potential risks,Requires all the CBRC and Banks take measures,Do risk early warning monitoring and prevention work,But there is no specific regulatory measures.