本报记者 高改芳 上海报道

Our reporter high change aromatic Shanghai reports

　　中国小微金融研究院的数据显示，到今年年底，全国将有6000家左右的小额贷款公司，贷款余额将达6000亿元。今年全国的小贷公司新增贷款规模将达到2000亿元左右，相当于一个中等规模商业银行的全年新增贷款量。

China's small micro financial institute data display,By the end of this year,The national will have around 6000 small loan companies,Loan balance will reach 600 billion yuan.This year's little credit company new loan scale will reach 200 billion yuan,As a medium scale commercial bank's annual new lending.

　　虽然从贷款增量上看小贷公司发展喜人，但业内人士透露，目前很多小贷公司热衷发放短期贷款和“过桥”贷款，想方设法“赚快钱”。经过几年经营后，一些发起设立小贷公司的企业在经营中遇到诸多问题，不少民营企业萌生退意。在上海市场上，四五百万元就能“买”到一张小贷公司的经营牌照。

Although the loan increment on the small loan company development gratifying,But industry insiders revealed,At present a lot of small loan companies keen to issue short-term loans and"bridge"loan,Trying to"Profit in the short run".After a few years after operation,Some start to establish a small loan companies in the business enterprise encountered many problems,Many private enterprises TuiYi initiation.In the field,- ten thousand yuan can"buy"A small loan to the company's business license.

热衷短期贷和过桥贷 For short-term loans and bridge loan

　　“2008年，我们这一带的企业挤破头去设立小贷公司。因为小贷公司是准金融机构，将来还有可能转制成村镇银行。但现在情况发生了一些变化。”杭州市一家大型皮具集团公司总经理李一飞（化名）说。2008年，他所在的公司作为第一批试点企业发起设立了小贷公司。

"In 2008,,We this area enterprise crowded broken head to set up small loan companies.Because of small loan company is quasi financial institutions,The future and transformation of village bank into may.But now it has undergone some changes."Hangzhou a large leather group company general manager LiYiFei(alias)said.In 2008,,His company as the first batch of pilot enterprises start to establish a small loan companies.

　　作为一名职业经理人，李一飞认为，是否进军金融行业能体现企业家的视野和眼光：产业资本和金融资本互动是最好的发展模式。产业资本发展到一定程度是一定要做金融的，金融能把实业收入这一块迅速放大。国外一些大公司比如GE就是这么做的。

As a professional manager,LiYiFei think,Whether the financial industry can reflect entrepreneurs vision and vision:Industrial capital and financial capital interaction is the best development pattern.Industrial capital development to a certain degree is a must do financial,Financial can make industrial income that a piece of rapid amplification.Foreign some big companies such as GE is doing just that.

　　李一飞透露，他们有一条不为人知的商业秘密：他所在的皮具公司是出口型企业，在订单上已经不赚什么钱了，但通过出口以后外汇的收汇，能有不菲的汇率差价收入。而且，通过设在香港的离岸贸易公司，企业能够从香港等地融入大量低成本资金，然后通过小贷公司转贷出去，赚取差价。

LiYiFei revealed,They have a unknown business secret:In his leather company is export-oriented enterprises,In order to earn money is not what,But through the export of foreign exchange in the future,Can have a significant rate spread income.and,Through the offshore trading company in Hong Kong,The enterprise can from Hong Kong into a large number of low cost money,Then through the small loan companies onlend out,Earn price difference.

　　“外贸订单上完全不赚钱，但可以通过资金、汇率上的差价赚钱。这是最初级的产融结合的方式。”李一飞经营小贷公司的思路颇为独特。

"The foreign trade order not to make money,But can through the capital/The exchange rate difference to make money.This is the most primary production with harmony way."LiYiFei small business credit company's ideas are unique.

　　由于受到企业家青睐，小额贷款公司近年实现爆发式增长。2008年年底公司数量不到500家，2009年发展到1334家，今年前9个月就已经发展到了5629家。Wind数据显示，今年以来已经有逾40家上市公司发布了100余份投资入股小额信贷的公告。

Due to the entrepreneurs favour,Small loan companies realize explosive growth in recent years.By the end of 2008 the company number less than 500,2009 years to 1334,The first nine months of the year have to 5629.Wind data display,Since this year has more than forty listed companies released more than 100 of investment in the announcement of microfinance.

　　但在上海某投资公司总经理王蓬看来，目前的小贷公司已不是传统意义上的小贷公司了。很多小贷公司并不积极为企业提供传统的贷款服务，而是热衷于月息三分左右的短期贷和过桥贷，都希望“赚快钱”。“和担保公司、民间借贷并无本质上的差别。只是受到的限制多些，但打打擦边球，问题就解决了。”王蓬说。

But in Shanghai some investment company general manager WangPeng looks,The small credit company has not in the traditional sense small loan company.A lot of small loan companies do not actively provide enterprises with the traditional loan service,But in three monthly interest about short-term credit and bridge loan,All hope"Profit in the short run"."And guarantee company/Folk lending and no essential difference.Only by more than the limit,But some edge ball,The problem will be solved."WangPeng said.

　　所谓的过桥贷，其实就是一种过渡性的超短期贷款。王蓬解释，一般而言，企业在贷款到期时，要先归还银行的贷款，才能获得新的贷款。当企业还款困难时，银行内部人士会把消息透露给小贷公司，然后让企业从小贷公司贷出资金，以偿还银行贷款。下一步，小贷公司先从银行贷出一笔资金，然后再放给企业。这就形成了银行放贷给小贷公司，小贷公司放贷给企业，企业向银行还贷的“循环链条”。如此一循环，银行可以按时收回贷款，小贷公司能放出一笔见效快、收益高的贷款，企业虽然承担了高昂的利息，但按时还了银行的贷款，就能获得银行更高授信，从银行得到更多贷款。

The so-called bridge loan,In fact, is a kind of transitional ultra short term loan.WangPeng explain,Generally speaking,Enterprises in the loan at maturity,Want to return the loan to the bank,To obtain new loans.When enterprise repayment difficulties,Bank insiders will break the news to small loan companies,Then let the enterprise credit lending money from the company,To repay bank loans.The next step,Small loan companies from the bank to lend a sum of money,Then put to the enterprise.This creates a bank lending to small loan companies,The small credit loans to enterprise,Enterprise to the bank of the loan"Circulation chain".Such a cycle,Banks can recover loans on time,Small loan companies can release a quick effect/High income of the loan,Enterprise although bear a high interest,But give the bank loan,It can get higher bank credit,To get more loans from the bank.

　部分经营者萌生退意 Part of the operator TuiYi initiation

　　小贷公司几年经营下来，证实了李一飞原先的想法：经济下行、整体信贷资源比较紧张时，小贷公司就会被挤到一边，只能承受高风险高收益的项目，风险很难规避。要想获得比较好的收益，需要各种商业模式的组合，单纯做小贷公司是不行的。

Small loan company business down a few years,Confirmed LiYiFei original idea:Economic descending/The overall credit resources is nervous,Small loan companies will be pushed to one side,Can only carry higher-yielding project,Risk is hard to avoid.If you want to get a good income,Need all kinds of business model combination,Simple do small loan company is no good.

　　王蓬也给中国证券报记者算了一笔账，现在6个月至一年期银行贷款利率为6%，那么小贷公司一年期贷款的最高收益率不能超过24%。但如果做实业的话，可能资金周转一次的收益率仅有10%左右，但一年的资金周转率在3次左右，何况还存在坏账的风险。这么一算，很多企业对设立小贷公司的兴趣大为降低。

WangPeng also give China stock certificate report reporter calculate a bill,Now 6 months to the bank loan interest rate is 6%,So small credit company one-year lending rate of return on the highest not more than 24%.But if industrial words,May capital turnover a yield only 10% or so,But a year of turnover of funds in about three times,How much more there is the risk of bad debt.So a calculate,Many enterprises to set up small credit company interest greatly reduced.

　　某城商行行长也承认，在经济下行、信贷资源紧张的时候，银行基本不会把钱借给小贷公司再让小贷公司转贷出去。“我们为什么不自己赚钱、自己控制风险，而要把钱交给"二道贩子"？”该行长反问。

The governor also acknowledged that a city business,In the economic down/Credit resources nervous,Bank basic won't lend money to small credit company let small loan companies onlend out."Why don't we make your own money/Their risk control,And gave the money to"Two way dealers"?"The President ask.

　　此外，很多企业当初发起设立小贷公司时期待有朝一日小贷公司能够转为村镇银行。但目前李一飞对这种想法产生了顾虑：小贷公司转制成村镇银行的“口子”至今没有开，即便可以升级为村镇银行，也很有可能是给别人做了“嫁衣”。因为转制成村镇银行要求必须是银行作为主发起人，其结果就是民企把小贷公司做大了，然后要银行进来操盘，就相当于给别人做了“嫁衣”。

In addition,Many enterprises had established small credit company look forward to one day small loan companies can into town bank.But now LiYiFei to this idea produced concerns:Small loan companies into the transformation of village bank"cut"Has not been open,Even if can be upgraded to a village bank,Is probably did to others"Bottom drawer".Because of the transformation of village bank into requirements must be bank as the main sponsors,The result is corporation small loan companies do big,And then to the bank in operations,Be equivalent to the others"Bottom drawer".

　　再加上全国各地已有约6000家小贷公司，小贷公司的牌照已不是稀缺资源，不少当初发起设立小贷公司的民营企业萌生退意。

Plus all parts of the country has about 6000 small loan companies,Small loan company's licence is not scarce resources,A lot of small loan companies established at the beginning of the private enterprises TuiYi initiation.

　　王蓬透露：“在上海市场上花四五百万元就能"买"到一个小贷公司的牌照。”

WangPeng revealed:"The flowers in the - ten thousand yuan can"buy"To a small loan company's licence."

　　上海长宁东虹桥小额贷款公司负责人坦言，小贷公司经营过程中会遇到诸多问题，比如小贷公司目前不能享受上海银行同业拆借利率；在实际运作过程中存在利息多头核算、过于复杂的问题；小贷公司按照一般企业25%的税率纳税，而金融业的税率是17%……

Shanghai changning east hongqiao micro-credit company officials said,Small loan companies operating process will encounter many problems,Such as small loan companies at present cannot enjoy Shanghai interbank lending rates;In the actual operation of interest exist long accounting/Too complicated problem;Small loan companies in accordance with the general enterprise 25% tax rate,And financial rate is 17%...

　　“一言以蔽之，就是小贷公司受金融法规和主管部门的监管，却又不能享受金融从业者的基本待遇问题。"准金融机构"到底是不是金融机构？”该人士说。

"In a short,Is the small loans by financial regulations and supervision of the competent departments,But don't enjoy financial practitioners basic treatment problem."Quasi financial institutions"If the financial institutions?"The people said.

　　“放贷的资金大多是企业自有资金，再加上成立时间还不很长，所以小贷公司目前的坏账问题还不严重。但如果照目前的路径发展下去，未来的小贷公司怎么样还真不好说。”王蓬充满忧虑。

"Lending money are mostly enterprise equity fund,Plus time of founding is not very long,So the little credit company the bad debt problem is not serious.But if the path of the present development on,The future of small loan companies how to return true not say."WangPeng is full of worries.

　　“小贷公司已不是经营的重点，因为小贷公司有缺陷，比如对地域限制比较大。”李一飞希望进入更多类型的金融机构，“如果再加上典当公司、担保公司等，各种金融机构可以做不同的市场定位和相互补充。如果用得好，会取得很好的效果。”

"Small loan company is not the focus of management,Because of small loan companies have defects,Such as the regional restriction is bigger."LiYiFei hope into more types of financial institutions,"If plus pawn companies/Guarantee company, etc,All kinds of financial institutions can do different market positioning and complement each other.If you use a good,Will have very good effect."

　　国务院参事、友成企业家扶贫基金会常务副理事长汤敏称，小额贷款公司发展到一定时候就容易受到制约，如果没有进一步的政策支持就可能走“邪道”，一些小额贷款公司在明面弄不了可能就要打“擦边球”，本来很好的模式反而要出问题。

The state council attach/Youcheng entrepreneurs foundation for poverty alleviation executive vice chairman of the ShangMin says,Small loan company development to a certain time is easy to be restricted,If there is no further policy support may go"vice",Some small loan companies in MingMian don't the possibility to play"Edge ball",Have a good mode instead to a problem.