由于小额贷款公司借贷利率水平“不得高于央行基准利率的4倍”，充足的4倍空间令各路产业资本对小额贷款业务趋之若鹜。截至目前，我国已有小额贷款公司近6000家。而近期，联想、中金赛富等机构也纷纷布局金融服务业。不过，虽然小额贷款利润空间看上去很大，但是随之而来的风险也需要引起关注。

Due to the small loan companies lending interest rates"The bank shall not be higher than the benchmark interest rate 4 times",Plenty of four times as much space to the industrial capital of microfinance business scramble for.So far,Our country has small loan company nearly 6000.And the recent,association/Zhongjin "rich agency have layout financial services.but,Although microfinance profit space looks great,But the attendant risk also need to concern.

　　⊙记者 赵晓琳 ○编辑 阮奇

⊙ reporter ZhaoXiaoLin ○ RuanJi editor

　　随着我国金融改革的逐步推进，今年以来，PE、上市公司和产业资本等各路资金竞相“押宝”未来金融改革可能带来的红利，小贷公司、担保公司、城商行等金融服务行业成投资热点。

As China's financial reform gradually,Since this year,PE/Listed companies and industrial capital and the capital to"stake"The future financial reform is likely to bring the bonus,Small loan companies/Guarantee company/City business and financial services industry into investment hot spot.

　　联想、中金赛富布局 association/Zhongjin "rich layout

　　本报记者获悉，联想控股日前一口气收购三家类金融公司，成为产业资本投资金融服务行业的最新案例。11月5日，联想控股全资子公司正奇安徽金融控股有限公司以约8.47亿元人民币的总价，受让合肥市创新融资担保有限公司100%股权、合肥市国正小额贷款有限公司100%股权、安徽省金丰典当有限公司95.2%股权。目前正在进行相关程序办理。

Our correspondent has learned that,Lenovo holding breath before purchase three kind of financial company,Become industry capital investment in the financial services sector the latest case.On November 5,Lenovo holding wholly owned subsidiary is odd anhui financial holding co., LTD., with about 847 million yuan of the total price,Hefei transfer innovative financing guarantee co., LTD. 100% stake/Hefei countries are small loan co., LTD. 100% stake/Anhui jinfeng pawn co., LTD. 95.2% stake.At present is related procedure.

　　联想控股内部人员对记者表示，中小微企业的融资需求十分巨大，但传统的银行和资本市场无法有效覆盖这些需求。担保、小贷、典当、融资租赁等业态服务于中小企业，近年逐步成为多元化、多层次融资体系中重要的一环。收购完成后组建的新公司将致力于成为面向中小企业的综合性融资服务平台，推动联想控股上市计划的顺利进行。

Lenovo holding insiders told reporters,Small and medium-sized micro enterprise financing demand is very big,But the traditional banking and capital markets can't effective cover these requirements.guarantee/Small credit/pawn/Financing leasing services to small and medium-sized enterprises formats,In recent years, gradually become diversified/Multi-level financing system the important one link in.After the completion of the acquisition of a new company to become small and medium-sized enterprise financing for a comprehensive service platform,Promote lenovo holding listed plan smoothly.

　　联想控股掌门人柳传志曾公开表示，公司未来的上市资产标准为联想控股自身投资的占据51%以上股权的企业、以及股权不大但联想控股是最大股东的公司也会在上市打包之内。按此逻辑，本次收购的三家企业也将被划在上市资产范围之内。

Lenovo holding palm he has publicly said,The future of the company listed assets standards for lenovo holding their own investment accounted for more than 51% of the equity interest in the enterprise/And equity is not big but lenovo holdings is the largest shareholder of the company will be listed within the pack.According to this logic,The acquisition of three companies will also be row in the listed assets range.

　　记者了解到，联想集团、融科置地、消费与现代服务、化工新材料、现代农业为联想控股打造的五大核心资产。柳传志曾对记者表示，培育多个核心产业，是为了保证上市后能够实现净利润持续保持两位数以上的增长。

The reporter understands,Lenovo group/Melting family real estate/Consumption and modern services/Chemical new material/Modern agriculture for lenovo holdings make five core assets.He had told reporters,Cultivate multiple core industries,In order to ensure the net profit of listed to maintain double-digit growth.

　　“消费与服务是联想控股核心资产涉足的五大核心业务板块之一。在这一板块，联想控股主要关注消费品、消费服务和金融服务三个领域。此次合作是联想控股在金融服务领域的一个重要布局。未来，联想控股还将继续在金融服务领域寻找适合的机会。”上述联想控股内部人士对记者表示。

"Consumption and service is the core asset of lenovo holding in five core business one of the plates.In this plate,Lenovo holding mainly focus on consumer goods/Consumer services and financial services three areas.The cooperation is lenovo holdings in the financial services sector is an important layout.The future,Lenovo holdings will continue in the financial services sector looking for suitable opportunity."The above association holding insiders told reporters.

　　从联想控股的逻辑可以看到的是，小贷金融服务行业可能有的利润是值得期待的。回看历史，3月底，温州金融改革试验区总体方案获国务院批准，其中一项重要内容就是支持民间资金参与发起成立小贷公司，由此小贷行业也随之成为各路资本瞩目的焦点之一，尤其明显的是手握重金的PE机构和上市公司。

From lenovo holding logic can see is,Small credit financial services industry profits may have been worth the wait.Looked back at the history,By the end of march,Wenzhou financial reform pilot overall scheme won the approval of the state council,One of the important content is to support the folk capital to participate in sponsored by small loan companies,The small credit industry has become one of the capital's attention,Especially obvious of is a hand grip heavily PE institutions and listed companies.

　　按照央行的相关规定，小额贷款公司借贷利率水平“不得高于央行基准利率的4倍”。目前，六个月以内（含六个月）年利率为6.1%；六个月至一年（含一年）为6.56%。这意味着小贷公司放贷的利率可以到达24.4%至26.24%。

In accordance with the relevant provisions of the central bank,Small loan company lending interest rates"The bank shall not be higher than the benchmark interest rate 4 times".At present,Within six months(Contain six months)Annual interest rate is 6.1%;Six months to a year(Contain a year)Is 6.56%.This means that the small credit company lending interest rate can reach 24.4% to 26.24%.

　　而看好金融类企业未来良好利润前景的并不是联想控股一家，以中金赛富（以前的世纪方舟）为代表的民资PE也在今年大手笔下注投资金融行业。

And the value of the enterprise financial good profit prospects and not lenovo holding a,The rich to zhongjin(Before the ark of the century)As a representative of what PE also in this big bet on investment banking industry.

　　“中国产业结构升级转型，收入分配机制改革，以及金融体制的改革，将成为我国在经济领域的主要任务。今年我们新设立的金融并购基金对外投资已经超过50亿人民币，并购了两家保险机构和一家商业银行。”中金赛富执行董事、世纪方舟董事总经理吕峰表示，“未来我们仍会在银行、信托等金融机构上继续寻求我们的并购对象。”

"China the upgrading of the industrial structure transformation,Income distribution mechanism reform,And the reform of the financial system,Will become our country in the economic field of main task.This year we a new financial mergers and acquisitions of foreign investment fund has more than 5 billion yuan,Mergers and acquisitions two insurance institutions and a commercial bank."Zhongjin "rich executive director/Century ark managing director LvFeng said,"In the future, we will still be in the bank/Trust, and other financial institutions continue to seek our merger object."

　　值得一提的是，吕峰还特意强调，“因为我们和我们的投资人非常看好中国金融机构未来的长期发展”，所以“基金没有设退出期”。

Be worth what carry is,LvFeng also specially emphasized,"Because we and our investors very bullish on China's financial institutions future long-term development",so"Fund did not set out of phase".

　　57家上市公司参与“中小微”融资 57 listed companies to participate in"Small and medium-sized micro"financing

　　记者采访的多位PE业内人士均表示，金融改革是趋势，今年多主管部门均发布了相关文件，而产业资本投资则更为稳妥，若PE投资基金专门押注于此，政策性风险仍不小。弘毅投资总裁赵令欢表示，“一般情况下，LP是不能承受无退出期的设置条款。目前民资进入金融业还是有不少障碍，万一政策放开了就会大赚，但这不是弘毅的风格。”

A reporter to interview more than the PE the personage inside course of study are said,Financial reform is a trend,The department in charge of this year are issued relevant documents,And industrial capital investment is more safe,If PE investment fund special bet on this,Policy risk is still not small.Hony President zhao to huan said,"generally,LP is unable to bear no exit stage set terms.What at present in the financial industry still has a lot of obstacles,One thousand policy released will make,But this is not hongyi style."

　　据上证资讯统计，今年以来已有57家上市公司参与投资小贷公司、担保公司、城商银行等，合计投资总额约93亿元；不管是涉足小贷金融领域的上市公司家数还是投资金额，均约等于2008年至2011年的三年总和。

According to the Shanghai information statistics,Since this year has 57 listed companies invest in small loan companies/Guarantee company/City business bank,Add up the total amount of investment of about 9.3 billion yuan;No matter in small credit in the field of finance in the listed company number or investment amount,Are the equivalent of about 2008 years to 2011 years of combined three years.

　　据公开披露，上市公司对拟涉足小贷业务的解释主要集中在以下两种目的：一是利用公司自有资金进行财务投资，提高资金使用效率，在一定程度上促进公司利润增长；二是涉足中小企业资金流服务、扩张产业链、丰富商业模式。

According to the public disclosure,The listed company to be involved in small credit business interpretation mainly concentrated in the following two purpose:One is to use the company equity fund financial investment,To improve the service efficiency of funds,To a certain extent, promote the company's profit growth;The second is involved in small and medium-sized enterprise capital services/Extension industry chain/Rich business model.

　　上市公司纷纷发力小额贷款，进军金融服务领域，也反映出小额贷款领域的竞争日趋激烈。中国小额信贷机构联席会上月主办的“中国小微金融60人论坛”披露，截至目前，我国已有小额贷款公司近6000家，贷款余额超过5400亿元。

Listed companies have hair force small loans,The financial services sector,Also reflects microfinance sector competition is becoming increasingly fierce.China microfinance institutions by extended meeting last month"China's small micro financial sixty people BBS"disclosure,So far,Our country has small loan company nearly 6000,Loan balance of more than 540 billion yuan.

　　风险和收益正相关是妇孺皆知的投资真理。小贷行业颇受各路资金青睐，但投资该行业的风险控制同样不可忽视。众所周知，大型商业银行有一套完整的体系和标准来评估贷款企业的资质和风险，但小微企业没有标准化的系统来评估风险，这正是大型商业银行不愿意主动放贷给小微企业的原因之一。

Risks and benefits of positive correlation is FuRuJieZhi investment truth.A small credit industry by the capital favor,But the industry investment risk control also can not be ignored.As is known to all,Large commercial Banks have a set of complete system and standard to evaluate loan enterprise qualification and risk,But small micro enterprise no standardized system to assess the risk,This is a large commercial bank is willing to lend small micro enterprise one of the reasons why.