我国小额贷款行业近年来发展迅速，但相对于中小企业的资金需求，仍显不足。而另一方面，目前各种社会资本进入小贷行业依然受限。如何才能吸引更多资本进入小额贷款行业，从而进一步缓解中小企业的融资难题？

China's small loan industry developed rapidly in recent years,But relative to the small and medium-sized enterprise capital demand,It still shows insufficient.On the other hand,At present various social capital into the small loan industry is still limited.How to attract more capital into the microfinance industry,Thus further alleviate the financing difficult problem of small and medium-sized enterprises?

　　美国基层资本（Grassroots Capital Management）创始人、总裁保罗·迪里奥（Paul Dileo）日前在接受《第一财经日报》独家专访时建议，中国要吸引更多资本进入小额贷款行业，需要加强对小贷公司中小股东的保护，避免大股东“一言堂”；另一方面，也要进一步放开利率管制，尤其是要放宽小额贷款的利率上限。

The basic capital(Grassroots Capital Management)founder/President Paul dean Rio(Paul Dileo)Recently in an[The first financial daily]Exclusive interview with Suggestions,China will attract more capital into the microfinance industry,Need to strengthen the small loan companies protection of small and medium shareholders,Avoid big shareholders"YiYanTang";On the other hand,Will further open interest rate control,Especially to relax small loan interest rate upper limit.

　　迪里奥曾经任职于美国财政部以及联邦储备局。基层资本是美国一家主要投资于小额贷款公司的金融机构，基层资本以及其附属机构从2003年开始至今成立了5家小微金融投资基金，资金来源包括美国退休基金等各类投资者，投资范围遍布全球。

Dean Rio had employment in the department of the Treasury and the federal reserve.The United States is a major basic capital investment in small loan company's financial institutions,Basic capital and its subsidiary since 2003 established five small micro financial investment fund,Capital source, including the United States pension funds and other kinds of investors,The investment scope all over the world.

　　第一财经日报：为了吸引各种资本，包括外资投资中国的小微金融企业，你觉得中国法律法规应当如何进一步完善？

The first financial daily:In order to attract all sorts of capital,Including foreign investment in China's small micro financial enterprise,Do you think China's laws and regulations should be how to further improve?

　　迪里奥：根据我们在拉丁美洲、印度、俄罗斯等地投资小微金融的经验，目前中国需要进一步完善相关法律，其中的关键是要考虑到如何保护好小额贷款公司的中小股东和合伙人。

Rio DE:According to our in Latin America/India/Russia and other investment small micro financial experience,At present China needs to further improve relevant laws,The key is to consider how to protect small loan company's small and medium-sized shareholders and partner.

　　我们曾经在俄罗斯投资一家小额贷款公司，拥有45%的股权。但是俄罗斯的法律法规对我们保护不够，大股东只要持有50%以上的股权基本上就可以“为所欲为”；并且出现“一言堂”，中小股东不能否决某些不利于公司的议案。然而对于小额贷款公司来说，则很容易存在利益输送，这使得我们并不喜欢在俄罗斯投资。而相比而言，拉丁美洲以及印度等地对中小股东的保护比较重视。

We have been in Russia investment a small loan companies,With 45% of the equity.But Russia's laws and regulations is not enough for us to protect,As long as the big shareholders holding more than 50% of the equity can basically"Get one's own way";And there"YiYanTang",Small and medium-sized shareholders cannot veto some unfavorable to the company's bill.Yet for small loans for the company,It is very easy to exist interests delivery,This makes we don't like in Russia investment.And compared,Latin America and India of small and medium shareholders to protect more important.

　　如果我们未来在中国投资，可能也只会是作为中小股东进入，而不会对公司有控制权，很可能大股东依然是中方资金。中国的小额贷款行业要吸引更多的资金进入，包括全世界的资本，就要完善法律法规，保护好中小股东的利益，比如允许中小股东对某些不利公司的议案有一定否决的权利。

If our future investment in China,May only be as small and medium-sized shareholders into,And won't have to the company control,Probably big shareholder is still the Chinese capital.China's small loan industry to attract more capital into,Including the world's capital,Is the perfect legal laws and regulations,To protect the interests of small and medium shareholders,Such as allow small and medium-sized shareholders to some adverse company bill have the right to veto.

　　日报：目前中国利率市场化进程在加快，你对中国的利率制度改革有什么建议？这对小额贷款行业意义如何？

daily:China's interest rate marketization process to speed up,You to China's interest rate system reform have any Suggestions?The microfinance industry meaning?

　　迪里奥：不同的国家有不同的金融服务吸引政策，而中国正在推进的利率市场化进程也给小额贷款行业带来发展机会。

Rio DE:Different countries have different financial services attract policy,And China is promoting the process of interest rate marketization to microfinance industry has brought development opportunities.

　　目前中国依然存在贷款利率上限管制，这并不利于小微金融的发展。从投资者角度来看，因为利息收益的减少而导致回报不高，这使得投资者从事小额信贷业务的意愿有限。另一方面，低利率可能导致某些真正需要资金的小微企业无法获得资金，可能出现寻租现象。因此，利率上限的管制对中小企业也没有好处。

China remains loan interest rate upper limit control,This is not conducive to the development of small micro finance.From the perspective of investors,Because the interest income to fall return is not high,This makes investors engaged in microfinance business will limited.On the other hand,Lower interest rates may lead to some really need money little micro enterprise can't receive money,The rent-seeking phenomenon may occur.so,Interest rate upper limit control for small and medium-sized enterprises is not good.

　　就拉丁美洲的发展经验来看，大多数国家并没有设立利率上限的管制，少数的有利率上限管制的国家如哥伦比亚等，也定在较高的水平，一般最高年利率都可以达到30%甚至更高。

Is the development of Latin America experience,Most countries did not set up interest rate upper limit control,A few have the control of interest rate cap countries such as Columbia, etc,Also set to higher level,Generally the highest annual rate can reach 30% or higher.

　　日报：你们在全世界许多国家投资小微金融行业，你们的标准是什么，如何筛选？

daily:You in many countries around the world investment small micro financial industry,You what is the standard,How to screening?

　　迪里奥：对我们投资人来说，小微金融企业的信息透明以及对各种决策强有力的监管很关键。

Rio DE:To us for investors,Small micro financial enterprise information transparency and various decision powerful supervision is the key.

　　投资人需要小微金融企业提供按照标准制定的财务报表，也希望了解到企业计划的重大偏差、欺诈情况，高级管理层的调整以及管制方面的重大变更；此外，管理层的薪酬状况也要能够符合股东的利益。

Investors need to small micro financial enterprises to provide according to the standard set of financial statements,Also hope to understand the enterprise plan significant deviation/Fraud case,Senior management of the adjustment and control of major change;In addition,The management of the salary situation also wants to be able to be in the best interest of shareholders.

　　对于权益投资，股东可能会要求参与董事会各种决策，包括否决和审批各种重要决定。投资人也希望看到目标公司有强有力的监管，比如对各种贷款而言，需要对获得贷款的企业有一定绩效约定，也可能会规定拖欠或杠杆系数超过约定标准，相应贷款需要立即到期偿还，保护小贷公司股东利益。

For equity,The shareholders may request to participate in all kinds of the board of directors of the decision,Including veto and approval of all kinds of important decisions.Investors would also like to see the target company has powerful supervision,Such as the various kinds of loan for,Need to get loans enterprise have certain performance agreement,May also be provisions in arrears or lever coefficient than agreed standards,Corresponding to the loan is due for repayment immediately,Protect small credit company shareholder interests.