[ “把聊天跟网络结合就做成了QQ，把购物跟网络结合就做成了淘宝，所以信贷跟网络结合可能会成为互联网的下一轮革命。” ]

[ "With the network chat with QQ is made,With the shopping network combination is done in taobao,So credit with network combination could be the next round of the Internet revolution." ]

　　阿里巴巴集团此前重要的利润支柱正在式微：阿里巴巴在外贸下滑的背景下独木难支；淘宝正在和中小卖家产生越来越多的冲突，并遭遇天猫分食流量；而天猫在京东、苏宁易购等各路竞争者的穷追猛堵下采取价格战是必须的，利润空间将被压缩。不过，以上三个平台却能够给阿里金融提供一个完整的客户生态圈和数据库支持，让阿里在电商小微贷领域几乎难寻对手、独孤求败。

Alibaba group had important profit pillar are declined:Alibaba in foreign trade under the background of DuMuNanZhi decline;Taobao is small and medium sellers produce more and more conflict,And encounter day cat points feed flow;And the day the cat jingdong/SuNingYi purchase and the competitors' lack of fierce plugging measures to price war is a must,Profit margins will be compressed.but,Above three platform but can give ali financial provide a complete customer ecological circle and database support,Let ali in electric business small micro credit field almost is hard to find opponents/Dugu loss for.

　　下一个杀手锏 The next ace in the hole

　　阿里是一个外表看上去十分热闹的企业，但目前阿里的几大支柱却正在式微。

Ali is a appearance looks very lively enterprise,But the present ali few pillar is declined.

　　按照发展历程阿里先后成立阿里巴巴、淘宝、天猫等多个平台，它们分别代表B2B、C2C和B2C领域，也是阿里收入的三大主要支撑。

According to the development course ali has established alibaba/taobao/Day cat, and other platform,They represent respectively the B2B/C2C and B2C field,Income is ali of the three main support.

　　阿里巴巴起源于上世纪90年代，它的业务简单说来就是把外贸商拉到网上来销售。它兴起的背景是1994年外汇改革后对外贸易的迅猛发展。不过随着2008年之后外贸遇冷，这块业务的下行几乎是必然的。

Alibaba originated in the 1990 s,Its business is simply the foreign trade business pull to the net to sales.It is of the background of the rise of foreign exchange in 1994 after the reform and the rapid development of foreign trade.But with 2008 years after the foreign trade in the cold,The business of descending is almost inevitable.

　　淘宝是阿里的第二块版图，在C2C领域，淘宝迄今没有对手。它也是阿里目前最重要的入口，不过天猫上线后，犹如一个巨大的黑洞，不断分食淘宝的流量。另外，中小卖家原本是作为淘宝的最可依赖的群体，近来却和淘宝纷争不断，淘宝在平衡盈利和扩容的关系中进退维谷。

Taobao is ali's second piece of territory,In the field of C2C,So far, no taobao opponent.It is also the most important entrance ali,But day after cat online,Like a huge black hole,Constantly points food taobao flow.In addition,Small and medium-sized seller was as clean out treasure of the most can rely on group,But recently battled and taobao,Taobao in the equilibrium profit and flash relationship in a box.

　　市场对阿里的解读是其正在由C2C模式向B2C模式转型，天猫的成长看上去十分可期。然而，天猫在B2C市场绝对不像淘宝在C2C市场那样一家独大，在B2C领域中，天猫有各路强劲的对手——京东、苏宁易购，甚至一些新兴的网站。天猫加淘宝最早占据了电商约90%以上的市场份额，而现在占比降到了60%左右。并且看来这些平台并不准备占山为王，而准备用价格战战斗到底。

Market for ali's interpretation is the is the C2C mode to B2C model transformation,The growth of the cat day look very can period.however,Day cat in the B2C market absolute don't like taobao C2C market in that monopoly,In the B2C field,Day a cat has the strong rivals, jingdong/SuNingYi purchase,Even some emerging web site.The first day the cat and clean out treasure up electric commercial treaty more than 90% of the market share,And now accounts for about 60% gradient.And it seems these platforms is not ready to mountain as king,And prepare to use price war fought to the end.

　　这些都让看上去热闹的阿里集团暗藏祸端。相比之下，阿里金融虽然不见得像一些业内人士说的那样神乎其神，但确实大有可为。

All of these let look busy ali group hide the source of the disaster.Compared with,Ali financial although not like some insiders said that fantastic,But it does have a brilliant future.

　　马云曾经提到淘宝的整个策略是平台—数据—金融。三大平台十数年沉淀的客户资源、交易数据能够让阿里金融在电商小微贷款信用审核领域优势显著。

Mr Ma has ever mentioned the taobao strategy is platform - - financial data.Three big platform ten years precipitation customer resources/Transaction data can let ali financial in electric business small micro loan credit audit field a significant advantage.

　　“互联网最大的特点就是大数据和高速运算能力，而这些天然能够给信贷提供支持。”互联网分析师许单单在北京一家网络贷款公司的年会上说。

"The Internet is the greatest characteristic of large data and high speed operation ability,And these natural can give credit to provide support."The Internet analysts make only in a Beijing network loan company's annual meeting said.

　　金融数据库 Financial database

　　“把聊天跟网络结合就做成了QQ，把购物跟网络结合就做成了淘宝，所以信贷跟网络结合可能会成为互联网的下一轮革命。”这是拍拍贷CEO张俊的设想，这也是不少P2P网贷创业者的宏大目标。不过，目前最有可能做成这件事的不在围城之外，恰恰是围城之内的阿里金融。

"With the network chat with QQ is made,With the shopping network combination is done in taobao,So credit with network combination could be the next round of the Internet revolution."This is the idea of clap credit CEO 39,This is also a lot of P2P network credit entrepreneurial grand goal.but,At present most likely to make it not outside the city,Is the siege of ali within financial.

　　如果说阿里三块平台延伸出的最大资源是什么，那一定是巨大的数据资源和客户资源。当今国内没有一个人比阿里更加能够了解电商的融资需求和评估他们的信用水平。而这正是小微金融最大的难点——纯信用的贷款很难良好地控制风险。

If ali three pieces of platform extension for the biggest resource is??????,That must be great data resources and customer resources.Now the domestic no one more than ali can understand electric business financing demand and evaluate their credit level.And this is the largest small micro financial difficulties - pure credit loan is difficult to good control risk.

　　而阿里金融所掌握的电商资源也正是目前在小微贷款领域举足轻重的力量。国内最早成立的网络借贷平台拍拍贷的客户中大量来源于淘宝店家、慧聪电子商务平台和敦煌电子商务平台。

Ali and financial knowledge of electrical business resources is also present in the small micro loan field decisive force.The earliest established network lending platform clap credit customers a lot from taobao stores/From e-commerce platform and dunhuang e-commerce platform.

　　据拍拍贷的数据，这部分借款人的坏账率要小于平均水平，而且由于其有较为充足的交易数据记录，所以风险更加可控。

According to clap your credit data,This part of the borrower's bad debt rate than the average level,And because it has sufficient transaction data record,So more controllable risk.

　　阿里金融诞生于2010年，此后的两年阿里金融分别于浙江和重庆成立了小额贷款公司，为阿里巴巴B2B业务、淘宝、天猫三个平台的商家提供订单贷款和信用贷款。阿里小额贷款业务2012年上半年投放贷款130亿元，自2010年自营小贷业务以来累计投放280亿元，为超过13万家小微企业、个人创业者提供融资服务。

Ali financial was born in 2010,The next two years ali financial respectively on zhejiang and chongqing set up small loan companies,For alibaba B2B business/taobao/Day cat three platform businesses to provide order loans and credit.Ali small loan business in the first half of 2012 on a loan of 13 billion RMB,Since 2010, operating small business loans have accumulated on the 28 billion yuan,For more than 13 thousands of small micro enterprise/Individual entrepreneurs to provide financial services.

　　正是由于三大平台前期搜集的海量数据，使得阿里金融可能对借款人进行量化分析，包括平台认证和注册信息、历史交易记录、客户交互行为、海关进出口等信息，再加上卖家自己提供的销售数据、银行流水、水电缴纳等情况。这些信息都能够帮助阿里金融建立信用评级体系，并有可能通过优化体系降低坏账率。

It is because the three platform collect mass data,Make ali financial might be in the quantitative analysis of the borrower,Including platform authentication and registration information/Historical transaction records/Customer interaction behavior/Information such as the customs import and export,Combined with the seller to provide their own sales data/Bank water/Pay water and electricity, etc.This information can help ali financial establish credit rating system,And may through the optimization of system reduce the rate of bad loans.

　　据阿里金融数据，目前阿里小贷的不良贷款率为0.72%。相比之下，较为成熟网络贷款平台的坏账在2%左右，而以大企业业务为主的我国银行体系坏账率在0.95%。

According to ali financial data,At present ali small credit of bad loans is 0.72%.Compared with,A mature network platform of bad loans at 2%,And to big business enterprise is our country banking system in bad debt rate 0.95%.

　　而阿里金融服务的人群传统银行体系几乎难以覆盖。

Ali and financial service crowd traditional banking system hardly cover.

　　阿里巴巴的调研数据显示，约89%的企业客户需要融资，融资需求在50万以下的企业约占55.3%，200万以下的约占87.3%。阿里小贷发放的贷款，平均每笔7600元，由于大数据加平台监测，贷款周期不超过半年。这个数量级的贷款几乎是银行的死角。

Alibaba's research data shows,About 89% of the enterprise customer need financing,Financing demand below 500000 enterprise about 55.3%,2 million the following about 87.3%.Ali small credit loans,An average of $7600 each,Due to the large data and monitoring platform,Loan period no more than half a year.The order of magnitude of the bank loan is almost blind Angle.

　　早期阿里也曾经考虑过与银行合作，2007～2010年，阿里巴巴联合建行、工行合作，向会员企业提供网络联保贷款，无需抵押，由3家或3家以上企业组成一个联合体，共同向银行申请贷款，同时企业之间实现风险共担。阿里巴巴将提交申请的会员信用记录提交给银行，最终由银行决定是否发放贷款。

Early ali also once considered and bank cooperation,2007 ~ 2010,Alibaba joint construction bank/Icbc cooperation,To the member enterprises to provide network joint guarantee loans,No mortgage,By three or more than three enterprise form a consortium,Common to the bank for a loan,At the same time the enterprise to realize the risk sharing.Alibaba will submit the application member credit records submitted to the bank,Finally by the bank to decide whether to issue loans.

　　但是这种合作马上在2010年戛然而止，显然传统银行体系并不能满足阿里的需求。2010年6月，阿里巴巴与复星、万向、银泰等股东合作成立浙江阿里巴巴小额贷款公司，得到国内首张电子商务领域的小额贷款公司营业执照。

But this kind of cooperation in 2010 to an abrupt end immediately,Obviously the traditional banking system and can not meet the demand of ali.In June 2010,Alibaba and strengthened/universal/The intime and shareholders established cooperation of zhejiang alibaba small loan companies,Get home debut in the electronic commerce field micro-credit business license of the company.

　　目前阿里金融的贷款模式包括两种：订单贷款和信用贷款。

At present ali financial loan mode including two:Order loans and credit.

　　订单贷款是指，基于卖家店铺已发货、买家未确认的实物交易订单金额，系统给出授信额度，到期自动还款，实际上是订单质押贷款。订单贷款日利率为0.05%，累计年利率约18%。淘宝、天猫订单贷款最高额度100万元，周期30天。

Order loans refers to,Based on the seller store already delivery/The buyer unconfirmed barter trade order amount,Systems are line of credit,Due to be automatic repayment,Is actually order pledge loan.Order RiLiLv loan is 0.05%,The annual rate of about 18% of the total.taobao/Day cat order loan highest amount is 1 million yuan,Cycle 30 days.

　　而信用贷款是无担保、无抵押贷款，在综合评价申请人的资信状况、授信风险和信用需求等因素后核定授信额度，额度从5万元～100万元。信用贷款日利率为0.06%，累计年利率约21%。信用贷款最高额度100万元，贷款周期6个月。

And credit loan is no guarantee/Unsecured loan,In the comprehensive evaluation of the applicant's credit status/Credit risk and credit demand factors and line of credit,Line from 50000 yuan to 1 million yuan.RiLiLv credit loan is 0.06%,The annual rate of about 21% of the total.Credit the highest amount is 1 million yuan,Loan period 6 months.

　　利用信托放大杠杆 Using trust amplification lever

　　解决信用问题，还仅仅是解决了“借什么人”的问题，而和信托公司合作则解决了“用什么钱”的问题。如果只用自己的钱，后果只有一个，就是极低的ROE，这门生意肯定做不起来。

Solve the credit problems,Also only is solved"Borrow what person"problem,And trust company is solved"With what money"problem.If only their own money,There is only one consequence,Is very low ROE,This business must do not rise.

　　阿里在去年6月与9月分别与山东信托发行了阿里金融小额信贷资产收益权投资项目集合信托计划“阿里星1号”和“阿里星2号”。这两个产品共募集资金3亿元。

Ali in last June and September respectively with the shandong trust released ali financial microfinance assets usufruct investment projects set trust plan"Ali star 1"and"Ali star 2".The two products were raising capital of 300 million yuan.

　　山东信托购买阿里金融小额信贷资产收益权的操作流程为，阿里小贷向阿里巴巴电子商务平台上的买卖商家提供贷款，然后阿里小贷将其信贷资产打包，山东信托利用集合信托资金购买信贷资产的收益权。

Shandong trust buy ali financial microfinance assets usufruct process for,Ali small loans to alibaba e-commerce platform of buying and selling in businesses to provide loans,Then ali small credit the pack of credit assets,Shandong trust use set trust funds to buy the usufruct of credit assets.

　　而阿里金融与信托公司的合作也成了去年小贷公司和信托公司合作的唯一案例。

Ali and finance and trust company cooperation has become small loans last year companies and trust companies only case.

　　早在2011年，银监会就通知信托公司谨慎与小贷、担保和典当行合作，监管层不支持小贷公司通过信托融资。另外，小贷公司质量参差不齐，业务也比较零碎，很难判断风险，所以信托一般不会选择与其合作。

As early as in 2011,The CBRC will inform trust company careful with small loans/Guarantee and pawnshop cooperation,Supervision layer does not support small loan companies through the trust financing.In addition,Small loan company quality is uneven,Business and more bits and pieces,It is difficult to judge the risk,So trust generally will not choose to cooperate with.

　　这一特权让阿里金融真正找到资金渠道从事贷款业务，不过借道信托的高昂成本是否真的能让阿里有利可图至少目前还不能看清。

This privilege let ali financial really find capital channel is engaged in the loan business,But tailgating trust the high cost is not really can make ali profitable at least at present still cannot see.

　　目前阿里金融的贷款利息在18%到21%之间，而其通过信托发行募集资金的成本在15%左右，如果再扣除坏账和人力成本、中间资金周转的时间成本，阿里金融目前是否能够盈利还很难估计。

At present ali financial loan interest rate of between 18% and 21%,And the trust issue to raise funds through the cost at about 15%,If you deduct bad debt and human cost/Intermediate capital turnover time cost,Ali financial now whether can profit is very difficult to estimate.