小贷还是担保？在阿里巴巴的金融版图上，扩张方向走到了十字路口。

Small credit or guarantee?In alibaba's financial map,Expansion direction a crossroad.

　　近日，有接近阿里巴巴高层的消息人士向《中国经营报(博客,微博)》记者独家透露，在马云2013年的战略里，阿里金融将转型，扩张的重点方向从一向被外界看好的阿里小贷，转向担保业。

recently,Close to alibaba top news to the public[China business newspaper(blog,Micro bo)]Reporter exclusive revealed,Ma in 2013 in the strategy,Ali financial will transformation,The focus of the expansion direction from the outside world has been promising ali little credit,Steering assurance.

　　“2013年马云要在全国设7个金融中心，以担保为主，小贷陆续退出，在未来5年之内要申办自己的银行。”上述消息人士指出，“阿里金融不一定退出小贷，但它不再扩张了，转向担保业扩展。”

"In 2013, Mr Ma to set the seven financial center,To guarantee is given priority to,Small credit file out,In the future five years to bid for their bank."The above sources,"Ali financial not quit small loans,But it will no longer expansion,To expand assurance."

　　不再主攻小贷市场？ No longer main attack small credit market?

　　阿里小贷的“浙江+江苏+上海”模式，被广东业界视为“违规”，至少是借着“网络贷款”打了个“擦边球”。

Ali small loan"Zhejiang and jiangsu and Shanghai"mode,Is guangdong industry as"illegal",At least through the"Network loan"a"Edge ball".

　　与此消息相关，记者从广东业内人士处获息，马云2012年曾想在广州设立一家阿里小贷，注册资金3个亿，并向当地金融办要求可以全省经营。放贷对象主要是淘宝和阿里巴巴的卖家。但“目前计划并无进展，已停摆”。

And this news related,Reporters from the interest in guangdong the personage inside course of study,Mr Ma in 2012 in guangzhou wanted to set up a ali little credit,The registered capital of 3,And to the local financial requirements can do the business.Lending object basically is the taobao and alibaba seller.but"At present there is no progress plan,Has suspended".

　　回顾以往，马云的小贷金融梦持续了多年。2007年6月，阿里巴巴正式与中国建设银行(601939,股吧)、中国工商银行(601398,股吧)在中小企业融资领域展开战略合作，命名为“阿里贷款”。

Looking back,Mr Ma little credit financial dream for many years.In June 2007,Alibaba formal and China construction bank(601939,guba)/The industrial and commercial bank of China(601398,guba)In the field of the financing of small and medium enterprises on strategic cooperation,named"Ali loans".

　　2009年后，“阿里贷款”从B2B业务中拆分出来纳入阿里巴巴集团，负责集团旗下所有子公司平台的融资业务，此后更名为“阿里巴巴金融”（以下简称“阿里金融”）。

2009 years later,"Ali loans"From the B2B business split out into the alibaba group,Responsible for the group all subsidiary platform financing business,Since then renamed"Alibaba financial"(Hereinafter referred to as"Ali financial").

　　此后，马云一度加快了步伐。2010年6月，浙江阿里巴巴小额贷款股份有限公司（以下简称“浙江阿里小贷”）正式成立，贷款金额上限为50万元；2011年6月，继浙江之后，马云又到重庆设立了第二家阿里小贷。

Since then,Mr Ma was accelerated pace.In June 2010,Zhejiang alibaba small loan co., LTD(Hereinafter referred to as"Zhejiang ali little credit")Formally established,Loan amount limit for 500000 yuan;In June 2011,After the zhejiang,Mr Ma and set up a second home to chongqing ali little credit.

　　事实上，在阿里小贷成立之初，业内曾怀疑过这个电商大鳄的金融能力，然而浙江和重庆的阿里小贷以16亿元的注册资金，交出了一份不错的答卷：截至2012年6月末，阿里金融已累计为超过12.9万家小微企业提供融资服务，贷款总额超过260亿元。

In fact,In ali small credit at the beginning of its establishment,The industry was sceptical about the electric let alligator financial ability,However zhejiang and chongqing's ali small loans to 1.6 billion yuan of registered capital,Provided a good results:By the end of June 2012,Ali financial has accumulated more than 12.9 thousands of small micro enterprise to provide financing services,More than 26 billion yuan of total loans.

　　而在2012年7月20日，阿里金融已经实现单日利息收入100万元——这意味着，如果这一势头持续一年，阿里金融的利息收入将达到惊人的3.65亿元。并且在全部都是信用贷款的情况下，阿里小贷不良率仅为0.9%。正因如此，阿里小贷被业内誉为“最赚钱的小贷公司”。

In July 2012, twenty,Ali financial have realize single day interest income is 1 million yuan, this means,If the momentum for a year,Ali financial interest income will reach an astonishing 365 million yuan.And in all under the condition of credit,Ali small credit defect rate is only 0.9%.Because of this,Ali small credit is the industry known as"The most profitable small loan companies".

　　“阿里小贷年化贷款利率大致达到17%~18%，坏账率低于1%，毛利率在15%左右，扣除资金成本、人力成本，目前收益还不错。”中国电子商务研究中心研究员冯林告诉记者。

"Ali small credit annualised loan interest rate roughly 17% ~ 18%,Bad debt rate lower than 1%,Gross profit rate at about 15%,Deduct cost of capital/Human cost,Current income is good."China electronic commerce research center FengLin researcher told reporters.

　　冯林指出，阿里小贷通过网上的数据规模足以形成一套针对其网上企业的“征信系统”，能把手续和审批流程压缩得非常短，非常便利地放贷。“从赚钱的角度来看，它没有必要退出小贷。”

FengLin pointed out that,Ali small credit through online data to be big enough to form a set of the enterprise according to the Internet"Reference system",Can the formalities and approval process compressed very short,Very conveniently lending."From the point of view of money,It is not necessary to quit small loans."

　　然而，换一个角度来看，小贷公司的发展却一直受制于政策和法规的限制。

however,Change an Angle to see,Small loans, the development of the company has been subject to policies and regulations limit.

　　“小贷核心问题是很容易触红线，一条是资本金的红线，一条是跨地区监管的红线。”一位广东小贷业内人士指出。

"Small credit is a core problem is easy to touch the red line,One is the capital of the red line,One is the Red Cross area supervision."A guangdong small credit the personage inside course of study points out.

　　上述广东小贷业内人士所指的问题，正是阿里小贷发展的瓶颈。以跨区经营的问题来说，以广州为例，广州最早成立的15家小贷公司，只能在所属区域内经营，如天河区的小贷公司只允许在天河区放贷；海珠区的小贷公司只允许在海珠区放贷。直到2012年年初广州金融街成立，入驻金融街的10家广州的小贷公司才获得了全市放贷的默许。然而，至今广州所有的小贷公司都未能升级至“全省经营”。

The guangdong small credit problems referred to the personage inside course of study,It is ali small credit development bottleneck.To interregional business problem it is,In guangzhou as an example,The earliest established guangzhou 15 small loan companies,Only in the area in business,The tianhe district such as the small loan company is allowed only in the tianhe district lending;Hai little credit company is allowed only in hai lending.Until the early 2012 guangzhou established financial street,In the financial street 10 guangzhou small loan companies to acquire the loans in the city of acquiescence.however,Guangzhou has all the small loan companies have failed to upgrade to"The business".

　　对小贷经营地域限制问题，据中国小额信贷联盟秘书长白澄宇介绍，不能跨省经营主要是因为小贷公司的审批和监管都是当地金融办，无法跨省监督，而各省内是否能跨省经营则由当地的政策决定。

For small business loans regional limit problem,According to China's microfinance league secretary general BaiChengYu is introduced,Can't cross province management mainly because of small loan company's approval and supervision are the local financial do,Can't cross provincial supervision,And in the provinces can span province management by the local policy decision.

　　但马云的浙江阿里小贷获得了政策的突破，它可在全省，甚至于到江苏、上海放贷。因而去年底马云到广州试图再次突破政策壁垒，阿里小贷要求“在广东全省经营”，当时曾震动了广东业界。

But Mr Ma's zhejiang ali little credit for the breakthrough of the policy,It can be in the,Even to jiangsu/Shanghai lending.Therefore the end to guangzhou ma tried to break through policy barriers,Ali small credit requirements"Business in guangdong province",At that time had shook the guangdong industry.

　　事实上，阿里小贷的“浙江+江苏+上海”模式，被广东业界视为“违规”，至少是借着“网络贷款”打了个“擦边球”。如果阿里小贷突破获得广东全省经营，将直接冲击当地金融办现有经营地域限制的条规，以及目前当地小贷业和担保业的公平竞争环境。广州目前已运营的小贷公司有20多家，各家背景实力都很雄厚：越秀集团、广州建筑集团、美的集团、立白集团……但要在广州从众多实力对手中脱颖而出，成为当地小贷政策唯一的突破者，谈何容易。

In fact,Ali small loan"Zhejiang and jiangsu and Shanghai"mode,Is guangdong industry as"illegal",At least through the"Network loan"a"Edge ball".If ali little credit for guangdong province breakthrough business,Will directly impact the local financial do present management by the rules of the geographical restrictions,And the small local credit industry and assurance of the fair competition environment.Guangzhou has operation of small loan companies have more than twenty home,Their strength is very strong background:Yuexiu group/Guangzhou construction group/Midea group/Made white group...But in guangzhou to hand out from many strength,Become a small local credit policy only free man,Easier said than done.

　　“扩张阿里小贷，马云需要到每个地方要政策，他要得很辛苦。”上述业内人士指出。

"Expansion ali little credit,Mr Ma needs to every place to policy,He will be very hard."The above the personage inside course of study points out.

　　此外，小贷公司的资金杠杆率很低，只有1∶0.5。按照规定，小贷公司只能用自有的注册资本金，以及从金融机构获得最高不超过注册资本金50%的资金放贷。比如，一家小贷公司注册资金为2亿元，它只能从银行获得1亿元融资，所以它只能拿3亿元放贷。“3亿元资金，两个月就放完了，剩下的时间，大家就只能在办公室里喝茶聊天。”某小贷公司的总经理不无戏谑地说。同样的，资金红线也让阿里小贷的发展规模受限。

In addition,Small loan company funds leverage ratio is very low,Only 1:0.5.According to the regulation,Small loan companies can only use own registered capital,And from financial institutions get highest do not exceed 50% of the registered capital of money lending.Such as,A small loan company registered capital of 200 million yuan,It can only obtain 100 million yuan from the bank financing,So it can only get 300 million yuan lending."300 million yuan,Two months is put out,The rest of the time,You can only drink and chat with in the office."A small loan company is the general manager of the jokingly said.The same,Capital red line also let ali small scale of development of the credit limited.

　　“在种种政策壁垒下，马云不想再主攻小贷。”前述消息人士指出。

"In a variety of policy under the barriers,Mr Ma don't want to attack the little credit."The sources.

　　撬动杠杆转攻担保 Prise lever turn tapping guarantee

　　融资性担保公司的资金杠杆率可以扩大到10倍。例如，1亿元的注册资本金，可以最高从银行获得最高10亿元的放贷。一般融资性担保公司的保费为2%~3%，资金杠杆放大10倍后，收益率可达到20%~30%。无疑利润率很高。

Financing guarantee the company's capital leverage ratio can expand to ten times.Such as,The registered capital of 100 million yuan,The highest can obtain the highest 1 billion yuan from the bank loans.General financing guarantee company's premium is 2% ~ 3%,Capital leverage amplification ten times,Yield can reach 20% ~ 30%.No doubt high profit margin.

　　与阿里小贷相比，成立融资性担保公司，就避开了这些问题。

Compared with ali small loans,Financing guarantee company was established,Just to avoid these problems.

　　首先，担保公司没有地域性的政策限制，在广州落地，可以在广东全省经营。它可以进行担保集团授信，全省放贷。

First of all,Guarantee company no regional policy,Be born in guangzhou,Can be in guangdong province management.It can guarantee credit group,The lending.

　　此外，融资性担保公司的资金杠杆率可以扩大到10倍。例如，1亿元的注册资本金，可以从银行获得最高10亿元的放贷。冯林指出，一般融资性担保公司的保费为2%~3%，资金杠杆放大10倍后，收益率可达到20%~30%。无疑利润点很高。

In addition,Financing guarantee the company's capital leverage ratio can expand to ten times.Such as,The registered capital of 100 million yuan,Can obtain the highest 1 billion yuan from the bank loans.FengLin pointed out that,General financing guarantee company's premium is 2% ~ 3%,Capital leverage amplification ten times,Yield can reach 20% ~ 30%.No doubt profit point is very high.

　　而消息人士指出，马云的网商获得了杭州多家银行共300亿元的综合授信。阿里担保若参与其中，收益无疑相当可观。

And sources,Give ma won the hangzhou Banks have a total of 30 billion yuan of comprehensive credit line.Ali guarantee if involved,Income is considerable.

　　而冯林认为，电商做担保业务，是希望进行一个突破，从原有的“会费+广告”的模式上做创新。事实上，电商都希望从信息服务向交易服务过渡，“但做交易服务，如果没有融资服务做扶持，你的交易服务就没有吸引力。”因此，冯林认为，对阿里巴巴或其他电商来说，担保业务的吸引力，赢利只是其中一点，它们更多的是希望能打开线上交易和线上支付的模式，通过这种模式在未来才可能延伸出更多的利润点，所以现阶段电商需要银行来配套做融资服务，而银行为了规避贷款风险，肯定会要求电商做融资担保，所以电商要发展担保业务。

And FengLin think,Electric business do guarantee business,Is the hope for a breakthrough,From the original"Dues + advertising"The mode of innovation.In fact,Electric are hope from the information services to trading service transition,"But do trading service,If there is no financing service support,Your trading service there is no appeal."so,FengLin think,On alibaba or other electrical contractor for,The appeal of guarantee business,Profit is just one,They are more hope to be able to open the online trading and online the mode of payment,Through this mode in the future might extend out more profit point,So at present electric business need bank to form a complete set to do financing services,And the bank in order to avoid the risk of loans,Sure will require electrical contractor to do financing guarantee,So electric business development guarantee business.

　　对于阿里进军担保行业的意图，马云曾说过一句话让业界印象深刻，“中国有4200万家中小企业，其中92.08%企业需要贷款，也就是说，中国有超过3800万家企业需要贷款。这当中，又有69.73%的企业因为不能提供抵押物而从来没有机会获贷。”

For ali to guarantee the intention of the industry,MaYunCeng said a word for the impressive,"China has 4200 small and medium-sized enterprise,92.08% of the enterprise needs to loans,that,China has more than 3800 companies need a loan.In this,And 69.73% of the enterprise because we can not provide the mortgaged property and never have a chance to the credit."

　　记者注意到，马云向担保业扩张的第一个样本在重庆。

Reporter noticed,Mr Ma to expand assurance of the first sample in chongqing.

　　2012年年底，经重庆市外经委确认的消息指出，马云旗下的3家公司——阿里巴巴、淘宝、浙江融信网络技术有限公司三方联合，在重庆市合资设立一家名为“商诚”的融资担保有限公司。

By the end of 2012,The chongqing foreign confirmed news pointed out,Mr Ma's three companies - alibaba/taobao/Zhejiang melting letter network technology co., LTD., tripartite joint,To set up a joint venture in chongqing called"ShangCheng"Financing guarantee co., LTD.

　　坊间传言，“商诚”担保公司注册资本3亿元，其中，阿里巴巴公司出资2.1亿元人民币，占注册资本的70%；淘宝公司以现金出资6000万元人民币，占注册资本的20%；融信公司以现金出资3000万元人民币，占注册资本的10%。

Urban rumors,"ShangCheng"Guarantee the company registered capital of 300 million yuan,the,Alibaba company investment is 210 million yuan RMB,Accounted for 70% of the registered capital;Taobao company invests 60 million yuan in cash,Accounted for 20% of the registered capital;Melt letter company invests 30 million yuan in cash,Accounted for 10% of the registered capital.

　　这是阿里巴巴首次成立担保公司，至今“商诚”担保公司尚未正式露面，尚无从了解其运营模式。

This is the first time alibaba guarantee company was established,has"ShangCheng"Guarantee the company has not yet official appearance,There is no from understand its operation mode.

　　而2012年马云有意在广州设立阿里小贷的同时，也同时向广州金融办提出设立一家融资性担保公司，广东业内套用“阿里小贷”的称呼，称这家尚在意向中的担保公司为“阿里担保”。“在广州设阿里担保的事已提到议事日程。”近日上述广东业内人士告诉记者。

And in 2012 to set up in guangzhou ma ali small credit at the same time,At the same time put forward to guangzhou financial do to set up a financing guarantee company,Guangdong industry in the form"Ali small credit"called,Say this is still in the intention of the company for the guarantee"Ali guarantee"."Set up in guangzhou ali guarantee has been put on the agenda."Recently the guangdong insiders told reporters.

　　据坊间传言，阿里担保计划在广州落地，注册资金3个亿，与阿里小贷相同，要求“全省经营”，并享受15%优惠税率（一般企业所得税为25%）。此外，要求广州市政府支持，让广州商业银行、广州农商行等市属金融机构给阿里担保的项目授信。

According to rumours that urban,Ali security plan in guangzhou fall to the ground,The registered capital of 3,And ali small credit the same,requirements"The business",And enjoy a 15% discount rate(General enterprise income tax is 25%).In addition,Guangzhou municipal government for support,Let guangzhou commercial Banks/Guangzhou city agricultural businesses and financial institutions to ali guarantee project credit.

　　如果阿里担保公司计划在广州落地，业务主要是网上担保，如给阿里巴巴的进出口贸易商做贷款担保。

If ali guarantee company plans to be born in guangzhou,The main business of online security,Such as to alibaba's import and export traders do loan guarantee.

　　“阿里担保计划注册地在广州，控制中心在杭州。他们不派人过来，广州公司就是没人的。”广东业内人士说，这是让广州金融办最难接受的，“连个办公室接电话的人都没有。”

"Ali guarantee plan registered in guangzhou,The control center in hangzhou.They don't send somebody over here,Guangzhou company is nobody."Guangdong the personage inside course of study says,This is the most difficult to guangzhou financial do accept,"Even the person answering the call office no."

　　不过，当记者向阿里金融求证马云是否已在重庆设立“商诚”担保公司一事时，其官方回应“不清楚”。而对马云欲在广州成立小贷公司和担保公司一事，官方表示不予回应，对阿里金融是否会退出小贷，转攻担保，回应称“没听说过”。

but,When the reporter to ali financial verification Mr Ma is set up in chongqing"ShangCheng"When the guarantee company,Its official response"Don't know".But to MaYunYu was established in guangzhou small loan companies and guarantee the company,Officials say not to respond,To ali financial will exit little credit,Turn tapping guarantee,Responded that"Haven't heard of".

　　而对于阿里金融的发展，冯林认为，阿里小贷与阿里担保不同，阿里小贷主要是针对淘宝的店主，以及天猫上的一部分小店主的融资服务，一般低于30万元，甚至是几万元的单笔贷款额度，如果坏账率不高，这块小贷业务还应该会持续下去。而阿里担保，更多的是针对一些在天猫或阿里巴巴上交易的会员客户，他们需要上百万元甚至上千万元的贷款，不是阿里小贷能够满足的，所以需要借助银行的力量。冯林认为两个业务并不矛盾。

For ali financial development,FengLin think,Ali small credit and ali guarantee different,Ali small credit is mainly aimed at the taobao,And on the day the cat part of the small financial services,Generally less than 300000 yuan,Even tens of thousands of yuan of single loan amount,If bad debt rate is not high,The small credit business should also will continue.Ali and guarantee,More is for some in the day the cat or on alibaba member of trade customers,They need to millions of dollars or even millions of yuan loans,Not ali small credit can meet,So I need with the power of the bank.FengLin think two business is not contradictory.