中小企业融资之金融仓储融资模式研究

发布时间：2018-09-11 09:13

【摘要】：中小企业在我国国民经济和供应链活动中有着重要地位和举足轻重的作用。目前,我国中小企业数量已达到4200多万,占全国企业数量的99%,创造了80%左右的城镇就业岗位,中小企业对GDP的贡献超过60%、对税收的贡献超过50%。然而,中小企业却很难直接从资本市场上融资,银行抵押融资同样困难,融资难已成为制约中小企业发展的重要难题。究其根源,制约银行向中小企业提供贷款的根本瓶颈就在于“不动产抵押难”,如果有了足额的抵押,既可以降低信息成本,又可以有足够的风险保障。事实上,中小企业在运行过程中拥有相当规模的动产,如：原材料、产成品等,这些动产大多滞留在存储环节,特别是一些生产或销售具有较大季节性的企业尤其如此。如果能找到一种有效的机制,将不受银行欢迎的动产转化为银行愿意接受的动产质押物,并据此提供中小企业贷款,这无异于给中小企业开辟了一条新的融资渠道。近年来,商业银行通过对贷款产品的创新,针对中小企业、不同行业生产经营的特点,推出第三方金融仓储公司与银行动产质押业务相结合的金融仓储业务,正是解决这一瓶颈问题的重要突破。那么,何为金融仓储呢?金融仓储是指专业服务于金融业,为金融机构动产抵押或质押贷款提供第三方管理的专业仓储服务,是金融与仓储交叉创新的服务产品。简而言之,就是银行抵质押品的仓储保管监管业务。金融仓储主要包括动产质押监管和办理与金融仓单相关的业务。金融仓储主要是针对中小企业缺乏固定可抵押资产的状况而设计的银行贷款业务服务,它对企业的发展有明显的促进作用,对金融机构的贷款业务有优化和拓展的优势,通过引入第三方监管公司,也解决了银行与贷款企业之间信息不对称的问题。金融仓储服务在美国的金融服务中早已发展成熟,一些发达国家的银行很早就与仓储企业开展多种形式的合作。如存货质押融资、标准仓单质押融资。我国的金融仓储业务起始于20世纪90年代,与国外相比,国内现阶段开展的金融仓储业务流程还不够规范,覆盖范围较窄,没有建立起和银行、中小企业、第三方仓储企业之间的战略联盟。而物流业的飞速发展以及近年来商业存销比的逐步攀升对相应的金融仓储服务提出了总量巨大的需求。统计数据显示,目前我国中小企业在全国范围内的动产存货资产量达到50万亿元至70万亿元人民币,如果其中10%适用于放贷,则市场容量将达到5万亿元至7万亿元人民币。而目前全国抵质押物贷款比重不高,同期基于物流的融资总额不超过3000亿元,动产抵质押贷款市场远未达到饱和。未来我国金融仓储业务存在广阔的市场空间。我国目前已开展的金融仓储业务主要包括动产质押融资仓储监管和标准仓单质押融资业务模式。本文对两种模式的运作流程和特点作了简要说明,并选取了重庆银行和鑫联金融仓储公司关于四川本草堂药业有限公司的动产质押合作项目,对基本情况及具体操作方案加以介绍,对理论部分加以论证和补充。通过对现有模式的分析和案例的启示,提出在现有的金融仓储业务模式下,存在八个突出问题：一是银行在选择质押物时主要凭经验,缺乏客观标准；二是缺乏权威、公允的第三方价值认定机构或参照系统；三是缺乏科学的质押率测算模型；四是缺乏质押物价值变动或损毁的补偿机制；五是质押物变现渠道不畅；六是金融仓储公司信用风险、管理水平、人才储备有待提高；七是缺乏金融仓储业的权威监管机构、行业标准；八是对金融仓储业务没有统一、规范、可对抗第三人的公示方式。针对我国金融仓储行业的现状和相关金融市场的环境,结合推进金融仓储行业发展的创新需求,本文探讨了加快建设金融仓储行业的实施路径,研究提出了政策措施建议：一是试行金融仓储公司“一体化”服务模式；二是引入第三方权威检测、认定、评估机构；三是完善质押物价值变动或损失补偿机制；四是健全法律法规、统一监管模式、制定行业标准。本文的创新之处在于在对金融仓储业务的探讨中,主要采用理论研究与案例分析相结合的方法,在理论阐述的基础上,借助重庆银行和四川鑫联金融仓储公司的真实案例对理论部分加以印证和补充。此外,本文选取了从破解中小企业融资瓶颈的独特视角来分析金融仓储业务在目前经济环境中所起的积极作用以及亟待解决的问题,最后提出“一体化”的创新改进模式。相信随着金融仓储实践经验的不断积累和理论研究成果的不断丰富,金融仓储服务将在国内具有更坚实的理论基础、拥有更广阔的市场前景。
[Abstract]:At present, the number of small and medium-sized enterprises in China has reached 42 million, accounting for 99% of the total number of enterprises in the country, creating about 80% of urban employment. The contribution of small and medium-sized enterprises to GDP is more than 60%, and their contribution to taxation is more than 50%. However, it is very difficult for banks to finance directly from the capital market. It is equally difficult for banks to mortgage financing, which has become an important problem to restrict the development of SMEs. In fact, small and medium-sized enterprises have a considerable amount of chattels in the course of operation, such as raw materials, finished products, etc. Most of these chattels are stuck in the storage link, especially for some enterprises which produce or sell more seasonal products. In recent years, commercial banks have introduced third-party financial warehousing companies and bank chattels through the innovation of loan products, aiming at the characteristics of production and operation of small and medium-sized enterprises and different industries. The financial warehousing business combined with pledge business is an important breakthrough to solve this bottleneck problem.
So, what is financial warehousing? Financial warehousing refers to professional services in the financial sector, providing third-party management for the financial institutions chattel mortgage or pledged loans professional warehousing services, is a financial and warehousing cross-innovative service products. In short, banks to pledge the warehousing of collateral supervision business. Financial warehousing mainly includes chattel. Financial warehousing is mainly designed for the lack of fixed collaterable assets in small and medium-sized enterprises. It has an obvious role in promoting the development of enterprises and has the advantage of optimizing and expanding the lending business of financial institutions. It also solved the problem of asymmetric information between banks and loan companies.
The financial warehousing service has already developed maturely in the financial service of the United States. Some banks in developed countries have cooperated with warehousing enterprises in many forms early. For example, inventory pledge financing and standard warehouse receipt pledge financing. The rapid development of the logistics industry and the gradual increase of the commercial inventory-sales ratio in recent years have put forward a huge demand for the corresponding financial warehousing services. The inventory assets of movable property in China reach 50 trillion yuan to 70 trillion yuan. If 10% of them are suitable for lending, the market capacity will reach 5 trillion yuan to 7 trillion yuan. The field is far from being saturated. There will be broad market space for China's financial warehousing business in the future.
The current financial warehousing business in China mainly includes chattel pledge financing warehousing supervision and standard warehouse receipt pledging financing business model. This paper briefly describes the operation process and characteristics of the two models, and selects Chongqing Bank and Xinlian Financial Warehousing Company for the cooperation of chattel pledge in Sichuan Bencaotang Pharmaceutical Co., Ltd. Through the analysis of the existing models and the Enlightenment of the cases, eight outstanding problems are put forward in the existing financial warehousing business model: first, the banks mainly rely on experience in choosing the pledged goods, lack of objective standards; second, lack of objective standards; Authoritative and impartial third-party value cognizance institution or reference system; lack of scientific measurement model of pledge rate; lack of compensation mechanism for changing or destroying the value of pledge; lack of channels for realizing pledge; lack of credit risk, management level and talent reserve of financial warehousing companies; lack of financial resources The authoritative regulator of the warehousing industry, industry standards; Eighth, there is no unified and standardized financial warehousing business, which can resist the publicity of third parties.
In view of the current situation of China's financial warehousing industry and the relevant financial market environment, combined with the innovative needs of promoting the development of the financial warehousing industry, this paper discusses the implementation path of speeding up the construction of the financial warehousing industry, and puts forward policy suggestions: first, try out the "integrated" service model of the financial warehousing company; second, introduce the third. Authoritative inspection, confirmation, evaluation agencies; third, improve the value of pledged property changes or loss compensation mechanism; fourth, improve laws and regulations, unified supervision model, formulate industry standards.
The innovation of this paper is that in the discussion of financial warehousing business, it mainly adopts the method of combining theoretical research with case analysis. On the basis of theoretical elaboration, it verifies and supplements the theoretical part with the help of the real cases of Chongqing Bank and Sichuan Xinlian Financial Warehousing Company. In addition, this paper chooses to crack the financing of small and medium-sized enterprises. From the unique perspective of capital bottleneck, this paper analyzes the positive role of financial warehousing business in the current economic environment and the problems that need to be solved urgently, and finally puts forward the innovative and improved mode of "integration". A more solid theoretical foundation and a broader market prospect.
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F276.3;F832.4;F426.72

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