创业板上市公司不再是稀缺资源 直接融资渠道门槛降低是一大亮点

上一篇 / 下一篇  2013-08-13 16:36:53 / 精华(3) / 置顶(1)


中国政府决心夯实中国经济基石小微企业,小微企业不稳,中国将发生就业危机与社会危机。

 

  8月8日,国务院办公厅发布《国务院办公厅关于金融支持小微企业发展的实施意见》,从直接间接融资等多个角度化解中小企业融资难。从中央层面多次提出小微企业融资,可见重视程度,但多年屡提却无法见效,关键是没有抓住小微企业的融资“三味”。

  小微企业融资有两种方式,美国主要通过股权融资方式,而德国主要通过地方小型银行专业服务方式,中国则是两者兼而有之,风险投资与私募股权投资,加上新三板与创业板,为高科技小微企业打开直接融资通道。银行小微企业贷款,与供应链贷款、仓单质押贷款等,为小微企业打开间接融资通道。

  直接融资渠道门槛降低是一大亮点。

  以往的风险投资与创业板,有如歪嘴和尚念经,中小板与创业板让小微企业创业者提前学会贪婪,今年上半年355家创业板公司经历了一次疯狂的行情,创业板指数回到历史高位,上涨两三倍的公司高高在上,上半年931.59亿元的解禁市值,下半年解禁市值超过1700亿元,8月、9月两个月份就接近900亿元,是创业板成立以来的两大解禁高峰。

  创业板的财富效应激发了贪婪,使中小企业主过早地躺在由投资者资金筑就的功劳簿上,消泯创业的斗志,解禁之后的疯狂套现如同穷极之人乍见金矿,创业板成为中国低迷股市中罕见的创富板与搏傻板。

  未来创业板的日子不再那么好过,创业板上市公司不会是紧俏商品。扩大中小板、创业板、新三板,发行中小企业私募债,是小微企业直接融资的主要通道。《意见》指出,进一步优化中小企业板、创业板市场的制度安排,完善发行、定价、并购重组等方面的政策和措施。适当放宽创业板市场对创新型、成长型企业的财务准入标准,尽快启动上市小微企业再融资。建立完善全国中小企业股份转让系统(即“新三板”),加大产品创新力度,增加适合小微企业的融资品种。进一步扩大中小企业私募债券试点,逐步扩大中小企业集合债券和小微企业增信集合债券发行规模,在创业板、“新三板”、公司债、私募债等市场建立服务小微企业的小额、快速、灵活的融资机制。

  目前创业板的上市门槛是可笑的,如最近两年的营收增长要求等,按照成熟企业设置,失去创业本意,致使风险极高的创业板成为高价宝宝夏令营。可以想像,未来中小板尤其是创业板的门槛将进一步放开,财务门槛大幅降低,从新三板转板到创业板更加容易,创业板将成为被风投看好的小微高科技企业的归宿。多数创业板溢价将归于平淡。

  建立健全征信系统是间接融资的一大亮点。

  小微企业难以从银行得到平价贷款,除了大型银行因为成本高、风险大不屑于贷之外,重要的是小微企业没有完整的征信体系,自身缺乏符合规范的报表,加之普遍的造假失信,使风险难以定价。小微企业不是得到不贷款,而是接近于高利贷。

  《意见》提出,加快建立“小微企业-信息和增信服务机构-商业银行”利益共享、风险共担新机制,是破解小微企业缺信息、缺信用导致融资难的关键举措。积极搭建小微企业综合信息共享平台,整合注册登记、生产经营、人才技术、纳税缴费、劳动用工、用水用电、节能环保等信息资源。加快建立小微企业信用征集体系、评级发布制度和信息通报制度,引导银行业金融机构注重用好人才、技术等“软信息”,建立针对小微企业的信用评审机制。

  电子金融的小贷公司之所以坏帐率低,无非是因为大数据分析得出的信用评级,以及支付系统交易平台构成的约束体制。从超日债等案例看,我国评级机构形同虚设,各政府部门、公共服务公司、金融机构视自己的数据如金蛋,未来增长系于数据一身,绝对不肯轻易示人。让税收部门公布数据,让煤气水电公司公布帐单,让金融机构公布信用数据,相当于割走了各部门的一块肥肉,难度之大可想而知。但无论如何,建立实用的符合中国低信用现实的征信系统,说明认识到了信用对于银行的关键作用,信用定价准确,才能控制银行风险。这比纯粹的号召银行向小微企业贷款前进了一大步。

  《意见》体现了政府的强制力,对于银行的小微企业贷款数据的考核,核销小微企业贷款坏帐、由地方政府参股与控股部分担保公司等举措,有浓厚的行政色彩。这是一份集市场化与运动式为一体的《意见》书,在政府主导下推进市场融资,并不奇怪,改革能否成功,是否会成为雷声大雨点小的短期运动,还得看各个政府部门真正的改革决心。

  注:昨晚飞机继续延误

  只有一个多小时让我们喜出望外

  忙得透不过气

  今天发上博客

  诸位守候的网友,抱歉

  终于有一个撕掉遮羞布的世袭国家了

  对,就是现在,信息几秒钟可以覆盖全球的时代

  倒退并不奇怪,只要条件成熟、洗脑成功

  如果上海、广东等地获得银行千亿贷款是真

  新一轮刺激低调展开

  周期如此低迷,国企改革成果仍然吹破天

  越刺激,越可怕

  真正的改革绝不可能有无风险看跌期权

  与友相聚,上午倾听投资界的声音,下午的新财富夜谭

  这是基本共识

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