Abstract Whether it is repairing “channels†or “thrustâ€, under the existing institutional mechanisms, financial structure and social credit conditions, especially under the unreasonable performance appraisal and risk accountability mechanism of commercial banks, it is necessary to...
Whether it is repairing “channels†or “thrustâ€, under the existing institutional mechanisms, financial structure and social credit conditions, especially under the unreasonable performance appraisal and risk accountability mechanism of commercial banks, the funds must be "Leading to the "creative space", small and micro enterprises, will still be "the road is long and the road is long," and the innovative top-level design is the key. The "mass entrepreneurship, innovation" proposed by Premier Li Keqiang is "a space for people to create". It is easy to reminiscent of a distant era, a flag that once made the people bloody, the Red Flag Canal.
In the 1960s, the people of Lin County, with a longing for a better life, worked hard for ten years, and carved a 1,500-kilometer "artificial Tianhe" on the cliffs of Taihang Mountain, which made Lin County bid farewell to the pain of severe drought and wrote. The magnificent chapter in the history of China's water conservancy construction has nurtured the spirit of the Red Flag Canal, which is "self-reliance, hard work, solidarity and cooperation, selfless dedication". On April 5th, Hongqi Canal just ushered in her 50th birthday. The long-lasting spirit of the Red Flag Canal can reawaken people's thinking about entrepreneurial innovation.
DUANG, when the lens cuts back to the present in the 21st century, we find that many entrepreneurial innovators are standing in the “highlands†of funds and asking: Where do you dare to ask “money� The lack of start-up funds is the "can" that they can't get around. There are no collateral assets, no suitable guarantors can be found, and even traditional financial intermediaries are “blank households†without any credit history. They are “sounding†vulnerable groups in the financing field!
Funds are like water. The profit-seeking nature of funds is doomed to the direction of its flow. Without the intervention of other mechanisms, the flow of funds will flow to them along the channels of traditional financial service concepts, mechanisms and models. The problem before us is just like the problem faced by people in Lin County in the 1960s.
Can we continue the spirit of the "Red Flag Canal" and create a "red flag channel" that guides funds to small and micro enterprises and entrepreneurial innovators in the middle of various systems and mechanisms? This is obviously a huge and arduous project. To make money flow to the “highlands†of small and micro enterprises and entrepreneurial innovators, the author believes that at least two conditions must be met:
First, it is necessary to construct a “drainage channel†for guiding funds from “squatting land†to “highlandâ€.
The government's first thing to do is to grasp the direction of the "channel", that is, to guide the direction of entrepreneurial innovation. To clearly support the direction of encouragement, not all entrepreneurial innovations must be supported. The so-called entrepreneurial innovations that are low-end, inefficient and simple to copy from the transformation and upgrading of the industry should not be supported; for those entrepreneurial innovation activities that are not energy-saving and environmentally friendly, they should not only be supported but also limited.
To give a negative list, the guidance funds flow from “inefficient and ineffective enterprises†to “effective and efficient†enterprises. The second is to do a good job in infrastructure construction for entrepreneurial innovation. That is to improve the "three lists", simplify the administration of power, improve efficiency, and leave room for innovation; improve the credit system by improving the social credit system, and create a good financing environment for entrepreneurs and innovators. This is the basis for building “channelsâ€.
For the financial sector, mainly the traditional banking industry, it is necessary to create a “diversion channel†that guides the flow of funds to the “public spaceâ€, that is, to implement differentiated financial services. This requires the banking institutions to step out of the “only mortgage guarantee†barrier, re-create the credit process, innovate the credit method, build a credit fund transmission channel for the characteristics of entrepreneurial innovators, and implement differentiated credit management. The key is to solve the problem of information asymmetry through mechanism innovation and relying on a perfect credit information system. Through mass marketing to reduce costs, the bank's business model is connected with the high-risk and high-yield model of “Chuangchuang Spaceâ€.
Second, it is necessary to form pressure or impetus on the flow of funds.
The government will undoubtedly play a leading role in it. The existence of vulnerable groups in the financing field is obviously a manifestation of “market failureâ€, which requires the government to extend the “tangible handâ€. This is what the government's public services should have. What's more, the current government has defined "mass entrepreneurship and innovation" as the new engine for China's economic transformation and upgrading. It should be supported by corresponding systems and policies, and it should not be "hands-on shopkeepers." In addition to direct support for entrepreneurial innovators, it may be more important to mobilize the initiative and internal motivation of financial institutions to serve the “creative spaceâ€.
Rationally, in the face of such customers who lack credit, lack of mortgage guarantees and have greater uncertainty, banks that consistently regard “liquidity, security, and profitability†as their core interests, why should they borrow? Why not let a good customer, a relatively safe customer do not do? It must be understood that, as a market entity, a bank's behavioral decision is first obeyed by its core interests. To motivate banks to support entrepreneurial innovators, it is not an empty slogan and propaganda that can be taken into account, but rather a need for tangible incentives and measures.
At the government level, in addition to the traditional risk compensation mechanism, stamp duty reduction and other preferential policies, it is also necessary to innovate in relevant systems in response to the requirements of entrepreneurial innovation, such as breaking the existing regulations and not allowing bank-holding enterprises to restrict, and exploring bank-sharing enterprises. In particular, it is an effective way for entrepreneurial innovations in technology-based enterprises to establish a balance of interests between bank credit output and high-yield technology-based enterprises.
At the regulatory level, it is necessary to stimulate the motivation of banking institutions to support entrepreneurial innovation through differentiated supervision. Differentiate regulatory policies to create conditions for banks to differentiate financial services and eliminate worries. Through the innovation of regulatory systems, commercial banks will be transformed from passive and semi-passive services to proactive services. Such as the implementation of differentiated market access, guided by the situation, guide the banking institutions to include the service "genu creation space" into the development strategy, thus forming a continuous promotion mechanism for entrepreneurial innovation.
What must be faced is that whether it is to repair "channels" or "thrust", under the existing institutional mechanisms, financial structure and social credit conditions, especially under the unreasonable performance appraisal and risk accountability mechanism of commercial banks, To channel funds from “squatting†to “Chuangchuang Space†and small and micro enterprises, it will still be “a long way to go,†and the innovative top-level design is the key.
Of course, the success of entrepreneurial innovation lies in the entrepreneur itself. People in the "creative space" should not stand in the wind of the "highlands" of funds, but also take the initiative to go down and find water in the "squatting". At the moment, Internet finance from the wind and water is a desirable financing channel.
With the help of cloud computing and big data, Internet finance can greatly reduce the transaction cost of financing, effectively diversify risks, and more directly and efficiently meet the financing needs of entrepreneurial innovators. Although the coverage of this channel is still limited and there are many problems, its role in supporting entrepreneurial innovation cannot be underestimated.
The most urgent task is regulation. It is necessary to clarify the supervisory responsibilities as soon as possible and establish and improve the corresponding regulatory regulations, which is the guarantee for the sustained and healthy development of the industry. At present, the regulatory design of Internet finance is still in the making, and when the “boots†land, the market is waiting for it.
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