【英语中国】委托贷款数量大增 填补中国贷款缺口

  • A+
所属分类:双语中国

2011-12-8 13:11

小艾摘要: Cash-rich Chinese companies ranging from electronics manufacturers to shipbuilders are making big bets on a potentially lucrative business: lending money to other, less flush companies.But that emergi ...
Cash-rich Chinese companies ranging from electronics manufacturers to shipbuilders are making big bets on a potentially lucrative business: lending money to other, less flush companies.

But that emerging profit center is becoming a hindrance for some of the lenders, as scrutiny increases on an expanding but murky corner of China's shadow banking system.

Yangzijiang Shipbuilding (Holdings) Ltd., a Singapore-traded Chinese shipbuilder, earned a third of its total income through the third quarter from investment products and lending to small businesses, a category that was up 65% from a year earlier.

But the company has been defending its loan business in recent weeks in light of a number of bankruptcies of small manufacturers who failed to repay private loans at high interest rates. In a statement in October, Yangzijiang said it 'does not foresee potential negative impact on its financial performance.' It declined to comment further. Its shares are down 53% this year compared with a 14% drop in Singapore's main benchmark.

'Entrusted' loans, as this type of company-to-company debt is called, increased by 562.5 billion yuan ($87.9 billion) from a year earlier, to 1.07 trillion yuan in the first three quarters, according to the most recent data from the People's Bank of China.

The jump came even as China's total social financing, a broad measure of credit, shrank 1.26 trillion yuan, to 9.8 trillion yuan, over the same period largely due to a drop in bank loans amid Beijing's tightened monetary policy.

In an analysis for The Wall Street Journal, ChinaScope Financial, a Hong Kong-based research firm partly owned by Moody's Corp., found that from July to November, 38 listed Chinese companies disclosed 52 new issues of entrusted loans, totaling 6.2 billion yuan. Interest rates on these loans reached as high as 24.5%.

The concern among some analysts is what happens if the economy falters and borrowers are unable to repay. The loans 'may invoke higher-than-expected default risk, as the strength of the borrowers tends to be relatively low,' according to David Cui, China strategist at Bank of America Corp.'s Merrill Lynch unit.

Market watchers worry that loans made to property companies in particular could have a broader impact on the economy, as many are thinly collateralized with land and could default as the property market cools.

Sunny Loan Top, an electronics manufacturer in east China's Zhejiang province, disclosed in July that it had extended for six months three loans it made to contractors and developers that came due in March, totaling 110 million yuan ($17.3 million). The company didn't respond to requests for comment.

Its shares this year are down 26% year to date, compared with a 16% drop in Shanghai's main stock index.

Lending outside formal bank channels─called shadow finance or shadow banking in China─has led to concerns about a potential increase in bad debt in China's financial system as its economic growth slows. Estimates vary because the lending is largely unregulated, ranging from 12 trillion yuan ($1.9 trillion) to 20 trillion yuan ($3.2 trillion), or between 30% and 50% of China's gross domestic product. Shadow finance includes entrusted loans and other types of loans such as those extended in the black market by loan sharks.

While large companies continue to obtain bank loans, small manufacturers who account for a big part of the economy have to turn to alternative sources for financing.

Meantime, corporations flush with cash have been eager to find uses for their money other than have it sitting in banks. The one-year benchmark deposit rate is 3.5%, while the rate of inflation is 5.5%.

In its analysis for the Journal, ChinaScope found that the companies that have extended entrusted loans have underperformed broader Chinese markets in Shanghai and Shenzhen, though it isn't clear whether entrusted loans are the reason in each case. Still, investors have become skeptical of them.

'The entrusted loans from public companies show that these companies have a large amount of cash in their hands but might use the money in detriment of shareholders' interest,' said Zhu Chaoping, ChinaScope's head of research.

Yangzijiang Shipbuilding is based in southern China's Jiangsu province. Previously state-owned, it was restructured as a private company in the late 1990s. Its chairman, Ren Yuanlin, is considered one of China's richest men and has won accolades from analysts and investors for having led the company through the global financial crisis with a solid performance and strong balance sheet.

However, Yangzijiang, which makes a range of commercial vessels, also has seen its stock drop in recent months partly because of the company's exposure to informal lending.

As of September, such financial assets totaled 10.4 billion yuan, or about 33% of the company's total assets, it said, more than double the level at the end of 2009.

Yangzijiang also owns a small-loan company and has a 31.5% equity stake in another. These 'microfinance' lenders often charge interest rates up to four times the benchmark rate. In a presentation accompanying its earnings announcement, the company said its investments in these two lenders, totaling 394.5 million yuan, were 'purely opportunistic' and could make 'potential huge profits.'

从电子产品制造商到造船厂等一系列现金充裕的中国公司正在大规模押注一项可能带来丰厚利润的业务:借钱给其它手头较紧的公司。

但随著有关方面加大对中国不断扩大却又不甚透明的影子金融系统的审查力度,这个新兴的利润中心正日渐成为一些放贷公司的障碍。

相关报道在新加坡上市的中国造船企业扬子江船业(控股)有限公司(Yangzijiang Shipbuilding (Holdings) Ltd.,简称:扬子江船业)今年第三季度总收入的三分之一来自投资产品和向小企业发放的贷款,这部分业务较去年增加了65%。

但最近几周,很多小制造商不堪高利贷重负,纷纷倒闭,使得扬子江船业不得不起身“捍卫”自己的贷款业务。该公司在今年10月发布的一份声明中说,不认为自己的财务状况会受到潜在的负面影响,并拒绝进一步置评。今年,扬子江船业的股价已累计下跌53%,而新加坡股市主要基准指数只下跌了14%。

据中国央行的最新统计数据显示,这种被称作“委托贷款”的公司对公司债务今年前三季度同比增长了人民币5,625亿元(合879亿美元),达到1.07万亿元。

委托贷款激增的同时,衡量信贷的广义指标中国社会融资总量较去年同期减少了1.26万亿元,至9.8万亿元,主要原因在于北京方面收紧货币政策致使银行贷款减少。

《华尔街日报》委托市场研究机构数库财务咨询有限公司(ChinaScope Financial)所做的一份分析报告发现,今年7月至11月,38家上市中国公司披露了52笔新增委托贷款,总计62亿元,贷款利率最高可达24.5%。数库财务咨询有限公司总部设在香港,穆迪公司(Moody's Corp.)持有该公司的部分股份。

一些分析人士担心,如果中国经济增速放缓,借款方无法偿还贷款将产生怎样的后果。据美银美林(Bank of America Merrill Lynch)研究中国的策略师崔伟(David Cui)表示,委托贷款可能会产生高于预期的违约风险,因为借款企业的资金实力往往偏低。

市场观察人士担心,向房地产公司提供的贷款可能会对中国经济造成较大的影响,因为很多公司几乎都没有土地作抵押,可能会随着房地产市场的降温而出现违约。

中国东部浙江省电子产品制造商香溢融通控股集团股份有限公司(Sunny Loan Top)今年7月透露,已把向承包商和开发商提供的三笔于今年3月到期的总计1.1亿元(合1,730万美元)贷款延期六个月。该公司没有回应置评请求。

其股价今年以来已下跌26%。相比之下,上海主要股指的跌幅为16%。

正规银行渠道以外的贷款(在中国被叫做影子银行或影子金融)已经让人担心中国金融系统的坏账随着经济增长放缓而增加。由于这些贷款活动基本未受监管,对影子银行贷款规模的不同估计差别很大,从人民币12万亿元(合1.9万亿美元)到20万亿元(合3.2万亿美元)不等,占中国国内生产总值的比例在30%-50%。影子金融包括委托贷款和其他一些类型的贷款,比如黑市中的高利贷。

在大公司继续获得银行贷款之际,在经济中占很大比例的小型制造企业则不得不从其他来源获取融资。

与此同时,现金充裕的企业也一直急于为手头的资金找到用途,而不是存在银行。一年期基准存款利率是3.5%,而通货膨胀率是5.5%。

数库在为《华尔街日报》所做的分析中发现,发放委托贷款的公司其股票表现不如上海和深圳大盘,但不清楚是不是每个案例中委托贷款都是公司表现落后的原因。但是投资者对它们已经变得怀疑起来。

数库研究部负责人朱朝平(音)说,上市公司发放的委托贷款说明,这些公司手头有大量现金,但它们对这些现金的使用却有可能损害股东利益。

扬子江船业总部位于中国南方的江苏省。它原先是一家国有企业,20世纪90年代晚期被重组为民营企业。其董事长任元林被认为是中国最富有的人之一,曾经因为率领公司以扎实的业绩和稳健的资产负债表走出全球金融危机而受到分析师和投资者的赞誉。

但是,一定程度上因为其非正规贷款敞口,扬子江船业的股价在近几个月下跌。该公司生产一系列商用船舶。

据该公司说,截至9月份,这些金融资产一共有104亿元,占公司总资产的33%左右,超过2009年底水平的两倍。

扬子江船业拥有一家小额贷款公司,并在另一家小额贷款公司持股31.5%。这些“微型金融”贷款商收取的利息常常高达基准利率的四倍。扬子江船业在发布业绩时的演示会上说,它对这两家贷款商共计人民币3.945亿元的投资纯属机会主义性质,可能获得巨额利润。

本文关键字:双语阅读,小艾英语,双语网站,双语中国,实时资讯,互联网新闻,ERWAS,行业解析,创业指导,营销策略,英语学习,可以双语阅读的网站!
  • 我的微信
  • 扫一扫加关注
  • weinxin
  • 微信公众号
  • 扫一扫加关注
  • weinxin

发表评论

:?: :razz: :sad: :evil: :!: :smile: :oops: :grin: :eek: :shock: :???: :cool: :lol: :mad: :twisted: :roll: :wink: :idea: :arrow: :neutral: :cry: :mrgreen: