In the past year, the issue of small and micro-civil enterprise financing has drawn attention. During the 2019 annual meeting of Boao Forum for Asia, Xu Shanda, former deputy director of the State Administration of Taxation, said in an interview with the Beijing News that the financing of small and micro enterprises and the high cost of financing are the normal phenomenon of the market economy and a worldwide problem. . To solve this problem, a combination of financial and fiscal policies is needed. At the same time, does the need for de-leverage need to be relaxed? Some experts have suggested stopping deleveraging. Xu Shanda said that there is still a gap between the leverage ratio of enterprises and the normal leverage ratio. The direction of de-leverage should continue. However, de-leveraging requires a method of "multi-pronged approach" with multiple measures and methods. The Beijing News: There are many claims about the difficulty of financing small and micro enterprises and the high cost of financing. What do you think? Xu Shanda: Financial market loans rely on credit. Compared with large enterprises, small and micro enterprises have small assets, low credit, high loan costs, and high loan risks. It is impossible to make loans as easily as large enterprises. It is a normal phenomenon in the market economy. Never expect small and micro enterprise loans to be particularly easy and especially cheap, and there won't be such a time. Unless in the past planned economy era, how much money to pay, interest can not be. But now it is a market economy, and financial institutions are also market players. If small and micro enterprises are not difficult or expensive, they are not normal. But when it comes to small and micro enterprises, it is difficult to borrow loans. This eternal problem is a world problem. I disagree with this statement. This problem is not a problem, but a normal phenomenon. If the government wants to solve this problem and encourage small and micro enterprises to develop, they can take tax cuts and so on. To truly solve the problems of small and micro enterprises, it is necessary to combine financial and fiscal policies. Fiscal policies, such as the government can raise the threshold for tax exemption for small and micro enterprises, can reduce the financial pressure of some small and micro enterprises. Can learn from American measures. In the United States, the government has established insurance funds. The government does not directly lend to small and micro enterprises in science and technology. Small and micro enterprises in science and technology lend to financial institutions. If financial institutions suffer losses, the government's insurance funds will bear part of the losses for financial institutions. For example, in a loan from a financial institution to 10 small and micro enterprises in science and technology, there may be one or two losses of non-compliance risks. This part of the risk loss is partly covered by the government's insurance funds. The Beijing News: With the financing of small and micro-civilized enterprises, does de-leverage need to be relaxed? Xu Shanda: The direction of de-leverage should continue to persist and should not stop. However, there are many ways to de-leverage. De-leverage can't just use debt-to-equity swaps. It requires multiple measures and methods to “multi-pronged”, and different companies use different measures to solve them. Both state-owned enterprises and private enterprises can reduce leverage by adjusting the capital layout. For example, the money that private enterprises obtained through equity pledge has not been invested in research and development, but has been to speculate in stocks and invest in real estate, which has increased the leverage ratio of enterprises. For companies that have problems with such investment directions, they must unswervingly leverage. Such enterprises withdraw funds from non-main business investments such as stocks and real estate, return loans, or invest funds in the main business, research and development, improve product quality and market share, and increase assets, so that the leverage ratio is down. . Some state-owned enterprises can use the "adding denominator" method to leverage, that is, to become a "denominator" to reduce the debt ratio. It is very difficult to rely solely on finance to increase the capital investment of state-owned enterprises. However, some state-owned capital can be withdrawn from enterprises and industries that have little relationship with the national economy and people's livelihood. This part of the funds that are withdrawn will be injected into the close relationship with the national economy and people's livelihood. The higher state-owned enterprises supplement capital, the leverage ratio of these state-owned enterprises can be significantly reduced, and the field of state-owned capital withdrawal can also provide investment space for private capital. In short, the direction of deleveraging still has to be adhered to, and the current leverage ratio is still far from the normal leverage ratio. Generally speaking (excluding special industries and enterprises), 40% to 50% is a relatively healthy leverage ratio, and the leverage ratio of a company cannot exceed 60%. Now the entire asset-liability ratio of state-owned enterprises is probably over 70%. If the leverage ratio is reduced by 15%, the company can pay less interest! The burden on enterprises has been reduced, and operations will be greatly improved. Source: Beijing News is only for learning and communication, not for business