如何防范企业融资误入“歧途”?

Preventing Corporate Financing from Going Astray

自新冠肺炎疫情爆发以来,人民银行迅速行动,通过公开市场、降准降息等逆周期调控手段释放大量流动性,在满足实体经济融资需求的同时,引导债券和信贷融资成本下行。但是,由于实体经济资金需求疲软与短期市场资金充裕并存,银行间市场部分参与主体仍有资金空转套利现象。本文结合案例分析资金空转可能存在的形式、根因、特点及影响,并针对压缩套利空间,疏通实体经济尤其是中小企业融资渠道、提高银行间市场资金利用效率、减少空转套利提出了建议。

Since the outbreak of the coronavirus pandemic,the People’s Bank of China has responded quickly,using a wide range of channels to ensure adequate liquidity.While meeting the financing needs of the real economy,it has guided the costs of bonds and credit financing lower.However,due to the weak demand for funds from the real economy and the extremely liquid market for short-term funds,some participants in the inter-bank market are simply arbitraging funds.This article analyzes this arbitraging of funds and examines the root causes,characteristics and impact.The paper also makes a number of suggestions on how to reduce the room for arbitraging and improve the financing channels for small and medium-sized enterprises while boosting the efficiency of capital utilization in the inter-bank market.