中國(guó)銀監(jiān)會(huì)發(fā)話：將整頓網(wǎng)絡(luò)小貸公司

Chinese authorities are preparing new rules to reduce risks caused by the rapid growth of online small-loan companies, which have emerged as among the most active lenders in the country following a crackdown on peer-to-peer rivals.

中國(guó)有關(guān)部門正準(zhǔn)備擬定新規(guī)，降低網(wǎng)絡(luò)小額貸款公司快速發(fā)展帶來(lái)的風(fēng)險(xiǎn)。在P2P網(wǎng)貸平臺(tái)遭到打擊后，互聯(lián)網(wǎng)小貸公司已躋身中國(guó)最活躍貸款機(jī)構(gòu)之列。

Chinese companies including Wanda, Ctrip, and LeEco have launched small-loan units over the past year. Earlier this month, JD.com said it was spinning off JD Finance, while retaining a share of profits in a deal that valued the lender at Rmb50bn ($7.2bn), mirroring Alibaba’s spin-off of Ant Financial.

過(guò)去一年，包括萬(wàn)達(dá)(Wanda)、攜程(Ctrip)和樂(lè)視(LeEco)在內(nèi)的中國(guó)企業(yè)紛紛推出了小貸業(yè)務(wù)。本月早些時(shí)候，京東(JD.com)宣布將剝離京東金融(JD Finance)，這筆拆分交易對(duì)京東金融的估值達(dá)500億元人民幣(合72億美元)，京東將保留獲得京東金融部分利潤(rùn)的權(quán)利，這與阿里巴巴(Alibaba)剝離螞蟻金服(Ant Financial)的交易相似。

While the government has looked favourably on large companies with troves of proprietary data to expand into lending, regulators are growing concerned about a fleet of upstarts with little expertise in risk control. The regulator is considering ways to curb excesses in the small-loans market.

中國(guó)政府贊成自身?yè)碛袛?shù)據(jù)的大公司拓展貸款業(yè)務(wù)，但監(jiān)管機(jī)構(gòu)對(duì)新興起一批在風(fēng)險(xiǎn)控制方面缺乏專長(zhǎng)的公司越來(lái)越感到擔(dān)憂。監(jiān)管層正考慮采取手段規(guī)范小額貸款市場(chǎng)。

“We’ve noticed that some so-called ‘internet small lenders’ or ‘online small lenders’ fundamentally lack a real customer base or real internet technology or big data. They just put out their name and blindly launch their business,” Li Junfeng, director of the financial inclusion department at the China Banking Regulatory Commission, told the small-loan industry association recently.

中國(guó)銀監(jiān)會(huì)普惠金融部主任李均鋒最近向小額信貸協(xié)會(huì)表示：“有些所謂互聯(lián)網(wǎng)小貸根本沒(méi)有實(shí)質(zhì)的客戶群體，沒(méi)有實(shí)質(zhì)的互聯(lián)網(wǎng)技術(shù)，也沒(méi)有實(shí)質(zhì)的大數(shù)據(jù)，只是掛了個(gè)名，就盲目地進(jìn)行這樣的工作。”

Loans outstanding among China’s 8,673 small-loan companies totalled Rmb927bn at the end of last year, according to government data. That is more than the Rmb673bn outstanding from peer-to-peer lenders, according to Online Lending House.

根據(jù)政府?dāng)?shù)據(jù)，截至去年底，中國(guó)共有8673家小額貸款公司，貸款余額9273億元人民幣。相比之下，根據(jù)網(wǎng)貸之家(Online Lending House)的數(shù)據(jù)，P2P平臺(tái)去年末貸款余額為6730億元人民幣。

But even that figure understates the true scale of activity by small-loan companies because these groups are among the most active issuers in China’s burgeoning securitisation market. Securitisation of small-loan assets hit Rmb82bn in 2016, up from Rmb13bn a year earlier, according to data from Wind Info.

然而，即便是上述數(shù)字也低估了小貸公司的真實(shí)業(yè)務(wù)規(guī)模，因?yàn)樵谥袊?guó)迅速發(fā)展的證券化市場(chǎng)中，小貸公司也屬于最活躍的發(fā)行者行列。根據(jù)萬(wàn)得資訊(WIND Info)的數(shù)據(jù)，2016年，小貸資產(chǎn)證券化規(guī)模為820億元人民幣，一年前為130億元人民幣。

“These large companies want to cultivate new profit sources, and online small loans are a natural entry point,” says Wang Haimei, analyst at Splendid Profit, a fintech consultancy in Shanghai. “By lending upstream and downstream in their industry chains, they can consolidate their business relationships.”

“這些大公司希望培育新的利潤(rùn)來(lái)源，互聯(lián)網(wǎng)小額貸款自然成為一個(gè)切入點(diǎn)，”上海金融科技咨詢公司盈燦咨詢(Splendid Profit)分析師王海梅表示，“通過(guò)在行業(yè)鏈的上游和下游發(fā)放貸款，他們可以鞏固業(yè)務(wù)關(guān)系。”

Dalian Wanda Group — the mall developer that has expanded into movie production, sports and amusement parks — launched a lending app last July. Wanda Online Loans offers collateral-free loans to Wanda’s smaller shopping-mall tenants, with loan approval available in as little as one day. Wanda also offers consumer loans with credit assessments based on customer data from Wanda's hotels, movie theaters, and ecommerce platforms.

去年7月，大連萬(wàn)達(dá)集團(tuán)(Dalian Wanda Group)推出一款貸款A(yù)PP。萬(wàn)達(dá)網(wǎng)絡(luò)信貸公司(Wanda Online Loans)向萬(wàn)達(dá)較小規(guī)模的商場(chǎng)租戶提供無(wú)抵押貸款，貸款最快一天就可獲批。萬(wàn)達(dá)還提供消費(fèi)貸款，信貸評(píng)估基于來(lái)自萬(wàn)達(dá)酒店、影城和電商平臺(tái)的客戶數(shù)據(jù)。大連萬(wàn)達(dá)是商場(chǎng)開發(fā)商，業(yè)務(wù)已擴(kuò)大到電影制作、體育和游樂(lè)園。

Ctrip, the online travel agency, offers loans to Chinese tourists who must show proof of a minimum level of bank deposits in order to obtain travel visas. Haier, the home appliance maker, offers loans to online appliance retailers and street-side mobile phone shops.

在線旅行社攜程向需要提交銀行存款達(dá)到一定金額的證據(jù)才能獲得旅游簽證的中國(guó)游客提供貸款。家電制造商海爾(Haier)向互聯(lián)網(wǎng)家電零售商和街邊手機(jī)門店提供貸款。

Mr Li said the CBRC is preparing new regulations to address rising risks in the industry and advised provincial authorities to exercise caution in approving new online lenders in the meantime.

李均鋒表示，銀監(jiān)會(huì)今年正在研究網(wǎng)絡(luò)小額貸款的相關(guān)指導(dǎo)意見(jiàn)，各地有關(guān)部門在此之前要慎重批設(shè)這類貸款機(jī)構(gòu)。

Traditional, offline small-loan companies are restricted to lending within their home provinces where they know local businesses. But provincial governments have approved a new wave of online small-loan companies in recent years. These new online groups are not subject to regional restrictions, opening the door to new risks.

傳統(tǒng)的線下小貸公司只能在本省范圍內(nèi)發(fā)放貸款，而它們了解當(dāng)?shù)仄髽I(yè)。但最近幾年，各省地方政府批準(zhǔn)了一批網(wǎng)絡(luò)小貸公司。這些新的網(wǎng)絡(luò)公司不受區(qū)域限制，這向新的風(fēng)險(xiǎn)敞開了大門。

Fenqile, whose name translates as ‘Installment Payments Joy’, targets students with an army of 50,000 part time sales staff at 3,000 universities. Its website acts as an ecommerce platform that allows customers to buy cell phones, clothes, or holiday travel on credit, even without credit history or a parent’s permission. Its slogan is ”Love what I love, don’t wait”. The company declined an interview request.

“分期樂(lè)”(Fenqile)把目標(biāo)對(duì)準(zhǔn)學(xué)生，有5萬(wàn)名兼職銷售人員分布在3000所大學(xué)。該公司的網(wǎng)站是一個(gè)電商平臺(tái)，允許消費(fèi)者貸款購(gòu)買手機(jī)、服裝或度假旅游產(chǎn)品，甚至不需要信用紀(jì)錄或父母許可。其口號(hào)是“愛(ài)我所愛(ài)不等待”。該公司拒絕了記者的采訪請(qǐng)求。

Online small-loan approvals have become a valuable commodity amid aggressive enforcement of new rules on P2P lending announced last year. The rules cap P2P loans at Rmb200,000 for an individual and Rmb1m for a company. They also forbid peer-to-peer lenders from operating “fund pools” that allow platforms to fund payouts on maturing investment products with inflows from new product sales.

去年頒布的P2P貸款新規(guī)得到了有力執(zhí)行，網(wǎng)絡(luò)小貸牌照已變成一種寶貴資產(chǎn)。新規(guī)將P2P貸款的個(gè)人貸款上限規(guī)定在20萬(wàn)元人民幣，企業(yè)貸款上限為100萬(wàn)元人民幣。它們還禁止P2P貸款機(jī)構(gòu)開展“資金池”業(yè)務(wù)，這種業(yè)務(wù)讓P2P平臺(tái)能夠利用發(fā)售新產(chǎn)品的資金流入來(lái)償還到期的投資產(chǎn)品。

The goal of the ban on fund pools is to force P2P groups to serve as pure intermediaries that match investors with loans. Yet fund pools have been crucial to enabling these platforms to offer products with both short maturities and high yields. By contrast, small-loan companies rely on their own capital to fund loans, which means they have greater freedom to manage liquidity.

資金池禁令旨在迫使P2P機(jī)構(gòu)充當(dāng)將投資者與貸款匹配的純粹的中介機(jī)構(gòu)。然而，資金池對(duì)于這些平臺(tái)提供期限短收益高的產(chǎn)品至關(guān)重要。相比之下，小貸公司依賴自有資金提供貸款，這意味著他們有更大的自由管理流動(dòng)性。

“Without fund pools, it’s unlikely that peer-to-peer companies can be profitable, but online small loan companies don't have this kind of a limit,” says David Wu, executive director for financial service risk at EY in Shanghai. “In China, once the government starts limiting approval of something, it becomes a scarce resource. The message is very clear: this is worth something.”

“沒(méi)有了資金池業(yè)務(wù)，P2P公司不太可能盈利，但網(wǎng)絡(luò)小貸公司就沒(méi)有這種限制，”安永(EY)駐上海的金融服務(wù)風(fēng)險(xiǎn)執(zhí)行總監(jiān)吳大維(David Wu)表示，“在中國(guó)，一旦政府開始限制批準(zhǔn)某種東西，它就會(huì)變成稀缺資源。其中的意思非常清楚：這東西值得干。”