Behind the evolution of microfinance is the common result of the upgrading of the underlying infrastructure of the domestic financial technology industry and the changes in the business model of market participants.
Editor’s note: This article is from WeChat public account “Xinfinance” (ID: Xinfinance), author Hong Yuxin.
In 1931, the British politician Macmillan first systematically proposed the theory of financing difficulties for small and micro enterprises –“McMi “Lung gap”, that is, financial institutions are reluctant to provide funds for financing according to the financing conditions of SMEs, resulting in widespread financing constraints and financing gaps for SMEs.
Today, this problem that has plagued the global financial business for nearly a hundred years still does not give a perfect answer.
As far as China is concerned, small and medium-sized enterprises (including individual industrial and commercial households) account for more than 90% of all market entities, contributing more than 80% of the nation’s employment, more than 70% of invention patents, more than 60% of GDP and 50%. More than % of taxes. This is the so-called “five six seven nine nine” contribution, which is crucial to promoting the development of the national economy.
But small and micro enterprises have weak anti-risk ability and short survival period. Take China as an example. At present, the average life expectancy of SMEs in China is about 3 years, and about one-third of the small and micro enterprises that have been in business after 3 years of establishment. In addition, the high cost of information acquisition, the difficulty of risk control, and the long-term lack of motivation for financial institutions.
In fact, in the past decade or so, licensees represented by commercial banks, or other non-licensed institutions, have never stopped “attacking” to this world-class problem, trying to find a commercialization. A sustainable microfinance path.
But for a long time, the problems of financing and financing for small and micro enterprises are difficult to solve. The root cause is that most small micro-credit models fail to break through the “impossible triangle”: achieving both risk (controllable), cost (controllable), and scale (development) goals. .
Recovering the development of China’s microfinance development (mainly led by commercial banks) will reveal that the exploration of the development of microfinance commercialization is also the continuous introduction of credit technology and the optimization of credit processes to try to break the “impossible triangle”. the process of.
Although this exploration process spanning nearly 15 years is not completely smooth, and even a lot of detours have been made in some stages, with the gradual maturity of the domestic financial technology industry, the continuous improvement of the commercial credit environment and the active guidance of supervision, The break of the micro-financial business is already in sight.
1, Preliminary commercialization
In April 2005, the National Development Bank (hereinafter referred to as CDB) “Microenterprise Loan Working Group” went to Europe to open a “micro-loan professional institution”