This is the first time that Minsheng Bank has joined Zhao Yi's annual meeting. Previously, because it was a big annual meeting, many of his companies would participate. However, because Minsheng Bank is not wholly owned by him, it loses the qualification to participate.
Because at the meeting, the subsidiaries will not only report the company's operations and income to Zhao Yi, but also discuss the business plan for the next year, which are all commercial secrets.
Although Zhao Yi occupies the majority of the shares of Minsheng Bank, it is a joint-stock company after all. He is separated from himself by a layer of relationship and is not considered his biological son. Of course, he must be treated differently.
In this online meeting, there is no such worry, because it is a one-on-one meeting, there is no possibility of information leakage, and at the same time, we can understand the operating status of Minsheng Bank at the end of the year.
At the last meeting, Song Yi made a detailed report on the operations of Minsheng Bank in the previous year. Since Zhao Yi did not pay much attention to Minsheng Bank, Song Yi conducted this report in great detail.
In 1985, Minsheng Bank built a total of 3,000 business outlets across the country, which was considered to have completed 30% of the total plan, and the total number of employees reached 20,000.
According to the size of Minsheng Bank, the number of 20,000 employees is already very small. In addition to a relatively complete operation team at the branch, many business outlets use very few people.
Among these 3,000 business outlets, there are more than 1,000 unmanned business outlets. The number of other business outlets is only a few people, mainly handling business that cannot be handled by automated machines.
The rest can be done by machines if it can be done by machines. It can be seen here that Zhao Yi has a completely different attitude towards production-oriented enterprises and financial enterprises.
For production-oriented enterprises, Zhao Yi hopes to provide as many jobs as possible. Even if there is a fully automatic production line, he does not choose to use it. Instead, he gives priority to using semi-automatic production lines to increase the number of employees and reduce employee work intensity.
But financial companies are different, because in the final analysis, financial companies are just making money and do not actually participate in the production process and cannot directly generate economic output value. Too many employees is not a good thing.
Zhao Yi's requirement for Minsheng Bank is that it needs financial elites, not so many ordinary employees who do nothing. Small but refined is Zhao Yi's positioning for Minsheng Bank.
Because Minsheng Bank is entrusted with promoting the development of the domestic private economy, compared with loans from state-owned banks to state-owned enterprises, the risk is much higher.
So for Minsheng Bank, it is particularly important to reduce operating costs, because if we do not start by reducing operating costs, then if Minsheng Bank suffers high defaults in the future, the bank's operations will be in trouble sooner or later.
However, for Minsheng Bank, there is no such problem for the time being, because their current loan targets are all state-owned enterprises, and the local government generally provides guarantees during the loan process of state-owned enterprises.
With government guarantees, the situation of unrecoverable loans will be much reduced, unless the local government also goes bankrupt, which is basically impossible in China.
However, at the meeting, Zhao Yi asked Minsheng Bank to start providing loan services to private operating entities, because the reform of state-owned enterprises has been carried out for more than a year, and the reform of important state-owned enterprises has basically ended.
Although there are still many small and medium-sized state-owned enterprises that have not completed the reform, they are no longer able to affect the overall situation of state-owned enterprise reform. Minsheng Bank can also withdraw from it and operate its own old bank.
This is not because Zhao Yi must have trouble with himself and must provide financing services to private operating entities, but this is a part that must be taken seriously in achieving Zhao Yi's goals.
In the previous life, it was very difficult for domestic private operating entities to obtain financing and the cost of financing was also very high. However, in the process of entity operation, expanding production scale was a very common operation.
So what should we do? We cannot rely on external capital to expand our business scale. We can only generate enough capital ourselves to expand our business scale.
The expansion of one's own capital is not easy. Small scale and low technical content are common situations of these enterprises. Capital expansion can only be achieved through the exploitation of labor surplus value.
In other words, in order to accumulate capital for industrial expansion, private operating entities have to rely on exploiting the value of labor to achieve this by lowering employee wages, extending employee working hours, and reducing the benefits that employees deserve.
All these are actually forced to do nothing, because this is a step that must be carried out when external capital cannot be relied on. Otherwise, it will be impossible to expand the scale of operations and achieve a virtuous cycle.
In previous lives, the state also acquiesced to this kind of operation by private operating entities, because what would happen if it did not acquiesce? Otherwise, private operating entities would never be able to expand their business scale and form stronger competitiveness.
In previous generations, state-owned enterprises, especially large-scale state-owned enterprises, no longer needed to rely on exploiting labor surplus value to achieve industrial expansion due to the very low difficulty of borrowing. Instead, they could fully mobilize the power of capital to achieve this goal.
This has resulted in the treatment of employees in many state-owned enterprises being much better than that of employees in private enterprises. Their employees seem to be not part of the same world, a bit two-dimensional.
However, this situation is unfavorable to Zhao Yi's big plan. Expanding domestic market demand is the fundamental goal of Zhao Yi's silent layout before, and it is also the fundamental interest of maintaining his interests in the post-international situation.
As long as the domestic people have money in their hands to help them solve their fundamental worries, then there is no reason why they should not consume more, and the domestic demand market will naturally expand.
As the largest capitalist in the country, he can get the first sip of soup from his companies, regardless of their technical level or business size, and gain the greatest benefits.
More importantly, even if the international situation changes fundamentally, in terms of domestic expansion needs, he can easily ensure that his companies can achieve self-development and still have strong operating capabilities.
Instead of like now, most of the company's revenue comes from overseas markets. Once the overseas market is seriously damaged, let alone returning to before liberation overnight, at least the current scale of the company cannot be guaranteed.
At that time, we will either have to lay off employees or operate at a loss. No matter which it is, it will be very detrimental to the business operations, and chaos will be inevitable.
Of course, if Zhao Yi has no big ideals, he doesn't have to worry about this. After all, the money in his hand is enough for him to squander, and he personally doesn't have to worry about money at all.
But the meaning of his rebirth no longer existed, so he continued to struggle in the country. Those days would definitely be much more embarrassing than now.
Only if the domestic economy is large enough, can a huge capital like Zhao Yi be able to thrive in it. However, it is not feasible for the domestic economy to rely solely on state-owned enterprises.
In Zhao Yi's eyes, the main role of state-owned enterprises in the country is to provide basic financial services, because this industry is not very competitive, and there is no need to worry about backlash on the domestic economy.
For highly competitive industries, the private economy is more dynamic, especially since my country is about to join the General Agreement on Tariffs and Trade, and by then, the domestic market will be further opened.
Without more dynamic private economic participation, many areas of the domestic economy will really be gradually cannibalized by international giants, so that, just like in previous lives, foreign capital covered with Chinese trademarks abounds.
Of course, Zhao Yi has enough capital and technology to compete with these international giants, but he is only one person after all, and he cannot participate in all industries.
Even at his current scale, he feels a little overwhelmed. This is still under the condition that he has fully delegated power. If he is deeply involved in the management of the company, he will definitely be exhausted.
High-tech companies are another matter. The traditional industries he entered are all industries that have proven to have failed to withstand the attacks of international giants in previous lives. Moreover, the market size of these traditional industries is also very huge, which is partly due to their profitability.
More importantly, the model of slowly developing by exploiting the surplus value of labor in the previous life is difficult to work in this life, because they do not have as much time to accumulate capital as they did in the previous life.
If capital accumulation has not been completed, it will be easily defeated by international giants. At that time, it will only be reduced to a cheap OEM company, relying on its labor advantage to earn some hard money.
In this case, our country will never become a developed country and can only wander around in the developing world. This is a situation that Zhao Yi does not want to see.
At that time, he will need to personally enter many industries and compete with international giants. This will bring him a huge workload, and he may not be able to manage everything.
Therefore, Zhao Yi hopes to establish a domestic financial system that is friendly to small and medium-sized private enterprises, that is, venture capital + bank credit. The two complement each other and can allow the private economy to gain a certain scale and competitiveness as soon as possible.
As for large private enterprises, there is no need to worry about financing issues. Besides, except for Zhao Yi's enterprise, no private enterprise in China can be regarded as a large enterprise.
Just as Song Yi heard Zhao Yi's words, he said in embarrassment: "Mr. Zhao, this problem is actually difficult to handle. Now domestic private operating entities basically do not have many assets and cannot provide sufficient asset mortgages.
If we do not have enough assets as collateral, our credit risk will be very high, and the bad debt rate will continue to rise, posing a major risk to our operations. "
Song Yi is talking about the current status of the domestic private economy. Many private operators are now mostly self-employed, and they have not even exploited the labor force of others. They are still in the stage of accumulating capital by selling their own labor force.
In this case, they basically have no assets to speak of. Without assets, banks will certainly not lend to them. After all, banks lowering loan thresholds will cause serious financial risks.
This puts us in a dilemma. If you want a bank loan, you must provide sufficient mortgage assets for the loan. If private operators have enough mortgage assets, they don't have to worry about the loan issue so much.
Zhao Yi thought for a long time and suddenly remembered Germany's guaranteed bank system. The emergence of guaranteed banks was to solve the problem of financing difficulties for small and medium-sized enterprises. He felt that he could try it in China.
In the previous life, German small and medium-sized enterprises accounted for 99% of the companies paying business tax in Germany, created 70% of jobs, provided 80% of job training, and accounted for 75% of new patent applications.
It can be said that small and medium-sized enterprises are the heart of Germany's market economy and the engine of growth and employment. This is why Germany has introduced a guaranteed banking system through legislation, preferential policies, financing support and socialized service systems.
Provide all-round support for small and medium-sized enterprises, allowing German small and medium-sized enterprises to develop rapidly.
The wages of employees in Germany's small and medium-sized enterprises are not low, which shows that these small and medium-sized enterprises do not rely on the exploitation of labor to maintain operations, but create more value through credit capital, technological innovation and business innovation.
The main operating body of this system is the guarantee bank.
A guarantee bank neither accepts deposits nor issues loans. Its main business is to provide guarantee services. It is a limited liability company in nature, but its actual status is like a bank.
In fact, it belongs to a credit institution, and its internal institutions, organizations and operations are subject to relevant banking laws and regulations.
Moreover, the guarantee bank is a non-profit economic promotion institution, which means that the shareholders of the guarantee bank have no dividend or dividend requirements, and the surplus can be transferred to capital or to enrich risk reserves.
Their fundamental purpose is not to rely on guarantee banks to pursue their own interests, but to completely solve the financing difficulties of small and medium-sized enterprises in the economy.
Then this is destined to require government-related support in terms of policies. For example, there is no need to pay taxes because it is non-profit, and the government also needs to bear a certain proportion of risks.
Therefore, the key to the guarantee bank model is that the central government, provincial governments, and even municipal governments provide counter-guarantees for small and medium-sized enterprise loans, promising that the government will bear a larger portion of the losses if they occur.
In this way, loan risks can be shared between two levels of government or even three levels of government, guarantee banks, and lending banks.
In order to curb moral hazard, lending banks must bear at least 20% of the loan risk. Otherwise, the lending banks will lend desperately. Anyway, why not bear the losses themselves.
The relevant governments bear 60% to 80% of the remaining risks, equivalent to 48% to 64% of the total loan risks. The guarantee banks ultimately only bear 16% to 32% of the total risks.
In the guaranteed banking system, there is another most important part, which is the credit evaluation system.
The guarantee bank will decide whether to provide credit support to the enterprise based on the credit rating results, and also determine the interest rate at which the enterprise obtains a loan.
In our country's business operations, there was no such thing as credit rating before, and there was no such social environment to carry out this work.
Therefore, it is actually very difficult to build my country's corporate credit rating system from scratch, but it is not impossible. It can be done slowly, but it will take a little longer.
More importantly, the guarantee bank is actually a non-profit institution, and capital cannot be obtained through the capital market, because no capital will foolishly invest its capital in a non-profit institution. This is a fool's errand. Back.
Therefore, to implement the guaranteed banking system in our country, we must obtain the support of the national government, let the country establish a policy bank, and then guarantee the capital of the bank and obtain loans from the policy bank.
In this way, the problem of the initial capital of the guarantee bank can be solved, and some guarantee business can be launched. Otherwise, the guarantee bank will not have a penny in its hands.
Moreover, Zhao Yi is also worried that the guaranteed bank system is too advanced in our country and will not gain the understanding and support of the government. Although our country's economic reform has loosened some restrictions on the private economy, he is not his biological son after all.
Whether the government is willing to provide guarantee support for the private economy is still unknown. We must know that in the guarantee banking system, governments at all levels are also required to provide loss compensation.
Now the domestic governments at all levels have a headache for those state-owned enterprises that are their own sons, let alone responsible for these private enterprises that have little emotion.
Zhao Yi believes that this possibility is very low. China still emphasizes that state-owned enterprises occupy a dominant position in the economy, while the private economy is only a supplement.
The supplementary meaning is very obvious, that is, if the private economy can work, continue to work, and if it can't, just pull it off. It's as simple and crude as that.
In such an era, the government has not yet realized the importance of the private economy to our country's economy, and it has not fully realized the importance of the development of small and medium-sized enterprises for employment and tax revenue.
Although Zhao Yi is also a private enterprise, the companies under Zhao Yi are all giants, so they are unable to provide real model cases for the domestic government.
In the eyes of the government, only giant companies are worthy of their attention. In the previous life, there was a period of enthusiasm to learn from South Korea and support consortium-type private economies in the country.
It’s just that the subsequent experiments ended in failure. Most of these private enterprises that had high hopes had serious problems with their capital chains due to blind expansion. The final results can be imagined, and there were basically no good results.
Especially at this juncture of the reform of state-owned enterprises, it will definitely not be easy for the government to bear the risk of guaranteeing the credit of private enterprises without even thinking about it.
But if Zhao Yi is asked to do it, he is unwilling to do it. After all, the risk is too great. Although he has money, he still wants to make money and will not make a contribution for free. This does not make sense.
Therefore, this matter is mainly borne by the government. It must not participate in it, but it can spread this method to the higher authorities and see how they react.
Thinking of this, Zhao Yiyi said to Song Yi: "You should know about Germany's guarantee banks. If you are not sure, you can find relevant information.
Then you prepare an analysis report yourself and submit it to the relevant government financial management units, show it to them, and test the above attitude.
If the attitude is positive, then you can unite with other major banks in the country to promote this matter and strive to establish this system.
As long as this system is established, you commercial banks will have less worries when lending, risks will be further reduced, and the scale of the loan market will be further expanded.
It is a win-win situation for both commercial banks themselves and lending companies, so this matter is very important.
If the above is not positive, then you will work with other domestic banks and third-party institutions such as Yongan Accounting Firm and Yuheng Law Firm to establish a credit rating system.
Once this credit rating system is established, it will also provide a very important reference for your credit business. It will also serve as a constraint on corporate operating entities, making it easier for you to recover loans. "
Hearing Zhao Yi's words, Song Yi nodded and said that after returning, he would do what he said. After all, if this thing is done well, it will be a good thing for everyone, and of course, it will be even more beneficial for Minsheng Bank.
After breaking off the communication with Song Yi, Zhao Yi sat in a chair and thought for a long time, and finally shook his head helplessly. It was too difficult to accomplish this matter, mainly because it was difficult to change his concept.
It is actually a very difficult thing to change the concept. This requires the government to have a very clear understanding of our country's economy and the owners to be more open-minded about the composition of the country's future economic structure.
Therefore, Zhao Yi will also write relevant reports after the new year to blow up this matter. As for the effect, it is impossible to predict.
If it really doesn't succeed, then the only option is to let his venture capital take the lead and provide initial development capital to private operators with no foundation.
After operating for a period of time, they will also have certain assets, and then use these assets as collateral to obtain loans from banks. During the loan process, banks can also conduct credit rating investigations on the enterprises.
In this way, the system was slowly activated, but it took much longer. Zhao Yi had no choice but to do this.
But venture capital is also a business behavior after all. Although they are willing to take higher risks, they will not take unnecessary risks.
In other words, if you are judged to have no future by venture capital, you will not be able to obtain venture capital anyway.
Zhao Yi has no intention of changing their investment decision. Compared with Baoyu Mengchen's regret, venture capital investors care more about the probability of investment success and will not regret missing out on a giant in the future.
In the subsequent meeting with his own investment companies, Zhao Yi promised to increase the capital injection of these investment companies and give them more investment funds.
The purpose is to allow them to take greater risks and expand the number of investment target companies. At the meeting, Zhao Yi repeatedly emphasized that they should shift their investment direction to private economic entities.
Some of their capital had previously been involved in the reform of state-owned enterprises. Zhao Yi was worried that they would lose their taste and focus on investing in state-owned enterprises.
In that case, it is completely putting the cart before the horse. First, state-owned enterprises will not lack financing channels for a long time in the future. Even if their funds are squeezed in, they will not get high returns.
In this case, it is better to let Minsheng Bank do it. There is no need for these investment companies to exist. Their purpose of existence is to invest in high-return industries for Zhao Yi.
Although Zhao Yi provided Song Yi with the idea of guaranteed banks, judging from the development trajectory of the previous life, not to mention it is completely impossible, but it will take a long way to establish a system.
During this period, venture capital was the main financing channel for private economic development, and the only domestic venture capital companies currently engaged in were a few investment companies established by himself.
Therefore, in the future, these venture capital companies will be the main driving force for the development of my country's private economy. Zhao Yi hopes that they can take on this responsibility and also do a good job in this business. (End of chapter)