Consumption escalation are always accompanied and industrial upgrading, so today I want to talk about is how the Internet banking to affect industrial upgrading this thing.
Internet and financial-why are they mutually exclusive?
This year when it comes to the Internet +, everyone on the Internet has a lot of changes on Subversion before, now talking about combining. Before you talk with, we need to look at, we are now talking about what are the characteristics the areas of finance, Internet, its final point where?
Analysis found that the Internet and financial are very different in nature, many of these differences are mutually exclusive.
Like Internet often stressed of is to user of angle starting, it stressed experience, and financial more of is from supply end starting, stressed credit; Internet was born to do of is information transparent of things, and now opens any a bank assets profit table, found card poor of returns are from information not symmetric; Internet pursuit of is efficiency, will to production and sales standard products, and financial of many products actually hard was standardization of, financial more of is stressed scale, it is a heavy assets operation of mode. Finally their best are not the same, actually originates from the Internet and financial soil it depends on these two are not the same. The Internet grew up in stages, was accompanied by calls for market, but the butterfly effect of finance because of its extremely strong, so any country, finance is regulated by the Government and rely on market access approach to management. Financial analysis it is not difficult to explain the Internet accompanied with controversy from the very beginning, and the dispute has never stopped.
The combination of Internet and financial: direct financing
It point at what point it will happen? said Internet banking will affect our industrial upgrading, let us look at what are the channels of enterprise financing before? maybe there are two types: one is the direct financing, one indirect financing. The last, most of China's enterprise financing is dominated by indirect financing. Indirect financing, is in need of money who needed an intermediary to help me complete the intermediation of funds, medium refers to banking institutions, trust. Banks, trust in this period the primary functions: first, risk pricing, then need to bear the risks, while the corresponding risk corresponding to the income, or spreads. Therefore, will be required to have a capital adequacy ratio of the guarantee. And their logic in the past is to rely on asset pricing mortgages and guarantees implementation of the third party. This approach is efficient in the past, the industrial structure in China in the past. Because most assets operation of enterprise is the enterprise of China in the past. So by this way to achieve efficient financing.
Another way is direct financing. Direct financing refers to funds demand-side funds have found directly. We now stock or bond markets, it platform in the middle of the main set of rules of the game, then asked finance companies to fully disclose information with a very market-oriented pricing to help companies raise money. Way of direct financing, in fact, is to learn more services production, manufacturing enterprises, so in the Chinese stock market valuation of this logic is more suitable for these enterprises. So many Internet companies have chosen before several rounds of financing before looking for VC $ and then ran to the United States market, the main reason is because in the United States over the entire industry upgrade is relatively mature. So there will be a more suitable way these innovative Internet valuations. But now we are also seeing more and more in the United States Internet companies have chosen to return to a-share listing, and more and more startups will be listed as the goal, and now the parties are also in active research, what a method is applied to these new businesses.
In fact, Internet company except to say its asset-light, and many manufacturing companies are not the same, as forecast, emphasis on cross-border, many new business combination, it will generate new sources of growth. In this operational mode, in fact, it is more suitable for a wide range of pricing methods to complete the financing. Careful analysis also found that direct financing and of compliance with the spirit and character of the Internet is more, so we think the future of industrial upgrading, Internet + financing can be a bigger market.
Apart from the direct financing proportion in a country beyond its industrial structure, was related to a country's socio-cultural, policy and regulation, as well as the credit system. But as we see it now, you go to review these things for almost a year, these three factors are moving in the positive direction, and future Internet finance will be the driving force of all this. Basic starts at the information, and then to channel and control logic optimization of the wind, and finally to the credit information system so that changes. Therefore we have to look back to see if financial conditions for the development of the Internet, how to evaluate it, we can look at in five years, ten years, the proportion of direct financing in China how much are now emerging Internet company. Every entrepreneur will make ten start up mistakes
Emerging patterns of Internet financial funding is from beginning of line
We can look to the past three years, financial emerging pattern in this area on the Internet. All of these models on the line is actually from one of the sources of funding of the start, and no other models are moved to different types of assets on the line, as funds have ready online. Behind each pattern is a United States company. But a careful analysis, we and the United States the order in which these companies and development logic is very, very different.
I, for example, like we're in everyone's familiar with P2P, for example, in the United States first, consumer credit is a very mature, very large market. So now look at United States these P2P, do restructuring at the things behind, cut was the Bank's consumer credit users, but these P2P Internet financial company, what it is to win?
First of all, a new air control system, cut from the Bank is Bank credit users better, I give him a lower cost of capital, so he borrowed money from me, pull some debt off banks. Since the entire credit system is relatively mature, so they are all completely gets on the line can be realized on the asset side, it also saves a lot of cost. But in China we P2P is not the same thing, our P2P users are banks, does not like the user. They take the risk-control logic is not changed, still rely on mortgage lending. So it's no wonder that a lot of the media will say that P2P can be risky now. But with the perfection of the credit system in the future, along with the policies and regulations of the floor one by one, I think it will gradually transform these P2P platform. We invested 51 credit card is different from now in both aspects of these available on the P2P, it will take something different and more innovative risk-control logic. In addition, when it is on the asset side will take the form of very light, coming up from the line gets.
Finally, I think the Internet finance we can also use your imagination, it may be that, like any Internet cross-border, real financial possibilities of the Internet not just in Internet financial company. Because it happens more and more things on, so users of credit is distributed, all the data is isolated. Because previous funds end is ready online, money will become an asset with the credit quality step by step, and this trend is very clear. So, the Internet of the future is a very dynamic development in the financial sector, financial and Internet borders will become increasingly blurred in the future, but I think this is all entrepreneur opportunities.
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