Listed companies financial hot cooling! Product quantity and total amount are decreasing

category:Finance
 Listed companies financial hot cooling! Product quantity and total amount are decreasing


Scale and quantity decrease

According to wind data, in 2019, 1158 A-share listed companies purchased 20788 financial products of various types, with a total scale of 1.36 trillion yuan, and the three data decreased by 12%, 18% and 24% year on year respectively.

This is also the first time that three data declines have occurred since the first listed company announced to purchase financial products in 2011. Before that, the scale of purchasing financial management of listed companies has been growing rapidly year by year.

Overall, in 2019, there are 5 listed companies with financial subscription scale of more than 20 billion yuan, including Yangyuan beverage, Jiangsu Guotai, Bohai ferry, Hengrui medicine and conch cement. Among them, the subscription amount of Yangyuan beverage and Jiangsu Guotai in 2019 is about 22 billion yuan. In 2018, a single listed company subscribed up to 58.3 billion yuan and 49 billion yuan of wealth management products.

It is worth noting that there are also some new features in financial management of Listed Companies in 2019, especially in the selection of specific financial products: structural deposit has become the choice of many listed companies.

Taking Yangyuan beverage as an example, of the 22.5 billion yuan financial products subscribed by the company in the whole year, 8.4 billion yuan is structural deposit. Jiangsu Guotai has subscribed more than 18.4 billion yuan of structured deposits, accounting for 83% of the annual subscription amount of financial management.

In fact, structured deposits are favored by listed companies, mainly because they are regarded as the replacement of principal guaranteed financial management in the transitional period of the new asset management regulations. For banks, issuing structured deposits can relieve the pressure on the liability side. For customers, although there is no capital guarantee financing, there is still such a relatively safe and high-yield investment option.

In the middle of October, the CIRC issued the notice on further standardizing the structured deposit business of commercial banks, aiming at the problems of nonstandard product operation management, misleading sales and illegal business development in the rapid development of some structured deposit businesses of banks.

Market analysis believes that the regulations issued this time will make structural deposits more standardized, and will also make the scale of irregular structural deposits continue to reduce.

For example, Bohai ferry, which has subscribed 21.83 billion yuan of wealth management products in the whole year, has operated nearly 19.9 billion yuan of reverse repo of national debt for one day and seven days in 2019.

Behind the cooling of financial management fever

The use of raised funds by listed companies to purchase wealth management products is directly related to the issuance of the regulatory guidelines for listed companies No. 2 - regulatory requirements for the management and use of raised funds by listed companies by the CSRC at the end of 2012, which moderately broadens the scope of use of idle funds of listed companies.

Prior to the issuance of the guidance, the purchase of bank financial products by listed companies was limited to the companys own idle funds, and the raised funds could not be used. It is also after 2012 that the amount of financial products purchased by listed companies ushered in explosive growth.

In fact, listed companies use idle funds to purchase financial management, which is regarded as a common way to improve the efficiency of fund use. The amount of investment in securities by international well-known enterprises such as apple and Microsoft accounted for more than 50% of total assets.

However, in 2019, the financial management fever of A-share listed companies has cooled down for three reasons:

First, some listed companies are short of funds. For the industry in recession, we can not rule out that because of the shortage of funds, the previously idle financial management funds can be used to maintain operation or seek transformation; for the industry in growth, it also means that the idle funds can be used to expand production.

Second, the yield of some financial products has declined significantly. Influenced by the relatively loose monetary policy and other factors in 2019, the banks financial product yield gradually decreased from about 4.36% at the beginning of the year to 4%.

According to the general interest standard, in the long run, the income of bank products will continue to decline. From the perspective of the investment side, the domestic economy is facing great downward pressure. Reducing the financing cost of the real economy is an important goal of the structural reform of the financial supply side. Driven by the policy of reducing the financing cost of the real economy, the income of all kinds of assets will go down, and the asset side will not be able to support the banks financing for a long time Increase in product revenue. Third, after the new regulations on asset management, bank financing accelerated the transformation of net worth, and principal guaranteed products were successively off the shelves. However, the financing funds of listed companies attach great importance to security, so a large number of them flow to structured deposits with Principal Guaranteed characteristics. However, since October 2019, due to the impact of strengthened regulation, the guaranteed return of structured deposits has been greatly reduced, almost equal to the deposit interest rate of the same period. Source: China responsible editor of securities company: Zhang Mei Yu nf2100

According to the general interest standard, in the long run, the income of bank products will continue to decline. From the perspective of the investment side, the domestic economy is facing great downward pressure. Reducing the financing cost of the real economy is an important goal of the structural reform of the financial supply side. Driven by the policy of reducing the financing cost of the real economy, the income of all kinds of assets will go down, and the asset side will not be able to support the banks financing for a long time Increase in product revenue.

Third, after the new regulations on asset management, bank financing accelerated the transformation of net worth, and principal guaranteed products were successively off the shelves. However, the financing funds of listed companies attach great importance to security, so a large number of them flow to structured deposits with Principal Guaranteed characteristics.

However, since October 2019, due to the impact of strengthened regulation, the guaranteed return of structured deposits has been greatly reduced, almost equal to the deposit interest rate of the same period.