Thoughts on the Industrial Cluster Development of Financial Support Equipment Manufacturing Industry

Industrial cluster refers to the phenomenon that a large number of closely-related industries and related supporting organizations gather in space in a specific field and form a strong and sustained competitive advantage. Through the specialization of division of labor and the convenience of transactions, industrial clusters effectively combine industrial development with regional economy to form an effective form of production organization, which is an important way to promote economic growth in local regions. As a worldwide development phenomenon, more and more countries and regions regard industrial clusters as a strategic way of industrial development and stimulating regional economic growth. Equipment manufacturing industry is the largest pillar industry in Liaoning Province and occupies a strategic position in China's equipment manufacturing industry. Among the 178 small products in the equipment manufacturing industry, there are 58 sub-categories in Liaoning, occupying the top six in the country, accounting for 32.6%. CNC machine tools, large ships, railway diesel locomotives, and series bearings have the first-class competitive strength and development potential in China. At present, the adjustment of the world economic structure is speeding up, and the international equipment manufacturing industry is speeding up. Liaoning, as an important industrial base for China's equipment manufacturing industry, should seize rare opportunities for development, attract stock increments, give full play to regional advantages, and vigorously develop the equipment manufacturing industry. Industrial clusters. The industrial cluster development cannot be separated from the financial support. Because of the particularity of the organizational form of industrial clusters, higher demands are placed on financial services.

The status quo and characteristics of the cluster development of equipment manufacturing industry in Liaoning Province In recent years, under the promotion of the strategy of rejuvenating the old industrial base in Northeast China, Liaoning Province has always placed the equipment manufacturing industry at the forefront of development as a key area and powerful engine for the adjustment of economic structure in Liaoning. Strategic location. In 2010, Liaoning Province entered the camp of national equipment manufacturing industry for the first time with a production value of 1 trillion yuan, and achieved an industrial output value of 1,245.45 billion yuan, a year-on-year increase of 33.56%. In the first three quarters of 2011, the added value of Liaoning's equipment manufacturing industry increased by 19.6%, which was 4.5% higher than the provincial average. The economic efficiency has been greatly improved. From January to August, Liaoning's equipment manufacturing industry realized a profit of 41.2 billion yuan, accounting for 40% of the profits of industrial enterprises above designated size, and it has become an important source of industrial economic profits in the province. On December 20th, the "Liaoning Province's Regulations for Promoting the Development of Equipment Manufacturing Industry" will be formally implemented. This is China's first legislation for equipment manufacturing industry and marks the provincial government's incorporation of the development of equipment manufacturing into the legal system and will accelerate the equipment manufacturing industry. It will play a great role in promoting high-end development and building advanced equipment manufacturing bases.

The main features of the cluster development of equipment manufacturing industry in Liaoning Province are: profound scientific and technological details; accelerated pace of independent innovation; accelerated growth of industrial clusters; and new progress in overseas mergers and acquisitions. The main problems in its development are as follows: the industrial abundance is not enough, a complete industrial chain is not formed, the industrial cluster effect is not obvious, the capacity for independent research and development and innovation is still weak, the financing channels are relatively single, and the interest cost burden is heavy; The degree of refinement of services needs further improvement.

Financial Support to the Cluster Development of Liaoning Equipment Manufacturing Industry (I) Promoting the Innovation of Money and Credit and Rationally Guiding Credit Funds to Support Equipment Manufacturing Industry Clustering The People's Bank Shenyang Branch has vigorously promoted the monetary and credit innovation project to promote the innovation of the monetary policy transmission method. In order to promote innovation in the implementation of credit policies, the Bank formulated guidelines for monetary and credit work, guided credit funds to actively support high-end equipment manufacturing, and gave priority arrangements and key support for major projects, and reasonably determined according to the actual funding needs of the project. Loan type, term, interest rate, guarantee method and repayment method. Guiding financial institutions to provide a package of credit and financial services for industry integration, overseas investment, mergers and acquisitions and restructuring of leading equipment manufacturing enterprises, and supporting powerful companies to implement low-cost expansion through mergers and acquisitions loans, and to become bigger and stronger. Promote the transformation and upgrading of equipment manufacturing industry clusters. Grasping the key links in the transformation and upgrading process, from the need to meet the financing needs of the manufacturing chain to the satisfaction of R&D, design, logistics, marketing, and branding at both ends of the value chain, and to facilitate the industrialization of the equipment manufacturing industry. Development of financial support system.

According to the requirements and deployment of the Shenyang Branch of the People's Bank of China and the overall deployment of “expanding domestic demand and promoting growth” by the Liaoning Provincial Party Committee, the Provincial Government, and the People’s Bank of China, the State Administration of Foreign Exchange, Liaoning Branch conducted in-depth research into the equipment manufacturing enterprises in Liaoning Province. Understanding the actual difficulties encountered by companies and the need for foreign exchange management policies, they formulated the “Opinions on Supporting Enterprises in Responding to the International Financial Crisis” and have been approved by the State Administration of Foreign Exchange, which will soon be implemented in the province. Under the premise of adhering to regulatory control, the new policy has intensified policy support for enterprises, further promoted trade and investment facilitation, minimized operating costs of enterprises, and achieved new breakthroughs in the original foreign exchange management policies for equipment manufacturing. Industry expansion of exports and “going out” provide solid foreign exchange policy support.

(2) Actively improve financial service measures and fully support the development of equipment manufacturing industry. First, strengthen the contact with government departments and reserve relevant information for companies with financing needs. Establish a "green channel" to continuously optimize work processes and improve the efficiency of approval. Organize syndicated loans to meet the capital requirements for major projects such as mergers and acquisitions of large-scale equipment manufacturing companies. The second is the increasing export of equipment manufacturing enterprises, providing comprehensive financial services to companies in the fields of international and domestic settlement, trade financing, forward sales, and foreign exchange sales. The third is to hire a qualified intermediary agency to assess the credit rating of the company, analyze and evaluate the company from the perspective of the third party, and at the same time, the bank implements differential interest rates for different grades of enterprises, thereby guiding the company to the healthy management track of standardized management.

(III) Conduct business innovations and provide flexible and diverse support programs for SMEs. With regard to the status quo of multiple SMEs and uneven quality, various financial institutions actively carry out business innovation in accordance with the characteristics of SMEs, and set up SME credit specialist institutions to enrich credit. The service team takes the initiative to contact, communicate with and visit small and medium-sized enterprises with financing needs, tailor service plans for the company, and conduct comprehensive financial services. Actively formulate credit preferential policies in line with the characteristics of small and medium-sized enterprises, to the maximum extent meet the financing needs of SMEs.

(IV) Broadening the variety of credit services and carrying out various credit services Financial institutions aim at the scale and characteristics of the equipment manufacturing industry, carry out sub-level marketing, and comprehensively use bridging loans, standby loans, domestic letters of credit and packaged loans under them. Formulated and set up a number of new loan products with distinctive and feasible loans, such as patent pledge loans, coal bills of lading, warehouse receipt pledge loans, accounts receivable pledge loans, tax refund account custody loans, start-up loans, bill business, etc., with flexible mortgages Forms have broadened the financing channels for companies so that companies can choose the corresponding loan services according to their own needs.

Financial support for the development of cluster equipment manufacturing industry in Liaoning Province Countermeasures and suggestions (1) Explore new ideas for the development of financial support equipment manufacturing industry clusters from the perspective of the industrial chain From the perspective of industrial structure and product structure, the industrial cluster is actually a product The depth of processing and the extension of the industrial chain are, in a certain sense, the adjustment and optimization of the industrial structure. Financial institutions should strengthen their pertinence and grasp the dynamic changes and static characteristics of the equipment manufacturing industry clusters. From the perspective of the industry chain, they should find an effective way to develop the financial support equipment manufacturing industry cluster. You can explore clustered enterprise bundled loan models, take the large enterprises within the cluster as the leader, guarantee for other companies with high relevance or apply for loans from banks as a whole to enhance the radiation of core enterprises to supporting enterprises. With action. Industrial clusters break through the boundaries of a single company and focus on the interaction between companies in a specific region with competitive and cooperative relationships. Financial institutions should actively guide enterprises in industrial clusters to use commercial bills for settlement in their mutual purchase and sales activities, obtain financial support through discounting to commercial banks and commercial banks re-discounting them to the People's Bank of China.

(II) Constructing Innovative Risk Sharing Mechanism and Improving the Independent Innovation Capability of Enterprises In 2006, the State Council had proposed the first domestic (set) equipment risk compensation mechanism, and suggested that relevant departments quickly study and establish the risks of project owners, equipment manufacturing companies, and insurance companies. The risk sharing mechanism of major technological innovation sharing and benefit-sharing will guide project owners and equipment manufacturing enterprises to insure the first (set) of major technical equipment in China. Governments at all levels or capable industrial parks should actively raise funds to establish special funds for financial risk compensation. Bank loans that actively support equipment manufacturing technology innovation should be guaranteed by certain conditions or a certain percentage of financial interest discounts to ensure the safety of funds. And the sustainable development of the equipment manufacturing industry. For non-performing loans arising from major technological innovations in the support equipment manufacturing industry, it is recommended that a certain percentage be given to write-offs or spin-offs. Governments at all levels may also initiate the establishment of high-end equipment manufacturing development funds or introduce relevant policies to attract venture capital companies at home and abroad, speed up the improvement of their independent innovation capabilities, and continuously enhance their core competitiveness.

(3) Broadening financing channels for equipment manufacturing industry cluster companies First, encourage qualified companies to conduct direct financing through the securities market. Relevant departments should provide policy support and counseling for enterprises' listing and financing, and promote companies' listing on the Main Board, ChiNext Board, SME Board, and overseas companies, and reduce financing costs. The second is to continue to innovate in financing forms, develop chain finance, and finance leasing, and encourage companies to use short-term financing bills, mid-to-long-term bills, convertible corporate bonds and other forms of lower financial costs to raise funds for industrial integration. The third is to fully absorb private capital. Through the formation or introduction of trust and investment companies, industrial investment funds and other forms to absorb more private capital, effectively expand the financing channels of enterprises in industrial clusters.

(IV) Innovating Credit Categories and Expanding Credit Support Paths Financial institutions must continuously innovate credit varieties and adopt different credit support methods for different types of businesses. We will increase the propaganda of new types of credit business such as trademark pledge, warehouse preservation, accounts receivable pledge or acquisition business, and factoring business. To address the exchange rate risk issues faced by equipment manufacturing companies, provide efficient foreign exchange services, strengthen the promotion and promotion of existing exchange rate risk instruments such as existing forward settlement, swaps and swap transactions, and timely introduce exchange rate futures, options and other hedging. Tools: To increase the amount of foreign exchange receivables and the ratio of foreign exchange that can be collected by equipment manufacturing enterprises for export advance payment; to provide overseas financing channels for enterprises, such as overseas payment, supply chain business, RMB pledged foreign exchange business, and export accounts receivable pool financing.

(V) Creating a good external financial environment, and further increasing policy-based financial support The theory of the new industrial zone believes that the most important factor in determining the development status of a country or a regional industrial cluster is not the quantity and quality of physical capital, but rather the use of human capital. Potential economic structure and cultural traditions have social and environmental factors, among which the construction of a financial ecological environment is particularly important. First, efforts were made to create “good faith” brands from three aspects of government behavior, judicial enforcement, and financial operations, guide enterprises to participate in credit ratings, and standardize financial management. Second, the financial management departments such as the People's Bank of China must actively promote the mutually beneficial cooperation between the SME guarantee agencies and financial institutions, and at the same time constantly improve the enterprise credit information system to provide a good financial environment for the equipment manufacturing industry cluster. Third, policy finance should be further strengthened to have a significant impact on national economic security and national defense construction. It has a significant effect on promoting the sustainable development of the national economy, and supports the development of major technological equipment and products that actively promote structural adjustment and industrial upgrading. To promote the rapid development of the Liaoning equipment manufacturing industry cluster.

(VI) Highlight financial support, optimize the allocation of credit resources, and enhance the competitiveness of competitive industries Under a stable monetary policy, the credit scale of financial institutions has shrunk, and the financial management department should guide financial institutions to rationally allocate funds. The first is to focus on supporting SME business development. SMEs are an important part of the equipment manufacturing industry and are the basis for equipment manufacturing to increase production efficiency and achieve specialized production. Most of the supporting enterprises of large-scale equipment manufacturing groups are composed of small and medium-sized enterprises. Financial institutions can rely on core enterprises to extend their upstream and downstream industrial chains, continuously improve and improve the supply chain financing model, establish a rapid response mechanism, provide financial support for SMEs, and promote their development and growth. The second is to increase the credit support for technological innovation and technological transformation of the equipment manufacturing industry, and to increase the capacity for regional independent innovation. Through the optimal allocation of credit resources, it will guide and support the technological cooperation between enterprises, institutions of higher learning, and scientific research institutions to accelerate the transformation of innovation results and the introduction, digestion and absorption of new technologies, and transform and upgrade traditional equipment manufacturing industries. The high-end development of new industries provides financial support.