Over the past year or so, the serious fog has attracted great attention from the community, and data shows that over-reliance on coal, oil and other fossil energy supply structure is an important cause of fog. The development of photovoltaic green new energy resources and the acceleration of energy structure adjustment are undoubtedly important focal points for resolving haze weather, alleviating environmental problems, and promoting economic and social sustainable development.
Premier Li Keqiang of the State Council held several executive meetings of the State Council to study and deploy measures to promote the rapid development of the photovoltaic industry. In July 2013, the State Council issued "Several Opinions on Promoting the Healthy Development of the Photovoltaic Industry." Subsequently, the relevant ministries and commissions issued supporting policies on subsidy, tax refund, electricity price, project management, grid connection, and financing issues to jointly promote the application of photovoltaic terminals in China. The rapid and healthy development.
Among them, in response to the problem of financing difficulties for photovoltaic companies, special recommendations have been made to encourage financial institutions to take measures to ease the financing difficulties of photovoltaic manufacturing companies. In order to implement the "Several Opinions of the State Council on Accelerating the Healthy Development of the Photovoltaic Industry", Shanghai has given implementation plans to promote the healthy development of Shanghai's photovoltaic industry. This article mainly analyzes the PV industry supply chain financial model in Shanghai.
1. Overview of Shanghai PV Industry Development
Shanghai is one of the earliest regions in China's photovoltaic industry. More than 10 large-scale enterprises have been developed so far, such as Comtec and Chaori Technology, which have already been listed, Hebei Jing'ao, Wuxi Suntech, Zhejiang Zhengtai, and Neimengshan Road have successively established photovoltaic plants in Shanghai. Shanghai Aerospace Technology The company and Shanghai Jiaotong University Technology Co., Ltd. are also growing and expanding, but overall, they still lag behind Jiangsu, Jiangxi, Sichuan, and Hebei in terms of scale.
For example, the solar photovoltaic industry in Shanghai has only 1/15 of the solar cell capacity in Jiangsu Province, and even far less than Hebei, Jiangxi and Sichuan, which are far less economically scaled than Shanghai. In the entire photovoltaic industry, the number of PV module manufacturers in Shanghai is the largest among the various links, but the total capacity does not reach the scale of 1GW (3% of the country's total). In photovoltaic applications, although some companies have obtained some exemplary applications in some typical buildings such as the World Expo and Hongqiao Hub Station, they have not yet reached scale.
Although the Shanghai municipal government is very supportive of the development of the photovoltaic industry, some policies have even been introduced ahead of the country, but overall, the development of the photovoltaic industry in Shanghai still lags behind the whole country. The reason is that in addition to limited land resources and high environmental requirements in Shanghai, the financing of the large and medium-sized photovoltaic supporting companies is also a very important reason.
Although many commercial banks provide a lot of facilities for investment and financing of photovoltaic companies, investment is mostly concentrated on leading enterprises, and supporting SME financing is more difficult. The shortage of funds is still the major bottleneck restricting industrial cluster development. Shanghai is China's economic and financial center. The development of photovoltaic industry has the advantages of technology research and development, service integration, and financial resources. How to use Shanghai's financial resources to provide support for the development of the photovoltaic industry is an important focal point for Shanghai's current development of the photovoltaic industry.
2, research status
The development of solar photovoltaic power generation systems in Europe and the United States is earlier than China. At present, the western countries led by the United States have already improved their financing practices in the photovoltaic industry under the current policy system, forming a traditional large-scale power system purchase agreement model, a small- and medium-sized owner-owned ownership model, and a third-party financing model. And other multi-level comprehensive financing system. Through research and analysis, it is believed that the lack of effective investment in the industry and the lack of understanding of the operation of the financing mechanism are constraining the development of renewable energy applications such as photovoltaics.
The main factor is that there is not much in-depth research on photovoltaic industry financing and technical resources in China, mainly focusing on the analysis of the financing model and investment system, and on the idea of ​​drawing on foreign practices.
Shen Zheng and others introduced the photovoltaic power generation financing model in the United States. However, foreign developed countries represented by Europe, the United States, and Japan have a diverse range of photovoltaic industry financing channels due to their rich financing theory, diverse financing tools, and maturity. Capital market. These good financing channels may not be entirely suitable for China's national conditions. Moreover, these documents only propose financing ideas and do not carry out in-depth analysis on implementation. Supply chain finance is a new type of financial product developed by commercial banks in the market economy for the supply chain. It is at an exploratory stage both at home and abroad.
At present, the domestic research on supply chain finance is also relatively keen, but there are few researches on the supply chain finance model of China's financial market environment and photovoltaic industry. Therefore, under the background of rapid changes in financial innovation such as internet finance and accelerated interest rate liberalization, how to give full play to the decisive role of the market in resource allocation and promote the healthy and sustainable development of the photovoltaic industry has become an urgent task.
3, analysis of the photovoltaic industry supply chain financial model
According to investigations, most commercial banks use the following seven kinds of supply chain finance models for financing of photovoltaic companies.
3.1 Receivables Pledge Financing
Receivables pledge financing is one of the main products of accounts receivable type supply chain finance. The so-called pledge of accounts receivable refers to the fact that, in the case of a sales method that eliminates sales between small and medium-sized photovoltaic enterprises (sellers) and the core company (buyer) on the chain, there are often some accounts receivable, if small and medium-sized photovoltaic companies (Seller) With less immovable property, it is difficult to use the traditional method of collateral to finance from the bank, and then it can coordinate with the downstream core company, and on the premise of the downstream core company license, use the expected return of the receivables generated by the core company to the bank. As a guarantee.
The bank determines the line of credit according to the accounts receivable of small and medium-sized photovoltaic enterprises (in contrast to banks, it is the borrower). If the amount of accounts receivable is large, the frequency of occurrence is small, and this mode is called single Credits; if the accounts receivable have a high frequency of occurrence, strong stability, short repayment period, fast cash flow, the bank will normally calculate the accounts receivable according to the balance of the accounts receivable by the small and medium-sized photovoltaic companies over a period of time. The highest credit limit for a pledge, this model is called continuous credit.
The account receivables financing model is applicable to small and medium-sized enterprises that have few immovable assets and can not obtain working capital loans through bank mortgage loans, providing them with new financing channels and alleviating the lack of liquidity. Compared with traditional mortgage loans, this financing model only needs to coordinate with the downstream core companies. With the credit of the downstream core enterprises, the future accounts receivable proceeds will be mortgaged to banks. Compared with real estate mortgage financing, the operation procedures are simpler; For the banks, the risk control of this model requires attention to the following two aspects: First, buyers and sellers due to objection on the quality of products, varieties and other issues arising from the buyer's payment; Second, coordination with the buyer, to ensure the buyer back to the account Established in the lending bank or in the case of his bank can timely transfer to the lending bank.
3.2 Domestic Factoring
Domestic factoring is another major product of the accounts receivable category. When carrying out domestic trade sales of goods, if a photovoltaic company has a large amount of accounts receivable due to deferred collection (including depreciation), in addition to the aforementioned accounts receivable pledge, it may also transfer the accounts receivable claims to the bank. The way to get sales revenue to ease the shortage of liquidity.
Unlike the pledge of accounts receivable, the so-called domestic factoring refers to the borrowing company's transfer of its receivables to the bank, including account management, collection and credit risk control of related accounts receivable. Through the factoring business, photovoltaic companies have transferred the management of receivables, obtained sales revenue, and reduced management costs.
There are many forms of domestic factoring, which are divided into two types, namely, open type (substantive factoring) and concealed type (dark factoring), depending on whether the buyer is notified of the transfer. Upon the occurrence of the transfer of receivables, the photovoltaic financing company (seller) immediately informs the buyer in writing of the fact of the transfer of the creditor’s rights, instructs the buyer to pay the payment directly to the bank, or the bank entrusts the photovoltaic financing company (seller) as the agent to continue the purchase of the buyer. The buyer shall pay the relevant amount to the bank account opened by the seller and be deducted directly by the bank. Once the assignment of creditors occurs, the seller does not immediately notify the buyer at the time of the transfer. The bank only entrusts the seller as the collection agent to continue to collect payment from the buyer. The buyer will pay the relevant amount to the bank account opened by the seller and deducted by the bank.
The domestic factoring applies to the following situations: Some small and medium-sized photovoltaic enterprises have a stable trade and fund settlement relationship with the downstream core enterprises, and the account period required by the downstream core companies is long, resulting in excessive accounts receivable for the upstream small and medium-sized photovoltaic enterprises. As a result, the pressure on capital circulation is high. Such small and medium-sized photovoltaic companies can carry out factoring services with the help of core companies and banks.
The research found that many photovoltaic equipment leasing companies also carried out factoring business, but usually equipment rental time is long, such a long capital recovery cycle affects the daily cash flow of the leasing company, so leasing companies often will be leased equipment receivables Debt claims were transferred to banks to obtain sales revenue and ease cash flow issues.
3.3 Letter of credit
Because China's photovoltaic industry has two features outside the world, there are many photovoltaic companies involved in international trade. In international trade, there may be a situation where buyers and sellers do not have a high degree of trust. Bank credits are needed to complete the transaction. At this time, a letter of credit business is needed. The so-called letter of credit refers to the payment commitment made by the issuing bank in accordance with the application of the applicant (herein referred to as the photovoltaic financing enterprise), and the payment commitment based on the documents that meet the terms of the letter of credit.
The process is as follows: Photovoltaic upstream and downstream companies sign purchase contracts, downstream distributors submit application for issuance to the issuing bank; issuing bank accepts applications, opens upstream domestic supplier credit bank with domestic letter of credit; the issuing bank receives letter of credit and notifies The upstream supplier (seller), after receiving the domestic letter of credit, the seller ships the goods in accordance with the terms of the letter of credit and the provisions of the contract. The seller prepares the documents after delivery and submits the bill to the notice bank, entrusts the bank to examine the bill for negotiation, and pays the seller the price; The entrusting bank sends the complete set of documents to the issuing bank for entrusted collection. After the issuing bank has received the complete set of document inspection documents, it pays the entrusted receiving bank or issues the confirmation of the due payment; the issuing bank informs the buyer to pay the redemption order. The buyer paid to the issuing bank and received the documents that met the terms of the letter of credit. The buyer picked up the goods.
Since the general domestic negotiating interest rate of the letter of credit is based on the discounted interest rate and is lower than the interest rate of the working capital loan business, the letter of credit also saves costs. Letter of credit applies to some photovoltaic companies with higher credit ratings.
3.4 Export bills
The bank carried out financing business for some photovoltaic export companies, including export credit under letters of credit, export bills under collection, and export bills under insurance. Take the case of export bills under letters of credit as an example. The so-called export bill payment refers to the fact that after the photovoltaic company exports the goods and sends them the documents required by the bank for payment of letters of credit or contracts, the bank provides short-term financing through its documents. Photovoltaic companies pay the bill rate. In this way, before the importer pays the payment, the photovoltaic company can get paid in advance through the export bill payment, which shortens the withdrawal period of the funds and speeds up the withdrawal of funds.
Export bills are applicable to some photovoltaic companies that conduct export trade. When the liquidity is insufficient, and the time difference between post-delivery and pre-collection encounters new business opportunities with higher expected return (higher than the bill rate) At the same time, export bills are usually used to allow funds to be quickly withdrawn.
3.5 Prior stock after stock pledge
The first-to-commute and stock-to-stock pledge is one of the main products of the pre-paid account type supply chain financial products, and it is carried out in Shanghai. The so-called pre-ticket post-stock pledge refers to that dealers pay prepayments to the core manufacturers in advance through bank financing, and pledge the goods purchased under financing to the bank, and the bank gradually informs the logistics regulatory enterprises according to the sales progress of the dealers. Release the pledged goods business. The preconditions for the implementation of this business are: First, the core suppliers and distributors in the photovoltaic supply chain have a stable supply and sales relationship; second, the commercial credit of the core manufacturers.
Because the business is after the dealer paid the advance payment but has not received the vendor’s goods, the dealer’s financing is actually a guarantee of the yuan, and the risk is high. Therefore, in order to avoid credit risks, the bank must sign the "coin-enterprise business cooperation agreement" with the core manufacturers and distributors. This point also shows that the development of this business is the release of the core manufacturer's credit resources in the downstream supply chain of the photovoltaic supply chain; After the goods of the core manufacturer arrive at the warehouse of the logistics supervision enterprise, in order to avoid the risk of loss of goods and damage to the goods, banks, distributors, and logistics supervision companies must sign the “Policy Petition Pledge Supervision Agreementâ€.
This business is particularly suitable for some PV upstream and downstream companies with relatively stable trade relations. The core companies have the requirements for advance payment or discounts on quantity discounts, while the downstream distributors have insufficient funds and lack of secured assets. In addition, they also require Upstream and downstream transactions have a high level of standardization of goods, strong market liquidity, and high prices.
3.6 Guaranteed positions
Secured positions are the supply chain finance model that Shanghai's banking industry tends to adopt. This is also true in the photovoltaic industry. The so-called guaranteed warehouse refers to dealers (photovoltaic financing companies) to advance payment in advance through bank financing to the core manufacturers, and to purchase the goods purchased under the financing terms to the bank, and the bank’s sales receipts by distributors (photovoltaic financing companies). Progress is gradually notified to manufacturers to release the credit business of pledged goods.
The implementation of this model is based on the stable trade relationship between upstream and downstream of the photovoltaic supply chain, and the commercial credit of the core manufacturers. This model is very similar to the pre-ticketed goods model. Both are pre-paid account-type supply chain financial products, which are the release of core manufacturer credits downstream of the supply chain. The difference is that after the first-ticket goods need the participation of the fourth-party logistics companies, while the guarantee positions are not needed, the supervision and distribution of the goods are completed by the core manufacturers, the entire logistics process is in the hands of the core manufacturers, and the banks in order to avoid the pledge Commodity market price volatility or credit risk caused by poor dealers' business operations usually stipulates repurchase terms in agreements with dealers and core manufacturers, so the risk of this model is lower. For dealers, the difference from the pre-ticket model is that goods → directly in the hands of the core manufacturers can save warehousing expenses, and can also flexibly adjust the varieties and specifications of the products to be delivered according to actual needs to cater to the market. need.
3.7 Stock pledge
Pledge of inventory is one of the main products of logistics supply chain finance. The so-called inventory pledge refers to the short-term credit business handled by the borrower with the bank's existing inventory (including raw materials, semi-finished products and finished products) that can be accepted. The credit types include working capital loans, bank acceptance bills, commercial acceptance bills and letters of credit. And so on, also known as the spot pledge business.
Banks typically sign three-party cooperation agreements with photovoltaic financing companies (borrowers) and logistics regulatory companies. Logistics regulatory companies accept bank commissions to supervise goods. Through the pledge of stocks, photovoltaic companies can break through the financing limitations of real estate, realize spot financing, broaden financing channels, and ease financial pressure.
The use of stock pledge business in Shanghai was once very hot, especially for some commodities, such as steel. Afterwards, due to the weakening of the international steel market around 2011, many steel capital chain breaks, causing repeated stock-pending problems and many banks being implicated. The loss is greater. Since then, the China Banking Regulatory Commission (CBRC) has introduced relevant policies to promote the sharing of interbank pledged information. However, for the time being, this business is not too risky for the banks. The banking industry is still very cautious in carrying out this business.
The stock pledge applies to: First, the ownership of the pledge is clear, the physical and chemical properties are stable, and the market price is stable; second, the credit of the pledgee, the management ability of the logistics company, and the credit must be controlled.
A model that is similar to stock pledge is a pledge of warehouse receipts. Credit applicants use their own or third-party warehouse receipts as pledges to pledge goods to banks. Banks provide them with credit granting services, which are not repeated here. .
4 Conclusion
Compared with Jiangsu and Jiangxi provinces, the development of photovoltaic industry in Shanghai is still relatively slow. It belongs to emerging industries. Under the premise that domestic PV demand is still in the initial stage and foreign demand is affected by anti-dumping sanctions imposed by European countries and European countries, development is very difficult. The industry risks are high. The research of the research group on 6 banks found that banks are mostly cautious about the financing of photovoltaic companies.
From the perspective of the supply chain finance model carried out by commercial banks in Shanghai for the photovoltaic industry at present, the most developed types are pre-paid warehouses, pre-paid and post-paid stocks, and other prepayments, because these two types of supply chain financial models are closed loops. Businesses and goods have always been under the control of banks and core manufacturers. The risk is minimal. Not only that, banks also transfer risks through agreements. The former is transferred to core manufacturers, and the latter is transferred to logistics regulatory companies.
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