Report: Nearly 60% of sample companies earn less than 5 yuan in income

In recent years, the high cost burden of the real economy has caused social concern. Then, in the context of policy encouragement to reduce costs, the burden of enterprises has not fallen?
On August 1, the "Finance Reduction - 2017 Survey and Analysis" (hereinafter referred to as "Report") issued by the China Academy of Fiscal Science gave the answer. According to the report, nearly 60% of the sample enterprises' total tax revenue accounts for less than 5% of the operating income, which indicates that nearly 60% of the sample enterprises' income is 100 yuan.
In addition, the high cost of financing has become a problem that many companies feel deeply. The report shows that from the perspective of financing costs, the external financing costs of sample enterprises have shown a downward trend. Among them, the weighted average interest rate of banks' term loans declined the most.
Liu Shangxi, head of the research team and president of the China Academy of Fiscal Science, told the media, including the Daily Economic News, that the overall financing costs of enterprises declined in the three years from 2014 to 2016. From the data of financing channels, the cost reduction effect of bank credit channels is the most obvious.

Six major cost increases, such as taxes and fees, eased. In August 2016, the State Council issued the Work Plan for Reducing the Cost of Enterprises in the Real Economy. The document stated that after 1 or 2 years of hard work, the initial results of reducing the cost of the enterprises in the real economy were obtained. After 3 years. The overall cost of the real economy enterprises has been reasonably reduced, and the profitability has been significantly enhanced.
It is understood that the above report was conducted in the first half of 2016, reflecting the situation in the three years from 2014 to 2016.
The tax burden of enterprises is a cost that is of concern to all sectors of society. The above report collected data in 14,709 enterprises, and the total tax payment of the sample enterprises was about 360 billion yuan, accounting for about 3% of the total tax payment of enterprises in the country.
According to the report, nearly 60% of the sampled enterprises accounted for less than 5% of total operating income, and the total amount of tax paid by sample companies in the past three years accounted for 5.3% of the total revenue. In terms of annual, it shows a downward trend; in terms of regions, the eastern region has the lowest proportion and the western region has the highest.
However, costs other than taxes are also worthy of attention. The report shows that some of the major cost indicators of the real economy sample companies are still rising or falling less significant.
The reporter noted that raw material costs have risen rapidly in recent years. The report pointed out that in 2016, the raw material cost of the national real economy sample enterprises increased rapidly, up 7.21% year-on-year. Among them, the raw material cost of manufacturing sample enterprises increased by 7.84%.
At the same time, enterprises are also facing the cost burden of land and rent costs generally rising, energy costs rising, and labor costs still rising rigidly.
Since the beginning of this year, the State Council has introduced a number of cost reduction measures such as tax reduction and fee reduction, including reducing the logistics cost of enterprises; promoting the reform of provincial power grid transmission and distribution prices, and rationally reducing transmission and distribution prices.
Liu Shangxi pointed out that the pressure on the six major cost increases, such as corporate taxes and fees, has been alleviated, and the policy effect in 2016 has already appeared. “The effect of tax reduction and fee reduction is the most obvious. Immediately, the phased cost reduction measures have basically been implemented.”
For example, in 2016, the scale of tax increase and decrease in Shandong Province was 32.7 billion yuan, and the provincial-level enterprise-related administrative fees and charges project realized “zero fees”, which can reduce the burden of enterprises by about 10 billion yuan per year. Fujian Province has completely suspended the collection of administrative fees for enterprises in the province, implemented the scope of the state's expansion of 18 administrative fees, and reduced the administrative fees for enterprises concerned by about 1.604 billion yuan. "From the overall situation of the country, whether it is the central or local, the administrative fees have been declining since 2014." Liu Shangxi said.
According to the report, in 2016, several research provinces and regions realized the policy objectives of reducing the cost of entity enterprises in 2016. Among them, the total cost of Yunnan, Henan, Shandong and Inner Mongolia has exceeded 60 billion yuan.

Bank credit channel cost reduction effect Clear financing cost is one of the most concerned issues for enterprises.
The report team believes that among all types of financing methods, bank loans are still the most important way for enterprises to raise funds, followed by bond financing, compared with equity financing and other financing methods.
The report shows that the bank's weighted average interest rate for each term loan fell the most, from 7.24% in 2014 to 6.49% in 2016. The “cost reduction” policy since 2015 has been the most obvious in the field of bank credit.
According to the report, overall, among the four types of financing methods, equity financing costs are the lowest, followed by bond financing and bank credit, and other financing methods have the highest cost.
It is worth noting that, from the perspective of enterprise scale, the loan interest rates of large enterprises and small and micro enterprises are lower than those of medium-sized enterprises.
According to the report, in 2014-2016, the weighted average interest rate of large enterprises' silver loans is about 6.3~6.9%, small enterprises are about 6.3%~7.2%, micro enterprises are between 6.0%~6.7%, and medium enterprises are 6.8%. ~7.5% interval, significantly higher than large enterprises and small and micro enterprises.
In terms of financing costs, the research report believes that the current parties reflect the high cost of corporate finance. The fundamental reason is that the “meridian” between financial and entity enterprises is not feasible, and financial and entity enterprises have not achieved a virtuous circle. On the one hand, the financial and real economy are out of touch, the financing environment is deteriorating; on the other hand, funds are circulating in the financial system, and the risks are increasing sharply.
"In this case, only to clear the 'meridian', can both contain risks and fundamentally reduce financing costs." Liu Shangxi said. In this regard, the research report proposes suggestions for continuing to promote multi-level capital market construction, encouraging medium- and long-term credit institutions that form policy or social capital to participate, actively developing regional financial organizations, and promoting the construction of credit reporting systems for small and medium-sized enterprises.