体育外围

体育外围jingguo10yuniandezhongzhu，chuanborongziyewufazhanxingchengleyiyinxingdaikuanweizhu，zibenshichangrongziyijijinrong/rongzizulinrongzidengduozhongxingshibingcundegeju。dangran，kgrongzimoshirengzaifahuiyidingdezuoyong

体育外围2008nianbaofadeguojijinrongweijiyijiyoucidaozhidechuanbozichanbianzhi，cushiquanqiuchuanborongzigejufashengxianzhubianhua。chuantongdeouzhouyinxingyouyuchuanbozichanhuaizhangdezengduoersuojianchuanborongziguimo，daozhideguochuanborongzidedingliangzhu——kgrongzimoshisuizhiweisuo。

体育外围jingguo10yuniandezhongzhu，chuanborongziyewufazhanxingchengleyiyinxingdaikuanweizhu，zibenshichangrongziyijijinrong/rongzizulinrongzidengduozhongxingshibingcundegeju。dangran，kgrongzimoshirengzaifahuiyidingdezuoyong。

银行信贷为主

体育外围jinguanjiao2008nianzhiqianyousuoweisuo，danshiyinxingxindairengweichuanborongzidezhuyaoxingshi。2019nian，quanqiuchuanborongzishichangchengjiao206biyintuandaikuan，heji860yimeiyuan。zaijizhuangxiangchuanlingyu，2019nian9yue，yingguoglobal ship leasehuode2.68yimeiyuanyintuandaikuan，daikuanqixianwei5nian。

shangbannian，zhuyaojizhuangxiangchuandulichuandongrengtongguoyinxingdaikuanhuoquzijin，yiyongzuochuanborongzideng。genjugaoshimaideyejibaogao，qishangbannianhuodechaoguo3yimeiyuandexindairongzi。qizhong，2.1yimeiyuanzhuyaoyongyuchanghaidaoqidaikuan；yue1yimeiyuanyongyuchuanborongzi（gaoshimaizhuyaocongouzhoujinrongjigouhuodezijin）。daneiesidexindairongzijineshaoxiao，gaiqiyezhuanxiangzongbuweiyuyataideyinxinghuoquxindairongzi。shangbanniansaisipanyezaixindaishichanghuodeliangbidaerongzi。qizhong，1.5yimeiyuanxindairongzizuoweixunhuandaikuanzhanqizhiyong；3.4yimeiyuanrongzizuoweixingouchuanborongzi（jianbiao1）。

2008nianbaofadeguojijinrongweijiyijiyoucidaozhidechuanbozichanbianzhi，cushiquanqiuchuanborongzigejufashengxianzhubianhua。chuantongdeouzhouyinxingyouyuchuanbozichanhuaizhangdezengduoersuojianchuanborongziguimo，daozhideguochuanborongzidedingliangzhu——kgrongzimoshisuizhiweisuo。

体育外围jingguo10yuniandezhongzhu，chuanborongziyewufazhanxingchengleyiyinxingdaikuanweizhu，zibenshichangrongziyijijinrong/rongzizulinrongzidengduozhongxingshibingcundegeju。dangran，kgrongzimoshirengzaifahuiyidingdezuoyong。

银行信贷为主

体育外围jinguanjiao2008nianzhiqianyousuoweisuo，danshiyinxingxindairengweichuanborongzidezhuyaoxingshi。2019nian，quanqiuchuanborongzishichangchengjiao206biyintuandaikuan，heji860yimeiyuan。zaijizhuangxiangchuanlingyu，2019nian9yue，yingguoglobal ship leasehuode2.68yimeiyuanyintuandaikuan，daikuanqixianwei5nian。

体育外围shangbannian，zhuyaojizhuangxiangchuandulichuandongrengtongguoyinxingdaikuanhuoquzijin，yiyongzuochuanborongzideng。genjugaoshimaideyejibaogao，qishangbannianhuodechaoguo3yimeiyuandexindairongzi。qizhong，2.1yimeiyuanzhuyaoyongyuchanghaidaoqidaikuan；yue1yimeiyuanyongyuchuanborongzi（gaoshimaizhuyaocongouzhoujinrongjigouhuodezijin）。daneiesidexindairongzijineshaoxiao，gaiqiyezhuanxiangzongbuweiyuyataideyinxinghuoquxindairongzi。shangbanniansaisipanyezaixindaishichanghuodeliangbidaerongzi。qizhong，1.5yimeiyuanxindairongzizuoweixunhuandaikuanzhanqizhiyong；3.4yimeiyuanrongzizuoweixingouchuanborongzi（jianbiao1）。

金融/融租企业崛起

体育外围2008nianyilai，chuanborongzilingyuyidakandianshijinrong/rongzizulinqiyedejueqi，qizhongdangshuzhongzizulinqiyefazhanzuiweiqiangjing。2019nian，xilapetrofin researchchuangshirented petropoulospingjiadao: “zhongzizulinqiyefazhanshitouriyiqiangjing，shuliangdafuzengzhang，rongzichengbenyijiangzhiyuyinxingxiangdang，shenzhigengdi。”

jiezhi2018niandi，jinzhongzizulinjigoutigongderongzizongejiucong2017niande470yimeiyuanzengzhi513yimeiyuan。bujinzhongzidegongyinzulin、jiaoyinzulin、zhaoyinzulin、guoyinzulindengzulinqiyekuaisufazhan，rizidezulinqiyeyezaigenjin。

zaijizhuangxiangchuanyewubumen，rizidezhengrongqichuan，zhongzidezhongyuanhaifa、jiaoyinzulin、minshengzulinyijizhaoyinzulindengzulinqiye，douyongyouyizhijiaodaguimodechuandui，chengweifeiyunyingjizhuangxiangchuandongzhongdezhongyaoliliang（jianbiao3）。

juzhongchuanzulinzongfalvguwenzhaoshenjieshao: “zhongzijinrongzulinqiyerugongyinzulin、jiaoyinzulindenglvxianzaidaxingjizhuangxiangchuanlingyukaiqichuanborongzixiangmu。jiyubanlunyedeguatoulongduanxingzhi，jizhuangxiangchuanzuoweiqibuzichan，xiangmufengxiangengweikekong。zhongzijinrongzulinqiye2012—2014niandaguimofazhandaxingjizhuangxiangchuanxiangmu，qibujieduanzhuyaoyuquanqiuqianwujiabanlungongsihezuo，xinyongfengxianjiaoxiao，fashengweiyuekenengxingjiaodi。”

muqian，budanzhongzijinrongzulinqiyefazhanyijuyouxiangdangguimo，baokuozhongchuanzulinzaineidechuanchangxijihangyunxirongzizulinqiyedouzaikuaisufazhan。

KG融资模式式微

deguodekgrongzimoshi，budancengzhichengdeguochuanduikuaisukuozhang，qiezaiquanqiujizhuangxiangchuanrongzilingyujuyouzhongyaodiwei。genjualphlinershuju，2006—2008nian，quanqiujizhuangxiangchuanxindingdande26%youkgrongziqiyetigong。

deguokgrongzimoshijuyousandatedian:

体育外围shouxian，yijiaoshaodezijinhuodechuanbodezhangqishiyongquan。tongguokgrongzimoshi，faqirenzhixutouru5%～10%deshaoliangzijin，jiukexishoutouzizhezijinheyinxingdengjinrongjigoujiekuandadaogouzhichuanbodemude（jiantu）。

qici，juyoujiaodashuishouyoushi。kgqiyekeyitongguojiasuzhejiudefangshihuodeshuishouyoushi；tongshi，youyuankgqiyeshijifaqirenhetouzizhehuodedelirunjinxingnashui，erbushiyongkgqiyezuoweinashuizhutihouzaigezijiaonasuodeshui，yinerkejianshaoshuishouhuanjie。

disan，huodechuanboguanlifeiyong。kgqiyedefaqirentongchangweihangyunqiyehuochuanboguanliqiye，tongguoguanlikgqiyechuanbo，zaihuodechuanboshiyongquanshi，haikehuodechuanboguanlifeiyong。

体育外围jinguanyouduozhongyoushi，2008nianguojijinrongweijibaofahoujizhuangxiangchuanbozichanjiagededafuxiadie，queduikgrongzimoshizaochengjudachongji。2015nian，kgrongzimoshiduijizhuangxiangchuanxindingdandegongxianweisuozhi2%。

体育外围jinguanruci，genju《journal of commerce》deshuju，zhi2013nianyijidu，quanqiuzaiyingjizhuangxiangchuande1/3shishiyongkgrongzimoshihuoderongzi。muqian，deguochuandongrengshijizhuangxiangchuandulichuandongzhongdehexinliliang，zheixiechuandongdecunliangchuanbozichanduoyikgrongzimoshihuoderongzi。ciwai，jinnianlaijueqidempc container ships，tongguokgrongzimoshihuoqubufenchuanborongzizijin。