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西班牙替代金融市场初探

市场贷款

LAVICE数据显示,Comunitae已经跻身西班牙最大的P2B贷款平台,目前融资总额达2120万欧元,同比增长128.4%。任何年满18岁并持有欧盟银行账号的个人都可以加入平台,最低投资额为50欧元。投资方式有两种:投资者自己选择想要投资的项目或授权系统自动选择标准相配的贷款。

P2B贷款平台Loan Book Capital目前授权贷款总额达450万欧元,同比增长133.9%。(监管条例规定)授信和非授信投资者均可参与投资。投资者自己选择想要投资的项目。

股权众筹

Crowdcube2014年6月启动,2015上半年就筹款124万欧元。投资者可以选择公司进行投资,没有最低投资门槛。

西班牙拥有欧洲第八大替代金融市场,GDP在全欧排名第四。但是市场还未成熟。西班牙替代金融市场正在迅速扩大,市场借贷今年以来增长约为100%。将所有市场贷款累计投资总额超过100万欧元的平台纳入计算,AltFi预计西班牙贷款量累积将达2566万欧元,其中2015年将达到982万欧元。剑桥大学和安永金融的报告指出,2014年替代金融行业价值约6200万欧元。

西班牙最近推出了名为《新企业融资促进法》的新法规("Ley de Fomento a la Financiacion Empresarial")。在西班牙,债权人分为授信和非授信投资者两种。私人授信投资者年收入必须超过5万欧,或总资产超过10万欧。公司则需要拥有资产超过100万欧,营业收入超过200万欧或股本超过30万欧。如果投资者不符合以上任何标准,就是非授信投资者,那么投资数额则不能超过每公司3000欧或一年1万欧元。

如果有授信投资人参与投资,公司至多可以获得500万欧元的融资;而如果投资人全部是非授信投资者,公司则至多可以获得200万欧元的融资。项目融资不可以超过最初目标的125%。

新法规也适用于融资平台。众筹及市场借贷平台由西班牙国家证券市场委员会(CNMV)监管,平台运行至少需要保证有6万欧的资本准备金,(超过200万欧元的贷款则需要12万欧元准备金);或有至少覆盖30万欧的社会责任保险来支付损失投诉及40万一年的资金支付各种其他投诉。

新规则于4月29日开始实施,希望能够降低借贷市场75%贷款都在银行进行的集中现状。

安永金融报告列出了2014年替代金融(总值6200万欧)的各项比率:(2015年2月出版)

奖励式众筹 57%

P2P企业贷款 22%

股权众筹 17%

捐赠式众筹 1.3%

发票金融 1%

迷你债券 1%

Marketplace Lending

Comunitae is the largest Spanish P2B lender and has financed €21.2 million to date, with year on year growth of 128.4%, according to the Liberum AltFi Europe Volume Index (LAVICE). Investment is open to anyone over the age of 18 who has a bank account inside the EU. Investments must be at least €50. Investments can be made two ways: either investors select which loans they want to fund or they allow the system to automatically select loans that match their criteria.

Loan Book Capital is a P2B lender and has authorised €4.5 million loans to date, with year on year growth at 133.9% (LAVICE). Investment is open to accredited and non-accredited investors (subject to regulation). Investors choose which loans they want to invest in.

Equity Crowdfunding

Crowdcube was launched in June 2014 and funnelled €1.24M in the first half of 2015. Investors can choose the companies they want to invest in and there is no minimum investment.

The Spanish market is, in terms of rank, one of the largest European Alternative finance markets: ranking 8th (4th largest GDP). However it is very much in its infancy. The sector is expanding rapidly, with marketplace lending year to date growth at around 100%. Considering all marketplace lending platforms with a cumulative volume of over €1.1M, AltFi data calculates the Spanish sector's cumulative lending volume to be €25.66M - including €9.82M in 2015 year alone. A report by Cambridge University and EY valued the whole AltFi market at €62M for 2014.

A new law was recently introduced in Spain, called "Ley de Fomento a la Financiacion Empresarial". In Spain, creditors are divided into accredited and non-accredited investors. Private accredited investors must have either an income greater than €50,000 per year or assets over €100,000. For companies, they must have assets over €1 million, revenue over €2 million or equity over €300,000. If an investor meets none of these criteria - and is labelled a non-accredited investor - investments are limited to a maximum of €3,000 per company or €10,000 a year.

For companies looking for finance, a maximum of €5 million can be raised as long as exclusively accredited investors are involved and €2 million if non-accredited investors are included. Furthermore, the project is not allowed to raise more than 125% of its initial target.

The new legislation extends to platform regulation. Crowdfunding and marketplace lending platforms are regulated by the CNMV and must have capital of at least €60,000 - or €120,000 for raises over €2 million - or have social responsibility insurance with a minimum coverage of €300,000 for a complaint about damages and €400,000 per year for all complaints.

Only brought in on April 29th 2015, it is hoped that the new rules will reduce market concentration - with 75% of lending estimated to come from banks.

The EY report continues with a breakdown of the alternative finance industry - correct as of publication Feb. 2015 - with each sector given as a proportion of the total 2014 market value (€62M):

Reward-based crowdfunding 57%

P2P Business Lending 22%

Equity-based Crowdfunding 17%

Donation-based Crowdfunding 1.3%

Invoice Trading 1%

Mini-bond Offering 1%


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