Page 221 - Contributed Paper Session (CPS) - Volume 6

CPS1892 Yang Xinhong
collect the proportion of "NOF" loan capital according to the source channels
in the survey.
4.1 Financial Intermediary Services by Indirect Measure
From the perspective of national accounting, this kind of capital
borrowing and lending is the output of financial intermediary services, which
does not directly charge service fees, but actually produces financial services
related to deposit and lending interest fees. SNA provides a method to
indirectly measure the financial intermediary services (FISIM).
SNA2008 improves the calculation method of FISIM. It is suggested to use
the reference-rate-method to calculate FISIM for all deposit and lending
(including self-owned capital), and to presume that all deposit and lending
services provided by financial institutions have been charged indirect service
fees, regardless of the source of capital. At the same time, it is concluded from
SNA that financial institutions do not necessarily provide both deposit and
lending services. Therefore, based on SNA2008, it is suggested that an
unincorporated lender with self-owned capital should also be regarded as a
financial institution that provides lending services, while the output of its
lending services should be regarded as the virtual lending service fee
according to the calculation method of FISIM.
4.2 The Value-added Accounting of Self-employed Households' "NOF"
of Shenzhen in 2015
For lenders with their own capital, lending service output FISIM = lending
service fee = lending amount x (lending interest rate-reference rate). The
added value of lending activities of the self-employed households' "NOF" is
calculated as follows. First, it is assumed that:
1. The " annual average NOF balance" of self-employed households in 2015
is RMB 72.417 billion in this survey (this data should be time points
numbers, and the lending balance at different time points throughout the
year changes; thus it makes it simply by assuming that the self-employed
households' "NOF" scale throughout the year is basically stable).
2. The lending interest rate of the unincorporated lender refers to the annual
interest rate of the bank for the personal unsecured credit lending, which
is about 9%.
3. The reference interest rate is weighted by the average deposit and lending
balance of Shenzhen in 2015, and the one-year deposit and lending
benchmark interest rate of the People's Bank of China at the end of the
year.
56725.61 30248.86
Reference interest rate = X1.5% + X4.35% = 2.49%
30248.86 + 56725.61 30248.86 + 56725.61
Based on the FISIM calculation method and the assumptions above, the
output and added value of "NOF" activities of self-employed households in
2015 are calculated as follows:

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