synonymfinancing modes (Specific financing form for enterprises to choose when raising funds) Generally refers to the financing method
Financing means enterprisesFinancing fundsThe specific form of.The more financing means the more financing opportunities available to enterprises.If an enterprise can obtainCommercial creditandbank credit, can also directly finance by issuing shares and bonds at the same time, and can also use discount, leasingCompensation tradeFinancing means that the enterprise has more opportunities to raise fundsProduction and operationRequired funds.[1]
Equity financing is to sell the ownership of the company to other investorsownerIn exchange for funds.This will involve the distribution of business andManagement responsibility。Equity financingIt allows the founders of enterprises to share with other investors rather than repay them with cashEnterprise profitAnd bear the management responsibility, and the investors share the profits of the enterprise in the form of dividends.
In a narrow sense, financing is an enterprise'sFund raisingThe behavior and process of.That is to say, according to its ownProduction and operation status. The status of capital ownership and the needs of the company's future operation and development, through scientific prediction and decision-making, use certain ways to raise funds from the company's investors and creditors through certain channels, and organize the supply of funds to ensure the company's normal production needs,Operation managementFinancial behavior required by the activity.The motivation of the company to raise funds should follow certain principles, through certain channels and certain ways.We usually say that there are three main purposes for enterprises to raise funds: enterprises to expand, enterprises to repay debts, and mixed motives (the motives of expansion and debt repayment are mixed).
Broadly speaking, financing is also called financeMonetary capitalThrough various means, the partiesfinancial marketThe act of raising or lending funds.From modern timeseconomic developmentAs an enterprise, it needs to have a deeper understanding of financial knowledge, financial institutions and financial markets than ever before. Because the development of enterprises cannot be separated from financial support, enterprises must deal with it.If you do not understand and learn financial knowledge, you will be incompetent as a leading cadre in the economy and as a leader of an enterprise.
small and medium-sized enterprisesfinance leaseMeans that the Lessor, in accordance with the Lessee'ssupplier、LeaseholdThe option of purchasing the leased property from the supplier, providing it to the lessee for use, and the lessee pays the rent in installments within the period specified in the contract or contract.
In order to obtain financing lease for SMEs, the project conditions of the enterprise itself are very important, because financing lease focuses on examining the future of the projectcash flow Therefore, the success of SMEs' financial leasing mainly focuses on the benefits of the leasing project itself, rather than the comprehensive benefits of the enterprise.In addition, enterprise credit is also very important. Like bank lending, good credit is the basis for the next lending.
SME financingIn order to reach a deal, both parties can apply to the bank for issuanceBank acceptance bill, the bank will formally accept it after approvalBank acceptance contract, the acceptance bank shallAcceptance billSign the words indicating acceptance orsignature。In this wayBank acceptanceThe bank acceptance bill is specifically a bank guarantee for the buyer. The seller does not have to worry about not receiving payment because the buyer's guarantee bank mustWill paypayment for goods.
The advantage of bank acceptance bill financing for SMEs is that enterprises can achieve short-term, frequent and fast financing for SMEs, which can reduceFinancial expenses。
Real estate mortgage SME financing is the most widely used SME financing method in the market.When financing small and medium-sized enterprises with real estate mortgage, enterprises must pay attention to China's laws and regulations on real estate mortgage, such as《guarantee law》、《Urban Real Estate Management Law》So as to avoid being cheated.
Equity transfer SME financing means that SMEs obtain funds by transferring part of the company's equity, so as to meet the needs of enterprisesFund demand。Small and medium-sized enterprisesEquity transferIn fact, SME financing is to introduce new partners.attractdirect investmentProcess.Therefore, the object of equity transfer must be carefully selected, otherwise, the enterprise will losecontrol powerHowever, in a passive situation, it is suggested that entrepreneurs consult company law professionals and act prudently before equity transfer.
Small and medium delivery guaranteeEnterprise financingThe main advantage ofEnterprise fundsHold up, improve cash flow.This kind of trade SME financing is applicable to the letter of credit that has been opened in a bank,Imported goodsSmall and medium-sized enterprises that have arrived at the port, but the documents have not arrived, and are eager to handle the picking up of goods.When guaranteeing the delivery of goods, SMEs financing enterprises must pay attention to that once they go through the formalities of guaranteeing the delivery of goods, no matter whether there is any discrepancy in the documents received, the enterprises cannot refuse to pay andNon acceptance。
Compared with otherInvestment mode，Internet financial platformConduct qualification reviewon-the-spot investigation, filtered out withinvestment valueThe quality project ofInvestment and financing sectorAnd other investment and financing information docking platform websites to investors;It also provides an online investment trading platform, which can generate a real-timelegal effectOfLoan contract；Supervise the project operation of enterprises,Managing riskGuarantee fund to ensure investorsFund security。Love investmentThe financing method created is to let professional institutions do professional things.On the one hand, take advantage of Internet opennessOpennessWhile combining the advantages of traditional financial institutions inRisk Management , credit review, etc.As an investment and financing platform, it is in the middle of the combination. Both sides are investors and demanders with financing needs, but it also cooperates closely with third-party guarantee agencies.Provide professional guarantee for users' investment.Also likeCredit rating agency、Asset management organizationCooperate to provide users with a comprehensive interpretation of their investment information, andAsset disposalFollow up guarantee.
Corporate bonds, also known asCorporate bonds, according tolegal proceduresIssued and agreed to repay the principal and interest within a certain periodsecurities, indicating that the relationship between the issuer and the investor is a debt debt relationship.Bondholders do not participate in the operation and management of the enterprise, but have the right to recover the agreed principal and interest on schedule.In the enterpriseBankruptcy liquidationCreditors have priority over shareholders to enjoy the right toSurplus propertyClaim.Corporate bonds, like stocks, are marketable securities and canFree transfer。
finance lease
Financial leasing refers to a financing method in which the lessor purchases the lease item from the supplier and provides it to the lessee for use according to the lessee's choice of supplier and lease item, and the lessee pays the rent in installments within the period specified in the contract or contract.
pawnIt is a kind of financing way to obtain temporary loans in the form of physical ownership transfer with physical objects as collateral.Andbank loanscomparison,Pawn loanHigh costvolume of creditSmall, but pawn also has advantages that bank loans cannot compare with.First of all, compared with banks' demanding requirements for borrowers' credit conditions,PawnshopThe customer's credit requirements are almost zero, and the pawnshop only pays attention toPawn itemsWhether the goods are genuine.And general commercial banks only doReal estate mortgageThe pawnshop can pledge both movable property and immovable property.Secondly, the starting point of pawn shop is low. Items worth 1000 yuan or 100 yuan can be pawned.In contrast to banks, pawnshops pay more attention to serving individual customers and SMEs.Third, complicated procedures and approval of bank loansLong cycleIn contrast, pawn loan procedures are very simple, most of which are readily available. Even real estate mortgage is much more convenient than banks.Fourth, customersBank borrowingsThe purpose of the loan shall not exceed the scope specified by the bank.The pawnshop does not ask about the purpose of the loan, and the money is very free to use.It goes round and round, greatly improvingFund utilization rate。
P2C lending model,people to company，SMEs are borrowers, butEnterprise informationandEnterprise operationRelatively fixed, stablecash flowAnd the source of repayment, the information is easy to verify, and the enterprise'sCost of defaultIt is much higher than that of individuals. It requires that there must be guarantees and mortgages, and the security is relatively better.Investors can benefit from the high annual returns of crowdfunding financing, and borrowing enterprises can achieve lowfinancing cost And flexibleLoan termCan also make the efficiency of borrowing more obvious.At the same time, the borrowing cycle andproject cycleMore matching.
IMF
The means isFake stock secret loan。As the name suggests, the so-called fake stock secret loan means that the investor invests in the project by means of equity but does not actually participate in the project management.Withdraw shares from the project at a certain time.This method is mostlyForeign fundsUsed.The disadvantage is that the operation cycle is long, and the shareholder structure of the company or even the nature of the company needs to be changed.There are many foreign funds, so the nature of domestic companies should be changed toSino foreign joint venture。
Bank acceptance
In order to reach a transaction, a financing enterprise can apply to the bank for issuing a bank acceptance bill. The bank will formally accept the bank acceptance contract after approval, and the acceptance bank will sign or seal the acceptance bill.In this way, the bill accepted by the bank is called the bank acceptance bill. The bank acceptance bill is specifically the bank's guarantee for the buyer. The seller does not have to worry about not receiving payment for goods, because the buyer's guarantee bank will pay for goods when it is due.
The advantage of bank acceptance bill financing is that enterprises can achieve short, frequent and fast financing, which can reduceFinancial expenses。
The investor will pay a certain amount, such as 100 million yuan, to the project partyCompany accountAnd immediately ask the bank to issue a bank acceptance of 100 million yuan.The investor takes away the bank acceptance.This kind of financing is greatly beneficial to the investor, because he actually used 100 million yuan for several times.He can take the 100 million yuan bank acceptance to other banks and paste another 100 million yuan out.At least 80% discount.But the question is whether the bank can issue a 100 million yuan acceptance if there is 100 million yuan in the company's account.It is likely that only 80% to 90% of the bank acceptance will be issued.It is a question of how much the bank allows you to use the funds in the company's account after issuing 100% bank acceptance.It depends on the level of the company and the relationship with the bank.In addition, the biggest disadvantage of acceptance is that according to national regulations, bank acceptance can only be opened for 12 months at most.Most places can only open for 6 months.That is, you must renew it every 6 months or 1 year.It's troublesome to use money for a long time.
Direct deposit
This is the most difficult financing method.Because doDirect depositIt is against the regulations of the bank itself, and the relationship between the enterprise and the bank must be particularly good.The investor shall open an account at the bank designated by the project party and deposit the designated amount into his own account.Then sign an agreement with the bank.Promise that the money will not be misappropriated within the specified time.The bank gives the project party the amountLess than or equal toLoans of equal amount.Note: The commitment here is not a pledge to the bank.I don't agree to pledge the money.Agreed to pledge is another financing method called large amount pledged deposit.Of course, that kind of financing method also has its violations of bank regulations.It requires the bank to sign a guarantee to collect money 30 days before the expirationclose a positionOfLetter of Commitment。In fact, after he gets this thing, he can take it to banks in other places for refinancing.
Bank letter of credit
The state has policies for global commercial banks such asCitiWait for the written consent to giveEnterprise financingOfBank letter of creditIt shall be deemed that there has been a deposit of the same amount in the enterprise account.In the past, many enterprises used this bank letter of credit to circle money.Therefore, the national policy has been slightly changed, and it is difficult for domestic enterprises to use this method for financing.Only wholly foreign-owned enterprises and Sino foreign joint ventures are allowed.So if domestic enterprises want to use this method for financing, they must first changeNature of the enterprise。
loan by mandate
so-calledloan by mandateThat is, the investor sets up a special account for the project party in the bank, and then transfers the money to the special account to entrustBank loansTo the project party.This is a relatively easy form of financing.Usually, the review of the project is not very strict, and the bank is required to make a letter of commitment to the project party responsible for collecting interest and recovering principal every year.Of course, those who do not repay the principal only need to promise to collect interest every year.
The eighth way of financing is hedge funds.There is a kind of non payment of principal and interest on the marketloan by mandateIt is a typical hedge fund.
Loan guarantee
Many on the marketInvestment guarantee companyYou only need to pay more than the bank interest to get the urgently needed funds.
National fund
Mainly from the Central Foreign Trade Development Fund.If an enterprise wants to finance through this channel, it should be noted that the main contents of market development funds are: overseas exhibitions, quality management systems, environmental management systems, software export enterprises and various product certification, international market promotion, developing emerging markets, training and seminars, overseas bidding, etc., facing Latin America, Africa, the Middle EastPriority should be given to support expansion activities in emerging international markets such as Eastern Europe and Southeast Asia.
Financing significance
Capital is enterpriseeconomic activityFirst ofimpetusContinuous driving force.Whether the enterprise can obtain stableSource of fundsTimely and fully raisedCombination of production factorsThe funds needed are crucial to operation and development.However, the biggest obstacle encountered in the development of private enterprises is the financing dilemma.China's private enterpriseslabour-intensive、Low techThe manufacturing industry, wholesale and retail catering industry alone accounts for 75% of private enterprises.Most private enterprisesInitial stageIt is still a period of development, mainly relying on self accumulation and self financing.But because of thesebusiness managementWith low level, small production scale and weak profit generating ability, further development is still restricted by serious shortage of funds.Private enterprises have a huge demand for funds. However, the loans from banks are still less than 2% of the total bank loans;adoptShare issuance financingOf private enterprises in Chinastock marketOnly about 9% of the listed companies account for about 9%, which does not include those who buy shares of other listed companies at a higher price and are listed in a curve;staybond marketIts share of the market is almost zero.The financing difficulties of private enterprises are highlighted by the difficulties of small and medium-sized enterprisesCentral and western regionsIt is difficult for small towns, which is just an important part of our economic development that needs more support.
staymarket economyMedium,Enterprise financing modeGenerally speaking, it can be divided into two types:Endogenous financingThat is, the process of converting retained earnings and depreciation of enterprises into investment;The other isexternal financing , that is, absorb othersEconomic entityThe process of converting savings into investment.We clearly understand that in the process of enterprise progress and expansion of production scale, it is difficult to meet the needs of enterprises by relying solely on endogenous financingFund demandTo a large extent, enterprises rely on external financing to obtain funds.EndogenousFinancing fundsIt comes from within the enterprise and does not need to actually pay interest or dividends to the outside, which will not reduce the enterprisecash flow ；No financing cost is required, so the cost of internal financing is far lower than that of external financingEffective controlfinancial risk , remain robustFinancial position。Therefore, it is a preferred financing method for enterprises.Internal sources of enterprisesFinancing capacityDepends on the profit levelNet assetsScale, investor expectations and other factors, only when endogenous financing can not meetEnterprise fundsWhen necessary, enterprises will turn to external financing.
The external financing of enterprises is subject to differentFinancing environmentThe choice of financing methods is also different.But you can choose the low-risk type firstdebt financing , and then choose the order of issuing new shares.The reasons for choosing financing methods in this order are:
Most listed companies in ChinaFinancing sequenceIt is to give the highest priority to issuing stocks, then consider debt financing, and finally internal financing.This financing sequence is likely to cause inefficient use of funds,Financial leverageWeakening and boosting the preference for equity financing.
2. Considering the actual situation, select appropriate financing methods
The enterprise shall, according to its own business and financial situation, considerMacroeconomic policyAnd choose a more appropriate financing method.
(1) Considereconomic environmentImpact.The economic environment means that enterprisesFinancial activitiesOfMacroeconomyIn the period of rapid economic growth, enterprises need to raise funds to increase fixed assets, inventory, personnel, etc. in order to keep up with the economic growth rateAdditional shares、Issuance of bondsOr toBank borrowingsWhen the economic growth begins to slow down, enterprises' demand for funds decreases, and generally they should gradually shrink their debtFinancing scaleTry to use less debt financing.
(2) Considering financing modeCost of capital。Capital cost refers to the cost incurred by an enterprise for raising and using funds.financing cost The lower the financing income, the better.Since different financing methods have different capital costs, in order to obtain the required funds with lower financing costs, enterprises should naturally analyze and compare variousfinancing modes And try to choose the financing method with low capital costFinancing portfolio。
(3) Consider the risks of financing methods.The risks of different financing methods are different. Generally speaking, debt financing methods may cause the risk of non repayment because they must repay the principal and interest regularly,Financing riskLarger.However, the equity financing mode has no risk of repayment of principal and interest, so the financing risk is small.If the enterprise adopts debt financingfinancial leverage The role ofEBITWhen descending,Profit after taxAnd earnings per share decline faster, which brings financial risks to the enterprise, and may even lead toEnterprise bankruptcyRisk.Major enterprises in the United Statesinvestment bankThe successive bankruptcy ofRisk Management ofTherefore, the enterprise business must choose the appropriate financing method according to its own specific situation and considering the risk degree of the financing method.
(4) Consider the enterprise'sProfitabilityAnd development prospects.In general, the stronger the profitability of the enterprise, the better the financial situation,LiquidityThe stronger, the better the prospects for development, the more able to bear financial risks.When the enterpriseInvestment profit rateGreater than debt fundsInterest rateThe more debt, the moreReturn on net assetsThe higher, rightEnterprise developmentandequity capital ownerThe more favorable it is.Therefore, when the enterprise is in a period of rising profitability and good development prospects,Debt financingIt is a good choice.And whenEnterprise profitabilityDuring the period of declining, deteriorating financial situation and poor development prospects, enterprises should try to avoid financial risks by using debt financing as little as possible.Of course, it has strong profitability andEquity expansionEnterprises with the ability to raise funds by issuing new or additional shares canequity financingOr both equity financing and debt financing.
(5) Consider the degree of competition in the industry.When the competition in the industry where the enterprise is located is fierce, it is easy to enter and exit the industry, and the profitability of the entire industry is declining, it should consider using equity financing, and use debt financing cautiously.The industry where the enterprise is located is less competitive, and it is difficult to enter and exit the industrySales profitWhen it can grow rapidly in the next few years, it can consider increasing the debt ratio to obtainFinancial leverage benefits。
(6) Consider the enterprise'scontrol power。SME financingThe Central Standing Committee has lost the ownership and control of enterprises, resulting in profit diversionCorporate interestsDamaged.For example:Mortgage of house property certificate, PatentTechnical disclosure, InvestmentShare conversion. The exposure of upstream and downstream important customers and the clarification of internal privacy of enterprises will affect enterprisesStability and development。On the premise of ensuring considerable control over enterprises, we should not only achieve the financing purpose of SMEs, but also orderly transfer ownership.issuecommon stockIt will dilute the control right of the enterprise and may make the control right fall to others, while debt financing generally does not affect or rarely affects the control right.
