synonymFinancing(Financing) generally refers to financing (financial terms)
Financing, in English, refers to financing. In a narrow sense, it refers to an enterprise'sFund raisingThe behavior and process of.[1]Broadly speaking, financing is also calledfinance, isMonetary capitalThrough various means, the partiesfinancial marketThe act of raising or lending funds.《The New PalGrave A Dictionary OF Economics 》The explanation of financing is: financing refers to the monetary transaction means used to pay the purchase money in excess of cash, or to raise funds for acquiring assetscurrencyMeans.
In a narrow sense, financing is an enterprise'sFund raisingBehavior and process,[1]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.In 1991, when visiting Shanghai, Comrade Deng Xiaoping pointed out that "finance is very important and is the core of modern economy. If finance is done well, it will be flexible in every way." It can be seen from this that senior government officials have gradually attached importance to finance.
Detailed interpretation
● The so-called financing means that enterprises use various methods to provide financial institutions orFinancial intermediariesA business activity to raise funds.General civil, aviationtransportationCommon financing technologies include loan and lease.
●mining rightThe essence of operation is mining right financing and mining development.
The so-called financing refers to the borrowing and lending of money and the paid raising of funds, and the financing of mining rights refers to natural persons, legal persons and othersocial organizationActivities of raising funds through legal transactions and self-development by taking advantage of the mining rights legally enjoyed.
● Financing usually refers to monetary capitalholderDirect or indirect financing activities with demanders.
● The financing function of BOT refers to the adjustment and accommodation of monetary fundsSocialized mass productionSociety under conditionseconomic entityThe effective ways and means to adjust the surplus and deficiency.
● Broadly speaking, financing refers to a kind of financing in which capital flows between holders to make up for the shortfalleconomic behaviorThis is the process of two-way interaction of funds, including the inflow (source of funds) and outflow (use of funds) of funds.Financing in a narrow sense only refers to the integration of funds.
● Financing refers to the flow of funds between suppliers and demanders. This flow is a two-way interaction process, including both the inflow and outflow of funds.
● Financing refers to the activities in which an enterprise obtains funds required for operation in a certain way from relevant channels.In China, listed companiesfinancing channel along withEconomic system reformThe continuous deepening ofUniquenessTo the process of diversified development.
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 refers to the lessor'ssupplier、LeaseholdThe lessee pays the rent in installments within the period specified in the contract or contractFinancing mode。
pawnIt is a kind of financing way to obtain temporary loans in the form of physical ownership transfer with physical objects as collateral.Compared with bank loans,Pawn loanHigh costvolume of creditSmall, but pawn also has advantages that bank loans cannot compare with.First of all, compared with the bank's demanding requirements on the borrower's credit conditions, the pawnshop's requirements on the customer's credit 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 repayment sources. The information is easy to verify. At the same time, the cost of default of enterprises 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.
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。
In order to conclude the transaction, the financing enterprise can apply to the bank for the issuing bankAcceptance bill, the bank will formally accept it after approvalBank acceptance contract, the acceptance bank should sign the words indicating acceptance orsignature。In this wayBank acceptanceThe bill of exchange is calledBank acceptance billThe bank acceptance bill is specifically the bank's guarantee for the buyer. The seller need not worry about not receiving the payment, because the buyer's guarantee bank mustWill paypayment for goods.
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.
This is the most difficult financing method.Because the direct deposit itself is against the regulations of the bank, 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.
The state has policies for global commercial banks such asCitiWait for the written consent to giveEnterprise financingA bank letter of credit in the amount of 30% shall be deemed as having the same amount of deposit 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。
The so-called entrusted loan is that the investor establishes 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 so-called direct payment isdirect investment。This review of the project is very strict and often requiresfixed assetsMortgage orBank guarantee。Interest is also relatively high.Most of them are short-term.The lowest personal contactannual interest18。Generally above 20.
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.
It is a financing scheme based on the assets owned by the company. This is an important financing method for small and medium-sized enterprises in Europe and the United States, which can raise short-term, medium-term and even long-term funds.SpecificallyLong term fundsFixed assets owned by the company can be purchased by installment, leaseLeasebackorentiretyLoans by means of investment, etc.Short term funds, basically discounted by invoice, orReceivables, InventoryRCFMainly.The specific approach is to sell all or part of the company's receivables to asset financing providers to get cash, effectively convert credit sales into cash sales, and accelerateCapital return。Sales invoiceIt means that the enterprise submits the invoice to the fund provider at a price agreed by both parties (generally 60% - 90% of the invoice face value) on a regular basis. After receiving the invoice, the fund provider will pay the amount to the enterprise, and after receiving the payment for goods, deductRelevant expensesOr interest, return the difference to the enterprise.The fund can be collected by the fund provider or the enterprise itself.The key to this approach is to find the bank or company that carries out this kind of business.
2、 Government support
In view of the fact that the lack of funds is one of the outstanding problems that small and medium-sized enterprises must face in the world, many economiesdeveloped countryAll kinds ofFinancial meansSupport small and medium-sized enterprises, and the most commonly used is government guaranteed loans.Such as AmericanSmall Business AdministrationLoan Guarantee Scheme in the UK, SME Credit Guarantee Scheme in Hong Kong, etc.In China, since the late 1980sSME loansThe Chinese government has successively launched special loans for education, 863 and torch projects. The State Economic and Trade Commission has also issued the Work Plan for Pilot Construction of Credit Guarantee System for Small and Medium sized Enterprises to actively promote financial institutions to provide guarantee for the development of small and medium-sized enterprises.How to make full use of these preferential policies is also a channel for SMEs to solve the lack of funds.
Venture funds are common abroad, such as British Venture Capital Association and 3I Group, which started late in China and appeared in the late 1980s, mainly based on Chinese technologyEntrepreneurshipriskinvestmentCompany, China Science and Technology InternationalTrust and Investment CompanyRepresented byVenture capital fundStart landing in China, such as PTV-CHINA (Pacific OceanTechnical risk）, WIIG (Huadeng Investment Group) and other domestic so-called“Business incubator"It's actually a similar riskFund company。Venture funds generally invest in the pioneering stage with good market and product prospects, ormanagement layerThe enterprises acquired (Management Buyouts) are the main high-tech enterprises in the pioneering stageSource of funds。More and moreVenture Capital CompanyThey expressed interest in small and medium-sized enterprises, and this kind of investment accounted for 1/3 of the total venture capital. However, the requirements of venture funds are also very strict. For example, venture funds often require to hold certain shares of the company, participate in the board of directors, provide detailed reports, and listDevelopment plan、Financial planning、Product characteristics, management capabilities, etc.stayCapital structure In addition, the management of the enterprise must invest a certain proportion of funds, generally about 25%, to constrain the commitment of the management to the enterprise.
Limited by the scale of assets and funds, SMEs cannot passIssuance of bondsTo raise funds directlysecond boardIt is natural to absorb the folkHot moneyThe best choice for.The second board market is positioned on the basis of growth potential. The performance requirements for three consecutive years of profitability are not so strict, and the minimum capital requirements will be greatly reduced. It is suitable for high-tech enterprises and other small and medium-sized enterprises with broad development space.However, in the early days of the establishment of the second board market, only a few people could catch the first trainListing expensesAnd the operating cost of maintaining the second board system, I'm afraid that it will greatly weaken the attractiveness of the second board market.The Chinese government plans to take two steps:SME boardIs a feasible scheme.
5、 Lease financing
This is notNew thingsHowever, it is a very effective financing method for productive SMEs.SpecificallyOperating lease、Financial leasingOr installment payment, leaseback, etc.The way of leasing reduces the cost ofEquipment modificationThe resulting capital turnover pressure avoids paying a large amount of cash, and the rent can be paid in installments over the service life of the equipment rather than in a lump sum, so that the enterprise will not have capital turnover difficulties.Of course, in addition to the financing methods mentioned above, SMEs have more financing channels. The key is to carefully study their own advantages, national preferential policies, and the latest development of capital and capital markets, so as to make full use of various funds and solve the problem of capital bottleneck for development.
Enterprises use capital systems, mechanisms and means to obtain resources.Enterprise capitalThrough listingCapital liquidityEnhance, and at the same timeFuture value"Close" to the current stage, which makes the original liquidity of enterprises closerCapital appreciation；Shareholding system can be integratedBusiness reputationandBrand value；Someone usesRestructuring of state-owned enterprisesOpportunities to take underestimationstate-owned propertyValue, especially underestimated or not recordedintangible assetsThe method of buying shares for joint venture valuation and illegally financing state-owned enterprises;Some largeEnterprise transformationSometimes, some non core enterprises will get rid of, and some enterprises will sell their enterprises at a low price because they mistakenly estimate the industrial prospect or are eager to realize. At this time, it is appropriate toenterprise mergersThese enterprises to be sold will make great progress;After the listing of enterprise shares, it creates convenient conditions for mergers and acquisitions of enterprises, and it is also easy to attractcompetitor；Two peersbusiness combinationWill jointly improve the marketcompetitive position , industry complementary inter enterprise merger will improve theIndustrial scaleAnd then improve the market competitiveness, or even cause monopoly.In the future, withmarket economyThe legal system ofbankruptcy protection、investment bankProvide bond financing support and other capital to cooperate with the acquirer or acquirerFinancing mechanismAnd the environment will be more and more perfect.
2. Brand financing
Enterprises use brand advantages to integrate other resources.Brand is reputation, which can provide customers with a commitment that they never doubt,World Horticultural ExpositionOfBrand reputationThe Expo City can be built in a place that is almost wasteland without guarantee;Brand is an eternal symbol of quality. It provides customers with value that they cannot give up. A successful brand can connect many brandsHigh quality products, manyGood products"Surrender" to brand enterprises because there is no brand;A successful brand is a symbol of core competitiveness. It has characteristics that competitors cannot replicate. If one brand is comprehensive and strong than another, it will be eliminatedWeak brandAfter that, it will get almost all the coverage of the original weak brandsMarket resources。The brand of the enterprise, like the flag of the military, has greatSpiritual powerIts influence and charisma are often the trump card of financing.For example: oneFund Custodian CompanyAlthough there are not many fund managers inPersonal assets, and no one else provided asset guarantee for him, but he was entrusted by a brand financial institutionFund operation, he may get a large amount of entrustment in an instantInvestment capital, because this person has a very outstandingInvestment and FinancingLevel and performance, as well as outstanding personality andprofessional ethicsThe level, performance, personality and morality are personal brands.Various types of financial markets in China at this stageinvestment fundsThe emergence of has not only boomed China's investment and financing market, but also provided a world for many fund speculators to display their talents, which has also helped some fund managersPersonal brandThe shaping of provides a platform.
3. Product financing
Use product technology orMarket capacityIntegrate other resources.Big and all inclusive, small and all inclusiveplanned economyA manifestation of the rigid investment and management system of the times, some product producers still have such closed investmentManagement ideologyTo organizeProduct management。Good products have two typical situations - advanced technology and large market capacity.Supporting advanced technologyProduction conditions. Supporting business conditions to occupy the market, neither of which can be completed in an instantpopular goodsOfadvanced techniqueIn essence, it is equivalent to backward technology. Products that cannot occupy the market are essentially products without a market.To change the adverse situation brought about by the concept of "large and comprehensive, small and comprehensive", we need to have product financing ideas.Adopt contract system and form with various related production enterprisesIndustry Alliance, which means someone has prepared for you in advanceRelated investments；Adopt production license system and marketDistribution systemWith the help of other people's existing sales network, controllable sales of products can be realized.In addition, enterprises inproject investment We should pay attention to the investment order, and we shouldSubprojectArrange first.
Financing channels
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1. Bank
When you need financing, you must first think of the bank,bank loansIt is known as the“Reservoir”Because banks have strong financial resources and most of them have government backgrounds, they have a "mass base".
Credit card withcommercial bankBusiness innovation,Settlement methodIncreasingly electronic, credit cardelectronic moneyIt is not only fashionable, but also feasible for people engaged in business to obtain certain funds through credit cards when they are in urgent need of turnover.
4. Policy pledge
Does the insurance company "lend" money to the insurer?Many people may express surprise, but this business has already appeared.If the applicant is in financial difficulties or urgent needCapital turnoverYou can pledge your policy to the insurance company and get loans from the insurance company according to relevant regulations and proportions.
Pawnbroking is probably the most vital industry since ancient times.adoptPawnshopObtaining funds has gradually become known to the people.Gold, jewelry, household appliances, real estate, motor vehicles, etc. can be pawned,securitiesIt can be used as pledge.
Entrusted loan is also a solution for individualsFund demandA way of.To put it simply, the provider of funds lends funds to the demander through a commercial bank, and the borrower returns the principal and interest to the other party's bank account on time. The interest rate isPeople's Bank of ChinaSame periodlending rateOn the basis of that, it will rise by 30%, and the details will be agreed by both parties.
Financing Skills
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Enterprise financingNeed some financing skills.In formal discussion with investorsinvestment plan Before that, entrepreneurs need to be prepared in four aspects.
1. Prepare to answer various questions
Some small businesses usually think that they areinvestment projects And the content is very clear, but you also need to pay high attention to and fully prepare, not only to think, more importantly, let others ask.Entrepreneurs can invite some outside professional consultants and experts who dare to speak to simulate this questioning process, so that they can think more comprehensively, think more carefully and answer better.
2. Prepare to respond to investors' inspection of management
You may be proud of your achievements over the years, but investors will still invest in youManagement abilityHe expressed doubt and asked: How can you achieve the envisaged goal of your investment project?Most people may be allergic to this, but such doubts are often encountered when facing investors, which has formed part of investors' examination of start-ups, so entrepreneurs need to be treated correctly.
3. Prepare to abandon some business
In some cases, investors may require entrepreneurs to give up some of their original businesses to make themInvestment objectivesIs realized.It is both practical and necessary for enterprises with scattered businesses to abandon some businessesInvested capitalUnder limited circumstances, only by concentrating resources can enterprisesCompetitive neutrality In an invincible position.
4. Ready to compromise
From the beginning, entrepreneurs should understand that their goals cannot be the same as those of venture investors.Therefore, in theFormal negotiationsPreviously, one of the most important decisions for entrepreneurs was how much compromise they could make in order to meet the requirements of investors.Generally speaking, due toVenture capitalIt is unrealistic to expect investors to make various compromises without worrying about finding projects to invest, so it is really necessary for entrepreneurs to make certain compromises.
Venture financing know-how
(1) Write a largeBusiness plan, and then throw it away.What's going on here?In fact, the most important thing is to participate in the productionBusiness planIf things change too quickly, the plan may fall through.But participate in the formulationprospectusThe process will make you more clear about what you are doing, what you need, what problems exist in the project, and so on.
(2) The attraction of the company comes fromExecutive power of the company。Although creativity is good, what works in the end isExecutive powerWithout executive power, even the best creativity is a waste. If the executive power is good enough, more creativity and stronger executive power can be generated.WhenVenture capitalistOnly when they see your executive power can they vote for you.As for independent developers, execution builds trust.
(3) Make a video.Most investors do not invest in projects,Video productionIt is very important that projects with video analysis get twice as much financing as projects without video, which is crucial whether you want to attractVCIf you want to attract, just use oneDVDThe investor who gives you $25 is the same.
(4) Make your project appear frequently and update its status frequently.For example, incrowd-fundingOn the platform, those projects that have been updated 31 times or more often have 4 times more financing than those that have not been updated frequently.When Chapnick raises venture capital, he will make sure to communicate some positive things with investors at least every two weeks.There is another advantage of frequent updating: when you want to update, you will force yourself to make progress. If there is no progress, who will continue to vote?
(5) The deadline breeds new life. Imagine that the deadline is coming. What should you do?Put down the burden and dare to fail. Often companies and projects that dare to fail and can make rapid adjustments are doomed to fail.
(6) Say what you have to say before investors turn around. Online changes are too fast. If you don't catch the eye quickly, you will miss out on luck. Crowdfunding is the same as venture capital.
Project financing
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1. At least project sponsors,Project companyThree parties from the fund provider participated.
2. The fund provider mainly depends on the project's own assets and futurecash flow As a guarantee for repayment of funds.
3. Project financing is a kind of nonRight of recourseorlimited recourse OfFinancing modeThat is, if the project is unable to repay the loan funds in the future, the creditor can only obtain the income and assets of the project itselfother assets But has no right to touch.
4. The main difference between project financing and traditional financing is that, according to the traditional financing method, the lender lends funds to the borrower, and then the borrower invests the borrowed funds in a project to be built. The borrower bears the obligation to repay debts. The lender values the borrower's credit, business conditionscapital structure 、Assets and liabilitiesDegree, rather than the success or failure of the project he runs, because the borrower still has other assets available for debt repayment.However, according to the way of project financing,ProjectIn general, the sponsor or sponsor of the project will set up a new project company specifically for the financing of the project. The lender will directly lend the funds to the project company, rather than to the sponsor of the project. In this case, the obligation to repay the loan is borne by the project company, rather than by the undertaker. The lender's loan will be from the projectproject construction The income obtained after the project is put into operation will be repaid. Therefore, the lender attaches great importance to theEconomy, the possibility and the income it gains, and the success or failure of the project have decisive significance on whether the lender can recover its loan.The key to the success of the project is that the project companyinvestment projects There should be accurate and complete information sources and channels in the analysis and argumentation of the, thorough and detailed research and analysis of the market, effective organization and implementation ability, and comprehensive understanding and familiarity with the investment projectsConstruction procedureIt is necessary to foresee the problems that may occur in the implementation of the project and the corresponding countermeasures that should be taken. These professional and highly technical work, in some large international investment projects, are usually carried out by a professionalFinancial AdvisorThe company acts as the financial adviser of its project,Financial consultant companyAs capitalMarket intermediaryBetween fund raisers and investorsagencyWith its knowledge of the market and its specializedfinancial analysisTalent advantage, which can be developed strictly, scientifically and technically for the projectFinancial planAnd form the smallest capital structure, and make rational decisions in the process of asset planning and investmentinvestment decision 。
5. Round A financing, that is, the first round of financing, corresponding to Round B financing and Round C financing.Many companies introduced round A financing before listing. At that time, the enterprises were relatively mature and generally introduced round A financing. Some enterprises introduced round A financing several times, or introduced it early.[3]
Optional mode
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By comparing the two mainstream models in the world, it can be found that securities companies directly provideMargin tradingOfcountries and regions With a high degree of economic marketizationCredit environmentGood features.Europe and AmericaThe system of the market is formed and developed spontaneously in the historical process of the market, and is limited and improved by laws and regulations.However, the systems of Japan and Taiwan were established after the warstock marketunderdeveloped、Transaction mechanismIncomplete, wholefinancial systemIt is gradually established and developed on an unsound basis, so its system is different from that of the United States from the beginning and has the nature of central control.
In view of the immature characteristics of China's securities industry and securities companies.Before the introduction of margin trading, the regulatory authorities also began to accelerate theNormative work。Regulatory authoritiessecurities businessThe implementation of thorough investigation and classified supervision has lasted for a long time, and many risk brokers have been phased out.At the same timeIndustry riskIt is gradually decreasingRisk Management The Measures for the Management of Indicators and the Rules for the Calculation of Net Capital of Securities Companies have begun to seek opinions, which will not only greatly improve the risk control level of securities companies, but also further accelerateIndustry integrationThe process of.Through risk control requirementsHard indicatorsThe overall risk level of the industry will be greatly reduced by blocking some securities companies that still have greater risks from the industry.From《Measures for the Administration of Risk Control Indicators of Securities Companies》In Article 14, it can be clearly seen thatMargin tradingIndex requirements of.Therefore, the Measures for the Management of Risk Control Indicators of Securities Companies and the Rules for the Calculation of Net Capital of Securities Companies can also be seen as preparing for the conduct of style control in margin trading.
In any case, the development of China's mainland securities market is still in its infancy,Market operation mechanismNot yet perfect,laws and regulationsThe system is not perfect,Market participantsOfSelf discipline awarenessThe ability of self-discipline is also relatively low, so it is difficult to directly adopt the market-oriented margin trading mode. Instead, we should learn from the experience and lessons of Japan and Taiwan, and establishTransitionalSpecializedSecurities finance companyThe mode will be changed to market-oriented mode when the time is ripe.
A large number of online lendingclub investment and financing trading websites have emerged in China, which directly distribute funds to natural persons or enterprises in need through the Internet platformCredit borrowingsFor investors, the biggest advantage of this is low investment threshold and diversified investment sources, but it also exposes certain limitations: China's immatureCredit system, cannotBad debt rateIt is maintained at a low level, and the risk borne by the platform accumulates with the increase of customers.Love investmentA specific group - "physical SMEs" was selected to let the funds of platform investors only lend to industrial SMEs for business purposes. There are two reasons: 1. Such enterprises have plants, goods, products, raw materials, equipment and other entities, and require enterprises to use their existing assets to make full use of cooperative guarantee institutionsCounter guarantee measuresIn exchange for full guarantee, while accepting the traditionalFinancial guaranteeThe offline investigation and tracking of the institutionCost of defaultIt is higher than the borrower relying solely on credit;2. Enterprises have sales flow, which is easier to estimateLoan repayment ability, relying on maturerisk managementMeans and strict audit process controlRisk coefficientLowest.
Indirect financing is conducted through financial intermediaries.In most cases, financial intermediaries are not one-to-one corresponding intermediaries between a fund supplier and a fund demander;On the one hand, it faces the group of fund suppliers, on the other hand, it faces the comprehensive intermediary of the group of fund demanders. It can be seen that in indirect financing, financial institutions haveFinancing CenterThe status and role of.
Difference
Because indirect financing is relatively concentrated in financial institutions, countries around the world generally have strict management of financial institutions, and their own operations are also subject to correspondingrobustness managementManagement principlesIn addition, some countries have implementeddeposit insurance system , therefore, relative toDirect financingFor example, indirect financing has a high reputation,RiskIt is also relatively small, and the stability of financing is strong.
reversibility
Indirect financing through financial intermediaries is loan financing, which must be returned and paid with interest when duereversibility。
Initiative
In indirect financing, funds are mainly concentrated in financial institutions. It is not decided by the initial supplier of funds, but by financial institutions who lend to whom the funds are not lent.For the initial supplier of funds, although it has the initiative to supply funds, this initiative is actually limited.Therefore, the initiative of indirect financing is largely dominated by financial intermediaries.
It should be noted that financing can also be classified from other different perspectives.For example, financing can be divided into lending financing or investment financing in terms of whether it pays interest and whether it is refundable;From the different forms of financing, it can be divided into monetary financing and physical financing;Domestic financing andInternational financing；Different financing currencies can be divided intoHome CurrencyFinancing and foreign exchange financing;It can be divided intoLong term financing, medium-term financing andShort term financing；Whether the purpose of financing is policy oriented can be divided intoPolicy financingAnd commercial financing;From whether there is greater risk in financing, it can be divided intoRisk financingAnd robust financing.The above financing methods are intertwined, and they all reside inDirect financingAnd indirect financing.
If we observe different financing methods from different angles, we will find that different financing methods have different characteristics.Examining the different characteristics of different financing methods is of great significance for customers to choose specific financing methods according to their needs.
risk-prevention
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Contributor
1、 Standardize the performance of financial platform companiesContributorduty.all placesSASAC should pay close attention to the financing platform companies under its supervisionOperation, standardize the exercise of the rights of investors, and ensure thatResponsibilities of investorsPut in place layer by layer and implement the supervision responsibility according to law.[6]
5、 Further strengthen the financing platformCorporate financingConduct supervision.Guide the financing platform companies to reasonably determine the financing scale and credit support mode, and avoid excessive borrowing。[6]
Many entrepreneurs believe that several foundersAverage distributionEquity allows everyone to work together, without any dispute about interests.In fact, one of the biggest advantages of start-ups is efficient execution and flexibility, and the founders are often in a central position in this process.Looking back at all successful enterprises, we will find that almost all of them have a very special founder,Microsoft、Apple、AmazonAnd so on.In the early stage, they represent the company and drive the company forward.And thisdriveNot only from their own responsibility, but also from the "everything I say"Decision making power。If the average equity of several founders is too dispersed, it will inevitably affect their decision-making efficiency.At this time, the biggest advantage of start-ups: "executive power and flexibility" has been lost.
2. Focusing on money and ignoring the investors behind it
When it comes to financing, of course, we need to pay attention to money.However, as we have previously analyzed, the connection between entrepreneurs and investors is like marriage, and marriage with unsuitable investors is likely to be destroyedEntrepreneurial projects。Therefore, pay attention to the investors behind the funds and theirIndustry background, the resources they have and the projects they invest in to see if they can bring real value to themselves.When looking at a project, investors often need to make a very detailed description of the project and its team membersresponsible investigation;Similarly, as entrepreneurs, when looking for investment, they also need to do a similar due diligence on the investors behind the funds.
Entrepreneurship is not only aFull time work, but also a cause.Part time entrepreneurship means that you have no confidence in your project or in yourself, because you put it in the second place.At the same time, part-time entrepreneurship leads to lack of focus and depth.Investors are not fools. If they have no confidence in themselves (projects), how can they invest!
4. The team raised funds without running in
As we said above, investors often need to conduct comprehensive due diligence on projects and teams when looking at a project.Many investors even only look at the team. The team is reliable and the selected project is not too bad.Therefore, it is a necessary prerequisite to run in the team before financing.
5. Start financing without measuring their own costs
For entrepreneurs, it is financing, but for investors, it is investment.Focus on investmentROITherefore, it is important to understand the cost of the invested project.At the same timeproject cost The detailed calculation of is not only necessary for internal management, but also the basis for financing.famoushistorianHuang RenyuWhen summing up the reasons for the slow arrival of modernization in China, we believe that the most important reason is the precise management that cannot be established on the basis of numbers, which is also applicable to microbusiness management。
6. OnCapital flowStart financing when it is almost dead
If capital is the blood of social and economic development, capital flow is the premise for an enterprise to continue to operate.The investment of investors is often the only source of funds for start-ups at the initial stage, so they should always pay attention to their own capital flow.Preparing for financing in advance not only gives you more options and greater bargaining power, but also gives investors enough time.Wang Xiao believes that financing should be planned when the funds are sufficient.
7. At the same time, financing to all known investors
This idea is the same as that of the students just out of school looking for jobs. They believe that spreading nets can catch more fish.However, in fact, spreading the net means that you are not clear about your real needs and do not understand the needs of investors.No matter how fast a ship moves, no matter how aimless and directionless, others will never know where it will arrive.Therefore, looking for suitable investment talents is the real king's way.
8. External shareholder holding
Investors will only invest in projects that meet their own rate of return on investment. If external shareholders control a project, the prospect of the project will undoubtedly be greatly reduced.Investors will wonder whether the project will move in the direction of the founding teamControlling shareholderThe direction of progress.
9. Blindly optimistic valuation is too high
As looking for investmentEntrepreneurship teamFor example, getting a higher valuation is not only an affirmation of one's own value, but also one of the driving forces for its progress.However, for an early-stage entrepreneurial project that has not yet generated income, its valuation often depends on the cost of developing to the next stage.The final value of start-up companies is more reflected in the acquisition or listing stage.
Legal issues
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The legal issues involved in financing mainly include the following eight aspects:
According to the law, as a contractor of an enterpriseContracted operationHas no right to deal withEnterprise investment and financingSomething like thatMajor events。Since the enterprise is run by the county, it is likely to be a state-owned enterprise. Whether the state-owned enterprise needs financing is decided by the enterprise or its shareholders, that is, by the localManagement of state-owned assetsDetermined by the department.
Second, the legal subject status of investors.
According to the law, the representative office shall not carry out any business activities related to business.Therefore, the representative office has no right to sign any contract on investment and financing.
In addition, our laws stipulate that certainmineral resourcesDevelopment of is prohibitedforeign investmentOf.At the same time, it should be noted that these foreign-invested companies or representative offices easily agree to sign the so-called joint venture and cooperation agreements without detailed investigation and verification of the investment projects and the qualifications of the financiers, and require the financiers to paybondOr other various expenses, the financier shall carefully investigate and verify the financier's situation to prevent being cheated.
The above three documents have different names and similar contents, including the introduction of various aspects of the financing project.The writing of these documents should be true and accurate, which is one of the basic bases for investors to judge whether to invest.
At the same time, the writing of documents needs legal basis, such asenvironmental protectionThe requirements must be stated realistically, otherwise, if the environmental protection measures of the project fail to meet the requirements of national or local laws and regulations, and the environmental protection department orders to prohibit the continued operation, the loss is incalculable.
The due diligence conducted by the lawyer is to comprehensively understand the relevant legal conditions of the financier and the investment and financing project, and issue theDue diligence report。
Eighth, equity arrangement.
Equity arrangement is a game of rights distribution between investors and financiers in the upcoming enterprise after they reach an agreement on the project.Since the law does not have very effective relief measures,corporate governance Ubiquitous inControl by major shareholdersThe company infringes on the interests of the company and minority shareholders.Careful and detailed arrangement of equity is a matter for financiers and investors to consider carefully.
The above eight aspects may occur in the process of investment and financingLegal riskOf course, other legal risks may also exist, such as whether the funds are in place in strict accordance with the provisions of the contract, the choice of guarantee forms, etc., which may affect the normal progress of the project.
14、 Financing Strategies of Asset Securitized SMEs
15、 Employee stock ownership strategy
Comprehensive credit effect
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Comprehensive creditIt is a loan of a certain amount for a certain period of time granted by the bank to some enterprises with good operation and reliable credit.The comprehensive credit line is submitted by the enterprise once and approved by the bank.Enterprises can use loans by stages and pay them back at the same time according to their own operations. It is very convenient for enterprises to borrow and save costs.This kind of credit extension by banks is generally applicable to enterprises with sound management, reliable reputation and long-term cooperative relationship with banks.
If the products of the enterprise have a good market, and if the enterprise is short of fundsfinancial managementIn a very bad situation, a third-party guarantee can be selected to provide loan support to the buyer of its products.In productionCollaborative ProductsIn the process, it is necessary to addProduction funds, supervise contracts with local banks and provide loans respectively.
Small and medium-sized enterprises and the use of high-tech achievements will also receive active credit support from banks to promote enterprises to speed up the transformation of achievements. In addition to providingWorking capital loanIn addition, projects can be handledDevelopment loan。
Rules for margin trading
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Naked short selling
Naked short sellingIt means that the short seller does not own stocks or borrow stocks, and only needs to pay a certain amount ofbondAnd in the specifiedT+3Borrowing stocks and delivering them to the buyer within the time limit is called naked short selling. If the short seller fails to borrow stocks and deliver them to the buyer on the settlement date, it is called delivery failure, but the delivery failure is not illegal. Even if the delivery fails, the transaction will continue until the delivery is completed.
Escalation rules
Escalation rules, also known as rising short selling, that is, the price of short selling must be higher than the latestTransaction priceThis rule was originally intended to preventfinancial crisisInshort positionThe pressure led to a sharp fall.China's promotion rules:“Sales of securities lendingThe declared price of the securities shall not be lower than the latest transaction price of the securities;If there is no transaction on that day, the declared price shall not be lower than the previous priceClosing price。The declaration below the above price is invalid. "Therefore, our countrystock marketUnder implementationMargin tradingAt the initial stage, we will strictly implement the escalation rules to regulate the behavior of short sellers.
