In capital operation, enterprises should not only attach importance to tangible assets, but also properly evaluate and capitalize intangible assets of enterprises. Generally speaking, the main way to capitalize the intangible assets of famous brand enterprises is to develop brand-led enterprise groups, and rely on the scale linkage of a number of brand-name products and enterprise groups to achieve the purpose of market coverage.
Second, the franchise financing strategy
The significance of modern franchising has gone beyond this special investment mode itself, which has had a great impact on people's economic and cultural life. Franchising actually adds a contract bond to ordinary capital bonds. Franchisors and franchisees maintain their independence and make profits through franchise cooperation. Franchisees can gain a bigger market with less investment, while franchisees can participate in and share other people's investments at low cost, especially the benefits brought by intangible assets.
Third, the turnkey project strategy
Turn-key project means that when a multinational company builds a factory or other engineering project for the host country, when the design and construction are completed and the project is initially put into operation, the "key" of the ownership and management right of the factory or engineering project is completely "handed over" to the other party according to the contract, and the other party begins to operate.
Turnkey project is a non-equity investment method developed by multinational companies in developed countries after investment in developing countries is blocked. In addition, when they have the cutting-edge technology needed by a certain market and want to cover the market quickly and in a large area, but they are short of funds and other factors, they will also consider adopting turnkey projects.
Fourth, the repurchase contract strategy
The international repurchase contract management is essentially a combination of technology authorization, foreign investment, entrusted processing and compensation trade, which is still popular at present. Also called "compensation investment" or "peer-to-peer investment".
Generally speaking, this kind of economic cooperation means that multinational companies in developed countries export whole plant equipment or patented manufacturing technology to enterprises in developing countries, and multinational companies get an appropriate proportion of products produced by enterprises as payment methods after they put into production. Investors can also get various benefits from production, such as providing machines, equipment, spare parts and other products.
Verb (abbreviation of verb) BOT financing strategy
BOT (Build-Operate-Transfer) is a relatively new way of contractual direct investment.
Handover in BOT is the key to distinguish BOT investment mode from other investment modes. A contractual or contractual-equity joint venture means that most investors recover their investment through depreciation of fixed assets and profit sharing before the expiration of the operation period. The contract stipulates that after the expiration of the joint venture, all the property of the enterprise will be unconditionally owned by the host country without further liquidation. In the BOT mode of equity joint venture, after the expiration of the operation period, the original enterprise is conditionally handed over to the host country, and the conditions are determined by all parties involved in the preliminary negotiation of the joint venture. The transfer of sole proprietorship also adopts this conditional transfer.
Financing strategy of intransitive verb project
Project financing is an international medium-and long-term loan for a specific project. The main guarantee of the project loan is the expected economic benefits of the project and the obligations of other participants to the risks of project construction, non-operation, insufficient income and debt repayment, rather than the financial resources and credibility of the organizer.
There are two main types of project financing: one is non-recourse project financing, which is risky for lenders and is rarely used; Second, the project financing with recourse is widely used in the world at present, that is, the lender can not only rely on the project income as the source of debt repayment, but also set a security interest in the assets of the project unit, and can also ask the third party interested in the completion of the project to provide various guarantees. The liability of each guarantor for the project debt is limited to the amount of guarantee provided by each guarantor or the obligations undertaken according to relevant agreements.
Project financing mode
The first financing method is bank acceptance bill. The investor will transfer a certain amount, such as 1 billion yuan, to the company account of the project party, and then immediately ask the bank to open a bank acceptance bill of 1 billion yuan. Investors take away bank acceptance bills. This financing method is of great benefit to investors, because it actually turns 1 100 million yuan into several uses. He can take this 100 million yuan bank acceptance bill to other banks and post another 100 million yuan. At least 20% off. But the question is, can the bank draw an acceptance bill of 1 100 million yuan with the 1 100 million yuan in the company account? Probably only 80% to 90% banks will accept it. Even if 100% is accepted by the bank, it is still a question how much money the bank allows you to use in the company account. It depends on the level of the company and its relationship with the bank. In addition, the biggest drawback of acceptance is that according to national regulations, bank acceptance can only be opened for 12 months at most. Now most places can only be opened for half a year. That is, the fee must be renewed every 6 months or 1 year. It's troublesome to use money for a long time.
The second financing method is direct deposit. This is the most difficult financing method. Because direct deposit is against bank regulations, the relationship between enterprises and banks must be particularly good. The investor shall open an account in the bank designated by the project party and deposit the specified amount into his own account. Then sign an agreement with the bank. Promise not to misappropriate the money within the specified time. According to this amount, the bank gives the project party a loan less than or equal to the same amount. Note: We promise not to pledge the bank here. I don't agree to mortgage the money. It is another financing method called large pledged deposit that agrees to pledge. Of course, that kind of financing also has its own violations of bank regulations. That is, the bank needs to sign a letter of commitment to ensure that the payment is completed 30 days before the maturity. In fact, after he gets this thing, he can take it to other banks for refinancing.
The third financing method (the fourth is large-sum pledged deposit) is bank letter of credit. The state has a policy that a bank letter of credit issued by a global commercial bank (such as Citigroup) that agrees to finance an enterprise is regarded as having the same amount of deposit in the enterprise account. In the past, many enterprises used this kind of bank letter of credit to circle money. So now that the national policy has changed slightly, it is difficult for domestic enterprises to raise funds in this way. Only wholly foreign-owned enterprises and Sino-foreign joint ventures are allowed. Therefore, if domestic enterprises want to raise funds in this way, they must first change the nature of the enterprise.
The fourth financing method is entrusted loan. The so-called entrusted loan means that the investor sets up a special fund account for the project party in the bank, then transfers the money into the special fund account and entrusts the bank to lend money to the project party. This is a relatively easy way of financing. Usually, the audit of the project is not very strict, and the bank is required to make a commitment to collect interest and repay the principal from the project party every year. Of course, those who don't repay the principal only need to promise to collect interest every year.
The fifth financing method is direct payment. Direct payment means direct investment. Such strictly examined projects often require fixed assets mortgage or bank guarantee. Interest is also relatively high. Mostly short-term. The minimum personal contact is 18 annual interest. Generally above 20.
The sixth financing method is hedge fund. At present, there is a kind of entrusted loan in the market that does not repay the principal and interest, and it is a typical hedge fund.
The seventh financing method is loan guarantee. At present, more investment guarantee companies in the market can obtain much-needed funds by paying higher interest than banks.
Seven. DEG financing strategy
German Investment Development Co., Ltd. (DEG) is a financial institution directly under the German federal government. Its main goal is to help the private economy in developing countries in Asia, Africa and Latin America and countries in transition in Central and Eastern Europe.
DEG's investment projects must be profitable, meet the requirements of environmental protection, belong to non-political sensitive industries, and have a positive impact on national development. DEG's investment target must have professional management, without administrative intervention, and the management has at least 5 years of relevant industry experience. Its total assets should be more than 654.38+00 million DM and less than 5 billion DM, and it has made profits in the previous two years, with retained profits, and its operating profit (net income/sales) should be more than 5%.
8. Apply for the financing strategy of unsecured mortgage loan of the International Finance Corporation of the World Bank.
The International Finance Corporation (IFC) of the World Bank adopts the international practice of commercial banks and invests in specific projects with stable economic returns. At present, the work is mainly carried out in three ways, namely, providing project financing to enterprises, helping enterprises in developing countries to raise funds in the international financial market, and providing consulting and technical assistance to enterprises and governments. IFC helps project financing through limited recourse project financing. IFC promotes foreign investment in China by directly cooperating with foreign investors, assisting in project design and helping to raise funds.
Nine, financial leasing strategy
Financial leasing means that the lessor enters into a supply contract with a third party (supplier) according to the lessee's requirements and specifications. The lessor obtains the factory building, capital goods or other equipment (hereinafter referred to as equipment) within the scope related to its interests, and the lessor enters into a lease contract with the lessee, granting the lessee the right to use the equipment on the condition that the lessee pays the rent.
Financial leasing combines financing with physical objects, which is a kind of financing method in the form of physical objects and has a strong financial business color, so it is regarded as a loan business related to equipment.
Ten, the establishment of financial company strategy
According to China's current financial policies and regulations, powerful enterprises can set up financial companies. As a kind of non-bank financial institutions, enterprise group financial companies can initiate the establishment of commercial banks and related securities investment funds and industrial investment funds. To apply for the establishment of a financial company, the applicant must be an enterprise group with a series of specific conditions.
Finance companies can operate: absorb local and foreign currency deposits of member companies, issue bonds of finance companies with approval, issue loans in local and foreign currencies to member companies, and provide buyer's credit to buyers of products of member companies. The People's Bank of China determines and approves this business according to the specific conditions of the finance company.
XI。 Industrial investment fund strategy
Investment fund is an important financing method in the current market economy, which originated in Britain and developed in the United States. At present, the global fund market is worth $3 trillion, which is equivalent to global commodity trade. Since the 1990s, the use of overseas investment funds has become a new and effective means of utilizing foreign capital in China.
There are two main ways to circulate investment funds. One is that the fund itself can be redeemed at any time (closed-end fund); The other is the bidding transfer in the secondary market (open-end fund).
Twelve, the restructuring and transformation strategy of non-performing assets of commercial banks
Banks can be regarded as special policy resources in China, and enterprises can seize the opportunity to control and merge local commercial banks in the form of bank assets reorganization. According to the different organizational methods and reorganization modes, bank assets reorganization can be divided into government forced reorganization and bank independent reorganization; The way of reorganization can be asset replacement and cash purchase. In a word, it is to strive for the holding bank, reform the holding bank, apply for listing, open branches at home and abroad, raise huge funds to support the development of enterprises in the industry, and form a substantial industrial bank.
Thirteen, industry assets reorganization strategy
Asset reorganization is to rapidly expand the business scale, production capacity and marketing network of dominant enterprises in the same industry and related industries at low cost through acquisition, merger, capital injection and holding, joint venture, creditor's rights transfer and joint operation.
Fourteen, asset securitization financing strategy
Asset securitization is the latest modern financing tool besides traditional financing methods. It can effectively protect the interests of state ownership of state-owned enterprises and infrastructure and maintain the stability of enterprises, and solve the contradiction between capital demand and ownership forms faced by large and medium-sized state-owned enterprises in the reform of management system.
Asset securitization can convert illiquid assets into highly liquid cash, and the expected future asset income into the current realized cash income, and improve the asset-liability structure of enterprises through off-balance sheet financing. At the same time, capital market, bankruptcy isolation, credit enhancement and other measures are used to solve the problem of introducing foreign capital in China, especially the upgrading technology is more suitable for China's current situation.
Fifteen, employee stock ownership strategy
At present, joint-stock companies in China issue new shares. In order to reflect the past operating results of employees, employee shares can be issued to employees. The number of shares held by employees of the Company shall not exceed 65,438+00% of the number of issued public shares (A shares), and the per capita share shall not exceed 5,000 shares; The employee shares of this part of the company can be listed and circulated after half a year from the date of listing of new shares. When the company submits the application materials for public offering of shares, it must submit the number of employees approved by the local labor department and the list of shares subscribed by employees for verification by the China Securities Regulatory Commission. In the future, when the company publicly issues shares, it can no longer arrange employee shares of the company. Combined with the success of ESOP in foreign countries, we put forward several practical employee stock ownership plans: employee stock ownership meeting according to the company law, listed companies can set up internal employee stock ownership meeting, which is a social group with legal significance. According to the provisions of civil law, employee stock ownership meeting is regarded as the corporate shareholders of the company. In this ESOP meeting, internal employees must hold a certain proportion, such as more than 20%. This kind of employee stock ownership will increase the value of employees' assets after the company is restructured and the issued shares are listed.
Employee fund plan. Company employees form a fund with cash contributions and entrust the fund assets to a professional investment company for operation. The operation of the fund can be carried out independently, or it can be combined with the repurchase plan and employee stock ownership plan.
Further reading: types of financing strategies
1. Active financing strategy. Under this strategy, all long-term assets and some long-term current assets of the company are financed by long-term funds; Another part of long-term current assets and all temporary current assets are financed by short-term funds.
2. Appropriate financing strategy. Refers to the short-term financing of current assets to raise funds; For long-term assets, including long-term current assets and fixed assets, long-term financing is adopted to raise funds, so that the life cycle of assets and the maturity date of liabilities can cooperate with each other.
3. Conservative financing strategy. Using this strategy, the company should not only use long-term funds to finance long-term current assets and fixed assets, but also use long-term funds to meet the capital needs of some or all temporary current assets due to seasonal or periodic fluctuations.