(1) Develop commodity management, speed up capital turnover, and ask the market for capital.
It is the most basic and fundamental financing channel for enterprises to accumulate their own funds through capital circulation and maximize the value of capital. To do a good job in the capital circulation of commodity management, we must proceed from the reality of market demand and focus on the "thrilling jump" from commodity capital to monetary capital. Among them, the key to fund accumulation lies in the added value, with emphasis on improving the added value of science and technology, sales and famous brands; First, speed up capital turnover and increase the number of capital turnover.
Through the capital circulation of commodity operation, enterprises can extract technology development funds and depreciation funds from production costs for the development of enterprises, especially the technology development funds can reach more than 1% of sales, which is the fundamental guarantee for a virtuous cycle of enterprise operation, and can also extract production development funds from profits, or use them to expand reproduction or supplement the shortage of liquidity.
(2) state financial investment to raise funds
For national or local key construction projects, you can apply for national or local financial investment and invest in enterprises in the form of state-owned capital. For the national financial loans in the past "loan-to-loan" period, we can also apply for "loan-to-investment" and turn them into state-owned capital on the premise of conforming to the current policy.
According to the national macro-policy, there are various low-interest or discount loans in government finance, such as loans for key scientific and technological projects, loans for supporting agriculture, loans for poverty alleviation, loans for environmental management, etc., which are also financing channels that enterprises that meet the project conditions can strive for.
(3) Bank loan financing
A bank is an enterprise that deals in monetary funds. According to Marx, banks are specialized shops for buying and selling money, and interest rate is the price of funds. The enterprise bought the capital control right from the bank for a limited time at the expense of interest. Commercial banks can only sell funds to people or legal persons who can guarantee the timely repayment of principal and interest.
Bank loan financing is one of the main channels for enterprises to raise funds at present. According to whether the loan needs guarantee, bank loans can be divided into credit loans and mortgage loans. Credit loans mainly rely on the reputation of the loan enterprise or guarantor, without physical guarantee, and can only be used for excellent enterprises with good reputation; Mortgage loan is the mortgage of fixed assets and securities provided by borrowing enterprises as collateral. In a few cases, the intangible assets of well-known brands can be used as collateral. If the borrower defaults and cannot repay the loan on time, the trademark right can be auctioned to repay the loan.
Bank loans can be divided into short-term, medium-term and long-term loans with different interest rates. Enterprises should choose the appropriate loan type according to the purpose and duration of the loan.
(4) absorbing shares and issuing shares to raise funds.
With the development of socialized mass production and the need for enterprises to implement diversified property rights reorganization, while reorganizing enterprise property rights, raising funds by absorbing shares has increasingly become the main way of enterprise development. Absorbing shares to raise funds is mainly to raise shares from social legal persons when establishing a company-based enterprise, and to implement employee stock ownership for employees of this enterprise according to the requirements of restructuring. For a few listed companies approved by the relevant state departments, shares can also be publicly offered to the public through stock listing. While transforming the enterprise system and mechanism, it also realized financing through the operation of shares and stocks.
Issuing stocks can raise social funds and disperse enterprise risks, but stocks are by no means "long-term funds without repayment of principal and interest" that some operators mistakenly think. Issuing shares is to hand over part of the ownership of enterprise assets to the public, which also means the public's ownership, income right and public supervision right of enterprise operation. If the business operation is not ideal, although the minority shareholders in the society do not have enough veto power over the operators, they may throw out their stocks and "vote with their feet", which will cause the property price of the enterprise to drop rapidly.
(5) Issuing corporate bonds to raise funds.
For enterprises with good market reputation, low existing debt ratio, important control over enterprise assets, difficulty in issuing stocks, relatively stable sales and profitability, and substantial increase in profits through capital increase, they can choose to apply for issuing bonds for social financing. However, issuing bonds will also increase the debt ratio and operational risk of enterprises, so it is necessary to make careful decisions and make plans to repay the principal and interest when due.
Bond issuance can be divided into short-term (within L years) and medium-and long-term (over L years) according to the repayment period. According to whether it can be converted into shares of the enterprise, it can be divided into simple bonds and convertible bonds; According to the repayment method, it can be divided into three types: installment bond, call bond, annual deposit of a part of sinking fund and maturity bond. According to whether there is guarantee or not, it can be divided into secured corporate bonds and unsecured corporate bonds. Enterprises should proceed from reality and make careful decisions.
(6) Enterprises use foreign capital to raise funds.
The financing of foreign-funded enterprises not only refers to monetary financing, but also includes tangible assets such as equipment and raw materials and intangible assets such as patents and trademarks. As the utilization of foreign capital is a transnational economic behavior, which is greatly influenced by foreign investment policies, political relations between countries, different cultural traditions, international financial situation and foreign exchange fluctuations, it must be actively, reasonably and effectively carried out under the guidance of national policies.
The use of foreign capital includes the use of funds from international organizations, foreign governments, foreign associations, foreign enterprises and foreign individuals.
The direct investment methods of foreign capital mainly include joint venture, cooperative operation and cooperative development. Joint venture means that Chinese and foreign enterprises jointly invest and operate according to shares, with negative profits and losses and * * * taking risks; Cooperative operation is a joint venture with complementary advantages between Chinese and foreign enterprises, but it is not converted into shares in proportion. You can distribute profits according to the cooperation contract agreed by both parties, and bear certain rights, obligations and risks respectively. It can be operated jointly or entrusted to us. After the expiration of the cooperation period, all the property belongs to the Chinese enterprise unconditionally. Cooperative development refers to the joint development of high-risk and high-input resources by Chinese and foreign partners through cooperative development contracts, such as the exploration and development of offshore oil resources. Generally, foreign investors invest in the exploration stage and bear the risks, while both parties jointly invest in the development stage, and the Chinese side pays the principal and interest with the development proceeds.
Indirect investment methods of foreign capital mainly include loans from foreign commercial banks, issuance of international bonds, loans from international financial organizations, inter-governmental technical and economic assistance loans, export credits and compensation trade. Indirect use of foreign capital generally does not involve the loss of enterprise ownership and control, but it needs to repay principal and interest with foreign exchange, so there may be greater risks except some preferential loans. Export credit refers to foreign capital that imports goods and equipment from China. One is the seller's credit, which is provided by the seller to the buyer (China) by allowing deferred payment. The Chinese side will pay a certain percentage of deposit first, and the rest of the loans will be repaid after all the equipment is delivered or put into production. The interest and management fee of the seller's loan are also included in the price of the goods. One is the buyer's credit, which is the credit provided by the seller's (foreign) agent bank directly to the buyer's (China) agent bank, and is paid in installments at each delivery. Compensation trade refers to the introduction of foreign equipment and technology by China in the form of credit purchase. After the project is completed and put into production, the principal and interest of the import fee shall be paid with the products produced by the project, or the principal and interest shall be paid with other goods agreed by the Chinese and foreign parties instead of cash.
The above-mentioned ways of utilizing foreign capital have their own advantages and disadvantages, and each has its own adaptation. Enterprises should choose the appropriate way according to their own reality.
(7) Lease financing
Lease financing is a financing method in which an enterprise, as the lessee, pays a certain rent according to the lease contract signed with the lessor and obtains the right to use or operate the leased property within a specified period of time.
Leasing financing can be divided into two categories: leasing financing of production equipment and leasing financing of enterprises. The leasing financing of production equipment can be divided into two ways: financial leasing and service leasing.
Financial leasing is a worldwide modern financing method, which has been very common abroad. Financial leasing takes a professional leasing company as the lessor. According to the requirements of the leasing enterprise, the leasing company borrows money from the bank, and then purchases the new equipment selected by the leasing enterprise from abroad or at home and leases it to the leasing enterprise for use. General leasing companies charge 15%-20% of the equipment price as a deposit, and the rest of the rent will be collected by monthly installments after the equipment is put into production. The rent paid by the leasing company includes three parts: the price of the equipment, the profit that the leasing company should take and the interest paid by the leasing company on the loan. General equipment will be paid in 3-5 years, and large equipment can be paid in 10 years. Before the rent is paid, the ownership of the leased equipment belongs to the leasing company, and the right to use the leased equipment belongs to the leasing company; After the rent is paid, the leasing company will issue a certificate of property right transfer and transfer the ownership of the equipment to the leasing company. The visual expression of this leasing method combining "financing" and "melting things" is "borrowing a chicken to lay eggs, paying back the money with the eggs, and finally getting a chicken". This financing leasing method enables leasing enterprises to easily obtain the required equipment, reduce risk losses, and rely on leasing companies with direct import ability and experience instead of relying on loans to raise funds. For enterprises, there is no doubt that it has opened up a financing and material-melting road of "small money can do great things, small change can do the whole thing, and temporary money can do good things". For example, in recent 15 years in China, only civil aviation system enterprises have obtained large passenger planes worth more than1200 million dollars by means of financial leasing, which has made great progress in China's civil aviation industry. Starting from 1993, China National Heavy Duty Truck Finance Co., Ltd. started financing leasing for domestic enterprises that want to buy "Steyr" and "Hongyan" brand heavy vehicles produced by China National Heavy Duty Truck Group, but are unable to finance. In less than four years, the accumulated financial leasing sales reached 654.38+0.6 billion yuan, benefiting production enterprises, leasing enterprises and leasing enterprises respectively. The key to the healthy development of financial leasing mode lies in that leasing enterprises must make correct decisions, lease equipment can get benefits quickly, and laws and regulations of financial leasing industry should be strengthened to eliminate the phenomenon of "rent arrears" and ensure leasing reputation.
As another form of financial leasing, leaseback leasing refers to the leasing enterprise selling its existing main equipment to the leasing company, and then leasing it back for continuous use through financial leasing. This is essentially a temporary transfer of equipment ownership, access to much-needed funds, while retaining the right to use equipment.
The service leasing method of production equipment is that the leasing enterprise temporarily leases some short-term general machinery or vehicles from the leasing company in exchange for the right to use the equipment for a certain period of time, and the leasing company bears the maintenance service of the equipment and the outdated risk of the equipment. Its rent is generally higher than financial leasing, which is suitable for temporary short-term use.
Enterprise leasing financing is a way to separate the ownership and management of the leasing enterprise. The lessee can obtain the right to use and manage the assets of the leasing enterprise within a certain period of time by paying the rent. What is raised from this is all the tangible and intangible assets of the leasing enterprise. The leasing and leasing process of enterprises should generally be carried out through bidding. Through enterprise leasing, the lessor can revitalize the assets of idle enterprises with poor management, obtain rent and solve the employment problem of employees; The lessee can use this to optimize the combination of social resources, immediately expand production capacity with lower funds, or realize the integrated operation of upstream and downstream enterprises to better supplement its own capital.
(8) Revitalize corporate memory assets to raise funds.
For enterprises with poor management, on the one hand, there is often a shortage of funds, on the other hand, there are serious idle assets and inefficient operation, which is called "golden rice bowl begging." By reasonably reducing the inventory of raw materials and semi-finished products, dealing with the backlog of finished products, recovering unpaid loans, improving labor productivity and capital turnover times, reducing energy consumption per unit product, leasing and selling idle assets, revitalizing differential land rent, carrying out intangible asset management such as selling patented technology, paid export operation and selling independent sales rights, adjusting the economic structure of enterprises, and improving enterprise management, we can revitalize the existing assets of enterprises. This can optimize the structure, accelerate the flow, realize idle assets and make inefficient assets more efficient, which is actually an effective financing channel.
For enterprise groups, it is also an important financing method to speed up capital turnover by rationally dispatching and revitalizing internal sluggish funds. Therefore, we should give full play to the role of financial companies of enterprise groups and make use of the time difference and space difference of various funds to realize the overall effective use of funds.
(9) Commercial credit financing
Commercial credit is a temporary short-term loan financing form in commodity business activities. For example, goods sold on credit, payment received in advance, service fee received in advance, discount of bills of exchange, deferred tax payment, inter-enterprise fund borrowing, etc. The mutual credit provided by these enterprises can directly solve the problem of lack of funds.
(10) Venture capital financing
For high-tech enterprises, because of their high risk and high potential profit, they can raise funds through social venture capital funds in the initial stage. The famous American Apple Computer Company was founded by venture capitalist Mark Kula in 1970s. Mark Kula invested $965,438+00,000 in Apple that year, and more than ten years later, he owned $654,380+054 million in Apple stock. This kind of venture capital with high risk and high return possibility is also the reason why some discerning investment enterprises in China are developing vigorously. At the beginning of 1998, Shanghai New Huangpu Group invested 1 100 million yuan to develop human genetic engineering in cooperation with Fudan University, which is a kind of venture capital.
(1 1) BOT financing of infrastructure projects
BOT mode is an internationally accepted cooperation mode of "construction-operation-transfer" for infrastructure projects, that is, investment bidding is carried out for infrastructure projects, and the winning investor bears the construction funds. After completion, the investor shall obtain the right to operating income for a certain period according to the contract, and the engineering facilities shall be handed over to the tenderee after the operation expires.
China Laibin Power Plant B is the first BOT project in China. The French power company and General Electric Alstom Company jointly won the bid, with a total investment of more than 600 million US dollars, and construction has started at present. BOT projects of Changsha Power Plant and Chengdu No.6 Water Plant also started bidding in 1998.
BOT financing is not limited to foreign investment, but also includes domestic investment. 1997 Beijing Xuanwu District Environmental Sanitation Bureau also raised funds to build a number of public toilets by BOT, and publicly invited tenders to invest in the construction of toilets, so as to solve the investment in public welfare infrastructure through the separation of property rights and management rights of public toilets. As a result, Huashi Department Store took the lead in winning the bid, owning the right to invest in the toilet at the north exit of Baiguang Road and the right to operate the toilet for five years. After five years of operation, the toilet was handed over to Xuanwu District Environmental Sanitation Bureau.
Leveraged buyout financing
Leveraged acquisition, also known as debt acquisition, is a common way for foreign small and medium-sized enterprises to acquire other enterprises. Leveraged buyout means that a financing enterprise obtains a loan with the assets of the acquired enterprise as collateral, and then the obtained loan pays the price required for the acquisition of the enterprise, and the insufficient part is usually made up by the financing enterprise issuing shares. The premise of leveraged buyout is that the M&A decision of the enterprise must be correct and have sufficient management ability, otherwise there will be greater debt management risks.