I. Equity pledge financing Equity pledge financing refers to the act that the pledgor uses its intangible assets as collateral to provide guarantee for his own or others' debts. Taking equity pledge as the guarantee condition for providing credit services to enterprises increases the financing opportunities of SMEs, which can solve the financing difficulties of SMEs due to financial confusion to a certain extent, help solve the financing difficulties of SMEs, improve their innovation ability, and play a positive role in accelerating product upgrading and promoting industrialization. For small and medium-sized enterprises, the main channel of debt financing in the past was to obtain bank loans through real estate mortgage. Because most small and medium-sized enterprises don't have much physical assets to mortgage, local governments put forward to use enterprise equity pledge to finance in order to help these small and medium-sized enterprises obtain funds. At present, institutions that carry out equity custody business of non-listed companies in various places have also taken equity pledge financing as an important means to standardize equity management and promote the development of small and medium-sized enterprises. The transaction volume has increased year by year, and some have reached more than 60% of the total transaction volume. According to statistics, Wuhan Optics Valley United Assets and Equity Exchange has raised 30 funds for 25 enterprises in East Lake High-tech Zone, such as Ivy Communication Group and Wuhan Anneng Group, with a total amount of financing exceeding 500 million yuan. As of February, 20 10, Jiangxi Property Rights Exchange has registered11case with financing of 63150,000 yuan. By the end of 20 10, Jilin Changchun Property Rights Exchange Center had helped enterprises to raise 7.4 billion yuan through equity pledge. Equity pledge financing transforms "static" equity assets into "dynamic" assets, helping small and medium-sized enterprises solve financing difficulties. However, it is also restricted by many factors. First, the policy guidance is insufficient, and there is no authoritative guiding document to guarantee it. Second, the lack of equity trading market of non-listed companies leads to the failure to form an effective market-based equity pricing mechanism, which makes it difficult to evaluate the equity value of non-listed companies. Third, the participation of banks is insufficient, and the enthusiasm for issuing bank loans is not high. Therefore, on the basis of the property rights market, it is necessary to establish a unified, standardized and orderly equity custody operation market for unlisted companies. First, it is conducive to filling the regulatory vacuum and safeguarding shareholders' rights and interests; Second, it is conducive to the orderly flow of equity and the formation of a standardized and active regional equity trading market; Third, it is conducive to improving the credibility of corporate equity, broadening investment and financing channels and attracting social capital; Fourth, it is conducive to the construction, cultivation and development of the basic service system of the capital market and the promotion of capital operation; Fifth, it is conducive to expanding the visibility of enterprises and creating conditions for public offering and listing of stocks; Sixth, it is conducive to enhancing the transparency of enterprise management, reducing information asymmetry, preventing illegal securities and illegal fund-raising activities, and improving and purifying the financial environment. The premise of equity pledge financing is custody. Through this platform, we will establish an effective mechanism for the successful docking of custody institutions, enterprises and banks, build an evaluation system to identify the credit status and equity texture of enterprises, improve and perfect the unified and standardized equity trading market, and make the pledger use the equity it holds as collateral. When the debtor fails to perform the debt at maturity, he can compensate the creditor for the equity discount as agreed, so as to achieve the purpose of dissolving the creditor's risk and realizing the pledger's financing. Second, the development and evolution of value-added financing enterprises in equity transactions can be divided into four stages: family enterprises, family-controlled enterprises, modern enterprise systems and private equity investment, and each stage of development revolves around the flow and value-added of capital. Enterprise managers can transfer part of their shares at a premium, attract capital and talents, and promote the further expansion and development of enterprises. For example, when an enterprise is founded, it is family-owned, and the investor directly manages the enterprise and participates in productive labor. However, due to the exclusion of social capital and talents outside the family, it is difficult for enterprises to continue to become bigger and stronger after their business scale reaches a certain level. If the operator converts the capital of the enterprise into several shares and sells a small part to other capital holders. On the one hand, the small and medium-sized shareholders whose shares have been transferred have concentrated capital and can hold certain shares and bear limited risks; On the other hand, it ensures family holding, controls the capital of small and medium-sized shareholders in the form of legal person property rights and legal person representatives without taking the risks of these capitals, and develops into a family holding enterprise by absorbing foreign capital and talents. Family holding enterprises can obtain a lot of resources through capital concentration and realize another round of expansion of enterprise scale. Assuming that the original registered capital of an enterprise is 65,438+0 yuan per share, after a period of effective operation, the asset scale is expanded and the owner's equity is increased, and the original 65,438+0 yuan per share is increased to 5 yuan per share, the initial capital of the enterprise is 654,380+million yuan, and the present value is 50 million yuan. Enterprise managers can take out part of the equity for external sale, provided that there are no more than 200 shareholders in the joint-stock company and no more than 50 shareholders in the limited liability company, and use the equity value-added transaction to obtain funds to expand reproduction, that is, 1 yuan equity can be sold above 4 yuan; It can also give outstanding employees shares, stimulate the enthusiasm of employees and create greater value gains. At this stage, the family is no longer in an absolute controlling position, and investors are limited to the amount of their capital contribution to the creditor's rights and debts of the enterprise. A corporate governance structure with checks and balances among shareholders' meeting, board of directors, board of supervisors and managers is established, so that workers can take up their posts according to the contract, thus establishing a modern enterprise system. Modern enterprise system adapts to the greater development of enterprises. However, after the development of globalization and informatization, enterprises are facing increasingly serious problems of insider control and the generalization of shareholders' rights, and have fallen into a huge credit crisis. At this time, enterprises will enter the stage of private equity investment. Private equity investment refers to an investment method of investing in the equity of non-listed companies. The fund management company invests the fund capital in the target enterprise in the form of equity. Corporate shareholders exchange equity for a large amount of capital injection. After completing the agreed targets on time, shareholders can get the priority transfer of the fund management company according to the agreed proportion and price, and greatly increase their shares in the enterprise. In this process, the enterprise not only solved the capital problem, but also improved the internal management level, so that the original enterprises with some defects, constraints or closures were liberated and developed under the nourishment and management restoration of private equity capital, and the enterprise value was rapidly improved. From the four stages of enterprise development, we can see that, compared with the restriction of debt financing and bank loans on enterprise credit and repayment period, the value-added financing of equity transaction is the most direct, rapid and effective means to promote enterprise expansion, improve social capital liquidity and value-added. Third, equity capital increase and share expansion financing Capital increase and share expansion, also known as equity incremental financing, is a form of equity financing and a common financing method for joint stock limited companies and limited liability companies before listing. Capital increase and share expansion of enterprises can be divided into exogenous capital increase and endogenous capital increase and share expansion according to the source of funds. Exogenous capital increase and share expansion are carried out through private placement. By introducing domestic and foreign strategic investors and financial investors, the company will enhance its capital strength and integrate its development strategy and industry resources. Endogenous capital increase and share expansion means that the original shareholders increase investment, so that the shareholding ratio of shareholders remains unchanged or changes to some extent, and the enterprise capital is increased. Capital increase and share expansion is listed as one of the ways of restructuring state-owned enterprises, which was first seen in the Notice of General Office of the State Council on Forwarding the Opinions of State-owned Assets Supervision and Administration Commission of the State Council on Regulating the Restructuring of State-owned Enterprises (Guo Ban Fa [2003] No.96) on October 30, 2003: "The restructuring of state-owned enterprises, including the transfer of state-controlled shares of enterprises or the increase of the proportion of non-state-owned shares through capital increase and share expansion, must be formulated". Two years later, the state further standardized the way of increasing capital and shares. The Notice of General Office of the State Council on Forwarding the Implementation Opinions of State-owned Assets Supervision and Administration Commission of the State Council on Further Standardizing the Restructuring of State-owned Enterprises (No.60 [2005] of the State Council) specifically stipulates: "Enterprises that strictly control and manage their shareholding through capital increase and share expansion, and intend to implement restructuring through capital increase and share expansion, should disclose the information of restructured enterprises and investors through the property rights trading market, media or the Internet, and select the preferred investors". At present, for a limited liability company, capital increase and share expansion generally means that the company increases its registered capital, and the original shareholders have the right to give priority to subscribed capital in proportion to the paid-in amount. If all shareholders agree not to give priority to the capital subscription according to the paid-in proportion, the new shareholders will contribute to increase the capital of the enterprise. For joint stock limited companies, the capital increase and share expansion index enterprises issue shares to specific targets to raise funds, and new shareholders invest in shares or original shareholders increase their capital and share expansion, thus increasing the capital of enterprises. The advantages of capital increase and share expansion financing are: First, it can expand the company's share capital scale, improve the company's strength and influence, reduce the asset-liability ratio, optimize the capital structure, and help improve the company's credibility. The second is to raise funds by equity capital increase and share expansion, and the raised funds belong to their own capital. Compared with debt capital, on the one hand, it can improve the reputation and lending ability of enterprises, and plays an important role in expanding the production scale and enhancing the strength of enterprises; On the other hand, there is no risk of repayment of principal and interest, and capital always exists in the company unless the company goes bankrupt. Third, absorbing direct investment can not only raise cash, but also directly obtain the advanced equipment and technology it needs. Compared with the financing method of raising cash only, it can form production and operation capacity as soon as possible. Fourth, enterprise restructuring is realized by increasing capital and shares, which is also a process of clear property rights. Due to the participation of external shareholders, we can use the management experience of external shareholders to establish an effective corporate governance structure and incentive and restraint mechanism. We can adjust the shareholder structure and shareholding ratio, overcome the defects of enterprise monopoly, and establish a restraint mechanism among shareholders. Fifth, enterprises pay remuneration to investors according to their operating conditions. If the business is in good condition, it should pay more rewards to investors. If the enterprise is in poor operating condition, it can pay no or less remuneration to investors, which is more flexible, without the pressure of fixed payment and less financial risk. 6. Capital increase and share expansion not only increase the company's net assets, but also increase the company's cash flow, which is conducive to increasing the company's investment in fixed assets, improving the company's production capacity, sales revenue and net profit, accelerating the development of enterprises and creating conditions for listing. The financing of capital increase and share expansion is an important embodiment of the financing function of the capital market. Property rights institutions can make full use of their own market platform, give full play to their financing function, actively launch related services, raise funds from social investors through targeted fundraising, meet the capital needs of non-listed companies in the growth and rapid development period, improve the company's share capital structure, and help enterprises achieve expanded reproduction. Four. Private equity financing Private equity financing (PE) refers to the behavior of introducing specific investors with a cumulative number of no more than 200 people through equity transfer, capital increase and share expansion. Compared with the public offering of shares, the company has added new shareholders and obtained new funds. In recent years, with the influx of global private equity funds into China, private equity financing has become one of the effective ways for non-listed companies to use equity for direct financing. First of all, the procedure of private equity financing is relatively simple, and enterprises can obtain the required funds quickly, generally without mortgage and guarantee. Secondly, private equity investors are very active in the management of the enterprises they invest in, providing advice and support in management, financing, personnel and other aspects, creating a good internal investor mechanism, providing forward-looking strategic guidance for enterprises, and helping enterprises grow and mature faster. Third, through the effective operation of financing funds, enterprises can expand production scale, reduce production costs, increase enterprise assets and diversify financing channels, thus gaining more external support, enhancing brand image and improving intrinsic value. The advantages of private financing are increasingly valued and supported by government departments. 1in may, 1992, the state commission for restructuring the economy issued the "opinions on regulating joint stock limited companies", which clearly stipulated that the raising company could issue warrants to its employees by rationing. Subsequently, Sichuan, Jiangyin and other provinces and cities successively issued documents on encouraging the development of private equity financing. In addition to policy support, the development of private equity financing needs market support. The property rights trading market meets its needs. Through the property rights market, PE can not only find the target enterprises worthy of investment extensively and timely, but also withdraw more economically and efficiently, effectively reducing operating costs and transaction costs, expanding the scope of investment targets and expanding development space. According to relevant reports, Tianjin, Guangzhou, Henan, Jiangxi and other places are exploring private equity financing, giving full play to the financing function of the property rights market to meet the financing needs of enterprises. According to the characteristics and needs of small and medium-sized enterprises and innovative enterprises, Tianjin Stock Exchange innovatively launched an innovative financing model based on commercial credit, which was warmly welcomed by enterprises and local governments. Small amount, each financing amount is about 6.5438+million-20 million, giving priority to solving the actual financing needs of enterprises; Many times, a year can be based on the actual needs of enterprises to achieve multiple financing; Fast, each financing is completed within 3-4 months; The cost is low, and the financing cost only accounts for 1/3- 1/5 of the main board listing cost. Over the past year or so, Tianjiao Exchange has successfully raised more than 500 million yuan for private placement of more than 10 enterprises, initially having the function of direct financing in the market. Guangzhou is one of the earliest areas in China to develop private equity financing. In recent years, PE investors have completed transactions 1, 2 1 through Guangzhou property rights exchange market, with assets worth 30.4 billion yuan, involving automobile industry, chemical industry, high-tech and other fields. Jiangxi Equity Exchange successively issued 654.38+0.2 billion new shares of Nanchang Bank Co., Ltd., raising 3.36 billion yuan; Jiangxi Runtian Beverage Co., Ltd. introduced Softbank Safran with an investment of 200 million yuan; Jiangxi Kaixinren Holding Co., Ltd. introduced 50 million yuan from Japanese Daxing Group and other financing projects, making Jiangxi a hot spot for investment at home and abroad. To sum up, with the continuous promotion of the marketization of property rights transactions and the continuous expansion of business fields, the property rights market has become one of the most important investment and financing platforms for domestic enterprises, especially small and medium-sized enterprises. It can provide sufficient information resources for various financing methods of equity and meet the diversified service needs of equity financing methods. At the same time, the openness and fairness of the property rights market can provide investors with effective, legal and compliant channels for capital entry and exit, and provide market protection for capital preservation and appreciation. We should seize the current opportunity, raise awareness, train talents, strengthen management, standardize development, and actively use four modes of equity financing in the property market to promote the development of small and medium-sized enterprises and the prosperity of the basic capital market.