Absorbing investment financing refers to a financing method in which non-joint-stock enterprises absorb the capital directly invested by the state, enterprises, individuals and foreign businessmen in the form of agreements, and form the capital invested by enterprises. The invested capital is not based on stocks and is suitable for non-joint-stock enterprises. It is a basic way for non-joint-stock enterprises to raise equity capital. In a partnership, two or more people can be regarded as absorbing investment with the same amount of capital contribution. The establishment of Sino-foreign joint ventures and Sino-foreign cooperative enterprises can also be regarded as absorbing Chinese or foreign investment and obtaining corresponding equity or negotiating equity. For a limited liability company, absorbing investment becomes absorbing shareholders, but it is limited to 50 people. For joint-stock companies, the promoters can only be the same investor. Once the investment is absorbed, the nature of the absorbed investment will change and become the sponsor directly. If it is established by way of offering, the promoters only subscribe for a part of the issued shares, and the rest are raised from the public or specific objects to absorb investment and establish a joint-stock company. Of course, the above-mentioned partnerships, Sino-foreign joint ventures, Sino-foreign cooperative enterprises, limited liability companies, joint stock companies and the above-mentioned forms of direct investment can also participate in non-equity participation, which is determined by the agreement.
Second, issue stocks.
The stock is permanent, has no expiration date, does not need to be returned, and has no pressure to repay the principal and interest, so the financing risk is small. The stock market can promote enterprises to change their management mechanism and truly become a legal entity and market competition subject with independent operation, self-financing and self-development At the same time, the stock market provides a broad stage for asset reorganization, optimizes the organizational structure of enterprises and improves the integration ability of enterprises.
Third, bank loans.
Banks are the main financing channels for enterprises. According to the nature of funds, it is divided into three categories: working capital loans, fixed assets loans and special loans. Banks grant a certain amount of credit lines to some enterprises with good operating conditions and reliable credit, and enterprises can recycle them within the validity period and credit line. Specifically, the loans related to corporate financing carried out by banks now include the following five ways.
Asset mortgage loan means that small and medium-sized enterprises mortgage their assets to securities companies or commercial banks, and the corresponding institutions issue equivalent asset securitization products. The funds raised by issuing bonds are used by small and medium-sized enterprises, and asset securitization products can be traded through special markets. Security funds come from local government financial allocation, voluntary membership funds paid by members, funds raised by society and funds from commercial banks. Most credit guarantee institutions implement membership management, which belongs to public service, industry self-discipline and their own non-profit organizations. When a member enterprise lends money to a bank, it can be guaranteed by a small and medium-sized enterprise guarantee institution. Small and medium-sized enterprises can also seek guarantee services from guarantee companies specializing in intermediary services. When the enterprise cannot provide the guarantee measures acceptable to the bank, such as mortgage, pledge or third-party credit guarantor, the guarantee company can solve these problems. Because compared with banks, guarantee companies have more flexible requirements for collateral.
Project development loans, some high-tech small and medium-sized enterprises can apply for project development loans from banks if they have major scientific and technological achievements transformation projects. The initial investment is relatively large and their own funds are unbearable. Commercial banks will give active credit support to small and medium-sized enterprises with high-tech products or patent projects with mature technology and good market prospects, as well as small and medium-sized enterprises that use high-tech achievements to carry out technological transformation, so as to promote enterprises to accelerate the transformation of scientific and technological achievements. For high-tech small and medium-sized enterprises that have established stable project development relations with universities and scientific research institutions or have their own research departments, banks can provide project development loans in addition to working capital loans.
Export loan for earning foreign exchange. For enterprises that produce export products, banks can provide packaged loans according to export contracts or credit visas provided by importers. Enterprises with cash accounts can provide foreign exchange mortgage loans. Enterprises with foreign exchange income sources can obtain RMB loans with proof of foreign exchange settlement. Enterprises with good export prospects can also borrow a certain amount of technical transformation loans.
Intangible assets pledge loan, according to the relevant provisions of the Guarantee Law of People's Republic of China (PRC), intangible assets such as trademark exclusive right, patent right and property right in copyright that can be transferred according to law can be used as loan collateral.
Bill discount financing means that the holder transfers the commercial bill to the bank and obtains the funds after deducting the discount interest. In China, commercial paper mainly refers to bank acceptance bills and commercial acceptance bills. One advantage of this financing method is that banks do not lend money according to the asset size of enterprises, but according to market conditions (sales contracts). When an enterprise receives a bill, it usually takes as little as tens of days and as much as 300 days until the bill is cashed, during which time the funds are idle. If enterprises can make full use of bill discount financing, it is much simpler than applying for loans, and the financing cost is very low. Discounting bills only needs to go through the relevant formalities in the bank with the corresponding bills, which can be completed in a few working days.
Fourth, private loans.
Private lending refers to lending between citizens, between citizens and legal persons, and between citizens and other organizations. As long as the opinions of both parties are true, it can be considered effective, and the mortgage generated by the loan is also effective accordingly, but the interest rate shall not exceed the relevant interest rate stipulated by the People's Bank of China. Private lending is a direct financing channel, while bank lending is an indirect financing channel. Private lending is an investment channel of private capital and a form of private finance. According to Article 211 of the Contract Law: "If the loan contract between natural persons stipulates to pay interest, the loan interest rate shall not violate the relevant provisions of the state on limiting the loan interest rate". At the same time, according to the relevant provisions of "Opinions of the Supreme People's Court on People's Courts Handling Lending Cases": "The interest rate of private lending may be appropriately higher than that of banks, but the maximum shall not exceed four times that of similar loans of banks". But in essence, as far as I know, it is what the people call usury, which is far more than this level. According to the report of CCTV-2 Economic Half-Hour on June 3rd, 2065438+00, black-hearted usury broke down many real estate developers in Changde 10, leaving behind a pile of uncompleted residential flats, which is understandably four or even forty times more than the stipulated amount. Private capital is relatively developed in the southeast, and underground banks are relatively developed, which has been repeatedly banned. On the other hand, it also meets the needs of enterprises, and once the economy improves, it will also drive the development of enterprises.
Verb (abbreviation for verb) issues bonds.
Corporate bonds, also known as corporate bonds, are securities issued by enterprises in accordance with legal procedures and agreed to repay the principal and interest within a certain period of time, indicating that there is a creditor-debtor relationship between the issuing enterprises and investors. 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. When an enterprise goes bankrupt and liquidates, creditors have priority over shareholders in claiming compensation for the remaining property of the enterprise. Corporate bonds, like stocks, are securities and can be freely transferred. Corporate bonds are mostly used for new projects, and the interest rate is higher than the bank interest rate in the same period, with a term of 2 to 3 years. In general, large enterprises in the market issue more bonds. Small and medium-sized enterprises can raise funds in this way if they have high-profit projects and a large demand for funds. Guanjian should solve specific problems such as bond underwriting, interest payment and timely repayment. In 2008, the financial crisis, the stock market downturn, the bond market is extremely hot.
Intransitive verb financing lease
Through the combination of financing and finance, financial leasing has the dual functions of finance and trade, and plays a very obvious role in improving the financing efficiency and promoting the technological progress of enterprises. Financial leasing includes direct purchase leasing, after-sale leaseback and leveraged leasing. In addition, there are many forms of leasing, such as the combination of leasing and compensation trade, the combination of leasing and processing and assembly, and the combination of leasing and underwriting. The financial leasing business has opened up a new financing channel for the technological transformation of enterprises, and adopted a new form of combining financing with finance, which has improved the speed of introducing production equipment and technology, saved the use of funds and improved the utilization rate of funds.
Seven. finance lease
Financial leasing is a new financing method integrating credit, transaction and leasing, which is characterized by the separation of ownership and use right of the leased property. After equipment users take a fancy to a certain equipment, they can entrust a financial leasing company to buy it, and then deliver the equipment to the enterprise in the form of leasing. The enterprise pays the rent within the contract period and finally owns the ownership of the equipment. For enterprises lacking funds, financial leasing is a good way to accelerate investment and expand production; For some enterprises with overstocked products, financial leasing is a good means to promote sales and expand the market. Through financial leasing, enterprises can obtain the required advanced technology and equipment with a small amount of funds, and they can also pay rent while producing.
Eight, pawn financing
Pawn is a kind of financing method that takes physical objects as collateral and obtains temporary loans in the form of physical object ownership transfer. Compared with bank loans, pawn financing has the advantages of high cost, small scale, high credit requirements, flexibility and convenience. Pawnshops have no credit requirements for customers, but only pay attention to whether the pawned items are genuine, but both movable and immovable property can be used as pledges. Pawn items have a low starting point, and items of 1000 yuan and 100 yuan can be mortgaged. Pawnshops pay more attention to serving individual customers and small and medium-sized enterprises. Pawn loan procedures are very simple, and most of them are desirable. Even property mortgage is much more convenient than bank. Pawnshops have no requirements on the use of customers' loans, and customers' funds can be used freely. Repeatedly, the utilization rate of funds has been greatly improved.
Nine. mercantile credit
Commercial credit financing refers to the lending activities provided by enterprises in the form of commodities when buying and selling commodities, and it is the most common creditor-debtor relationship in economic activities. The existence of commercial credit has played a very positive role in expanding production and promoting circulation, but it also inevitably has some negative effects. Commercial credit financing methods include accounts payable financing, commercial paper financing and prepayment financing. For financing enterprises, accounts payable means giving up the discount of cash transactions, and at the same time, it also needs to bear certain costs, because the earlier the payment, the more discounts; Commercial paper financing, that is, creditor's rights and debt bills issued by enterprises in deferred payment transactions. For some enterprises with strong financial resources and good reputation, the commercial paper issued by them can directly raise short-term monetary funds from the money market; Prepayment financing is the commercial credit provided by the buyer to the seller and the short-term source of funds for the seller. The application of credit form is very limited, which is limited to the goods in short supply in the market, the goods urgently needed or necessary by the buyer, the construction industry and heavy industry with long production cycle and large investment. The precondition of using commercial credit financing needs to have a certain commercial credit foundation; Second, partners must also benefit; Finally, we must use "commercial credit" with caution. The advantages of commercial credit financing are convenient financing, low financing cost and few restrictions. However, the shortcomings of commercial credit financing should not be underestimated, such as short term, small financing amount and sometimes high cost.
X. retained earnings
Retained income financing refers to the process in which an enterprise converts its retained income into investment and keeps the net income realized by its production and operation in the enterprise instead of distributing it to shareholders as dividends. Its essence is the original shareholders' additional investment in the enterprise. The financing channels of retained earnings include surplus reserves and undistributed profits. The advantage of retained earnings financing is that there is no actual cash expenditure, unlike debt financing, which does not need to pay interest regularly, and unlike stock financing, which does not need to pay dividends. At the same time, it also eliminates the fees and issuance fees related to creditor's rights and equity financing. But there is opportunity cost in this way, that is, the necessary rate of return for shareholders to invest their funds in other projects. Retained earnings are essentially a part of shareholders' rights and interests, which can be used as the basis for enterprises to borrow from abroad. Use this part of the funds to raise funds first and reduce the demand for external funds by enterprises. When an enterprise encounters a project with high profitability, it will raise funds from outside, so that it will not be difficult to raise funds because the debt of the enterprise has reached a higher level. The control right of the enterprise is not affected, and the control right of the original shareholders is dispersed by increasing the issuance of shares; Creditors may attach restrictive conditions to enterprises when issuing bonds or increasing liabilities. But using retained earnings to raise funds will not have such a problem. The disadvantage is that the term is limited, and only after a certain period of accumulation can there be a certain retained income, so it is difficult for enterprises to obtain the funds needed to expand reproduction in a short time; Secondly, in the balance with dividend policy, if the retained earnings are too high and the cash dividend is too small, it may affect the corporate image and increase the difficulty of financing in the future. When using retained earnings to raise funds, the company's dividend policy should be considered and cannot be changed at will. Retained income is an important source of enterprise funds. In fact, it is the additional investment of shareholders in the enterprise. Like the share capital paid to the enterprise before, shareholders also demand certain remuneration. The cost calculation of retained earnings is basically the same as that of common stock, but there is no need to consider financing costs.
Common stock dividend is fixed: retained earnings financing cost = annual fixed dividend/common stock financing amount X 100%.
The dividend of common stock increases steadily year by year: the financing cost of retained earnings = the expected dividend in the first year/the financing amount of common stock X 100%+ the annual growth rate of dividend.
XI。 guarantee
Warrant financing refers to a relatively long-term option to buy common stock at a specific price in a certain period of time. The specific price is also called the strike price, that is, the price of common stock related to warrants or call options within a specific period of time. When a company issues warrants, the warrants involved are independently circulated and cannot be redeemed, so the impact on the company is different from that of issuing convertible bonds. Advantages of warrant financing: the financing cost of issuing warrants is low, which improves the company's future capital structure, similar to convertible securities financing. The difference is that the execution of warrants increases the company's equity capital without changing its liabilities. The shortcomings of warrant financing, warrant financing also has some shortcomings, such as the dilution of equity and the high cost of warrant when the stock price rises sharply. The impact of warrants on the company's capital structure, after the exercise of warrants, investors buy a specified proportion of shares at the agreed subscription price within a certain period of time. For listed companies, shareholders' equity capital increases accordingly. Before and after the exercise of stock options, the company's debt capital remains unchanged for a certain period of time. With the increase of shareholders' equity capital, the ratio of equity capital to debt capital in the company's capital structure increases and the asset-liability ratio decreases. When the proportion of debt capital in the company's capital structure is too high, the company's capital structure can be optimized through the exercise of warrants. The dilution effect of warrants on earnings per share is an important financial indicator for investors to evaluate the operating performance and company value of listed companies. The direct impact of the company's expansion of equity investment is that the earnings per share are diluted at the moment when the issuing company expands its shares again. If diluted to a certain extent, the stock price will be adjusted to cause a decline and affect the company's performance.
Twelve. convertible bonds
Convertible bonds are short for convertible corporate bonds, also called convertible bonds. It is a special corporate bond that can be converted into common stock at a specific time and under specific conditions. Convertible bonds have the characteristics of both bonds and stocks. Bonds with conversion characteristics issued by companies. In the prospectus, the issuer promises to convert the bonds into common shares of the company at the conversion price within a certain period of time. The conversion function is an obligation of the bonds issued by the company. The advantages of convertible bonds are the fixed income that ordinary shares do not have and the appreciation potential that ordinary bonds do not have. Convertible bonds have the dual characteristics of creditor's rights and options.
Convertible bonds have the characteristics of both bonds and stocks, and have the following three characteristics: first, they are creditor's rights. Like other bonds, convertible bonds also have stipulated interest rates and maturities, and investors can choose to hold bonds at maturity and collect principal and interest; The second is equity. Convertible bonds are pure bonds before conversion, but after conversion, the original bondholders become shareholders of the company, can participate in the company's business decision-making and dividend distribution, and will also affect the company's share capital structure to a certain extent; The third is convertibility. Convertibility is an important symbol of convertible bonds, and bondholders can convert bonds into stocks according to agreed conditions. Converting shares is an option that investors enjoy but ordinary bonds do not. Convertible bonds are clearly stipulated at the time of issuance, and bondholders can convert bonds into common shares of the company at the price agreed at the time of issuance. If the bondholders do not want to convert shares, they can continue to hold the bonds until the repayment period expires to collect the principal and interest, or they can be sold and realized in the circulation market. If the holder is optimistic about the appreciation potential of the issuing company's shares, he may exercise the right to convert the bonds into shares at a predetermined conversion price after the grace period, and the issuing company shall not refuse. Because of its convertibility, the interest rate of convertible bonds is generally lower than that of ordinary corporate bonds, and issuing convertible bonds by enterprises can reduce financing costs.
Convertible bonds have the characteristics of double options. On the one hand, investors can choose whether to convert shares and bear the opportunity cost of lower interest rate of convertible bonds; On the other hand, the issuer of convertible bonds has the right to choose whether to implement the redemption clause, so it has to pay a higher interest rate than convertible bonds without redemption clause. Double option is the most important financial feature of convertible corporate bonds, which limits the risks and returns of investors and issuers to a certain range and can be used to hedge stocks and obtain more certain returns.
Thirteen, employee fund-raising
Small and medium-sized enterprises can divide their net assets into shares according to the actual assets of the company, and raise funds by means of MBO (management shareholding), ESO (employee shareholding) and selling shares to specific shareholders to realize the diversification of shares. In the early 1990s, employee fund-raising basically became a magic weapon to solve the fund problem in China.
Fourteen property rights transaction
Property right transaction is in the ascendant in China. Intermediary markets for property rights and asset transactions have been established all over the country. The transaction of property rights is relatively standardized, the assets and equity sold have corresponding price evaluation systems, and the transaction methods are basically market-oriented. In order to solve the shortage of funds, small and medium-sized scientific and technological enterprises can list some equity patents (intangible assets) and tangible assets on the property rights exchange, which can not only solve the shortage of funds within enterprises, but also increase cash flow; It can also lay a good foundation for further capital market operation.