China is a big manufacturing country, but with the opening of IPO a few years ago and the nationwide PE boom, leeks have been cut, and the remaining small and medium-sized enterprises have to move to the New Third Board and the regional equity trading market. However, as far as the listed companies contacted by the author and the companies to be listed on the New Third Board or the regional equity exchange market are concerned, few companies can obtain financing. After listing, in addition to government subsidies, it can offset the listing costs, and also get some related bank loans with better asset quality. As for the issuance, merger and acquisition, and market value management, it is still too far away from the enterprise.
First-tier cities, especially those in the north, Guangzhou and Shenzhen, have excellent venture capital environment and national policies. They use their inherent advantages in policy, technology, talents and resources to keep ahead. At the same time, they are like huge magnets, absorbing high-quality projects in second-and third-tier cities across the country. The reason is also very simple. There is a vast market, rich talents and resources, and an environment that accommodates failures and encourages innovation. It is also a strategic bridgehead for the layout of the national market.
As far as the venture capital environment I contacted and the information I learned are concerned, traditional enterprises still prefer bank loans, joint loans from chambers of commerce, and private loans. Some capital-conscious enterprises have started to land on regional equity exchanges and list on the New Third Board, but they remain vigilant and wait-and-see about the capital market, mainly because of media communication or anecdotal rumors that "capital has expelled founders and even put them in prison". But the deeper reason comes from the lack of knowledge and knowledge about capital market, capital operation, investment and financing, mergers and acquisitions, and the lack of relevant talents. After all, studying product and customer psychology is the business and specialty of entrepreneurs. Trading equity and buying and selling enterprises may not have opportunities for them, not to mention there are professionals in this field in enterprises.
Another obstacle lies in the interpretation of policies. In the past two years, high-pressure anti-corruption has pulled out radishes and brought out mud, which has once again strained the relationship between government and enterprises. Everyone deliberately kept their distance. This way and change is correct, but some private enterprises take this opportunity to stay away from the government. Therefore, they know nothing about many policies, subsidies and support of the reform dividend released by the state this time. Many positive changes in government institutions and decentralization areas have benefited many technology-based and Internet-based enterprises. Many traditional manufacturing enterprises still feel sorry for each other after gathering.
Faced with the above situation, the author also saw some positive guidance from many local governments, venture capital institutions and industry associations. Hold various investment and financing fairs, entrepreneurship competitions, training courses, and lead a team to visit entrepreneurial streets and incubators. Almost all local governments have their own incubators. The author even saw the entrepreneurial cafe and the farmer's entrepreneurial street in the town. These measures have greatly inspired and influenced decision makers. However, most of them are technology and Internet companies, and traditional enterprises are not enthusiastic about participating.
The real problem is still on the table. The development of financing by itself and creditor's rights has reached the bottleneck, but venture capital can't be found. Enterprises that have worked hard for more than 10 years, with assets exceeding 10 million and revenues exceeding 100 million, have hundreds of people, but they can't catch up with the young man who is as big as his son and nephew. It is said that he has just raised tens of millions, with a valuation of 65438+ billion, and will go public. And more is to refuse to dock venture capital, the reason is not clear.
In fact, the reason here is mainly related to the business model of venture capital institutions. The duration of funds under venture capital institutions is mostly 7-9 years, of which 5 years is the investment period and 2-5 years is the withdrawal period. The expectation of a project is basically that a single return of a project should cover the overall amount of the fund. After all, the success rate of project investment is 10%-20%, so the growth expectation of each project is very high. The annual growth rate and the possibility of listing must be calculated before you can bet on investment. Traditional enterprises have basically passed the stage of barbaric growth and rapid soaring. /kloc-the business, management, personnel and culture of the enterprises that have been in the past 0/0 years have basically formed and matured, and they are all in the stage of secondary entrepreneurship, transformation and regeneration, or in a state of recession. So it is rarely favored by capital. Of course there are exceptions. If the enterprise scale, revenue and listing process are all in the stage, VC has no chance at all, and big PE will basically be arranged.
At present, most enterprises are starting their second business before starting. Now there are three opportunities to promote enterprise by going up one flight of stairs. One is the transformation of traditional enterprise boundaries by "internet plus", which can be seen from the industrial chain mergers and acquisitions made by listed companies in the past two years. Are incubating internally or directly acquiring or investing in internet plus projects, with a view to re-establishing industry boundaries. This is not around large groups and traditional small and medium-sized enterprises in the industrial chain.
The second is the rise of succession tide. The second generation of many enterprises have taken over the banner of their parents, but without exception, they have chosen cross-border and capital operation. Some second-generation successors of listed companies directly pull out an industrial investment fund. The third is fierce market competition. With the upgrading and progress of technology and the progress of new manufacturing methods, processes and technologies, customization and personalization have become the mainstream of manufacturing industry. If you don't take the initiative to seek innovation and change, the retail industry that is hit by e-commerce will be the former teacher of manufacturing. In this life-and-death three-body competitive world that has nothing to do with you, competition is no longer a tooling opponent.
This is both a threat and an opportunity. Compared with Internet entrepreneurs, traditional entrepreneurs have obvious competitive advantages. Deep industrial foundation, skilled and loyal employees and suppliers, resources in the industrial chain and years of management experience are all strategic resources that Internet companies dream of. Therefore, on the basis of the original industry, it is the only choice to effectively combine resources organically to derive and incubate new projects or enterprises. For example, get online and offline, such as using product crowdfunding and equity crowdfunding platforms, such as customization, such as platformization in vertical fields. These models will only benefit traders who have been familiar with the industry for many years, otherwise tuition itself is the threshold. The optimization of the business model depends more on the changes of the enterprise itself, such as daring to hire Internet talents, boldly decentralizing, and even becoming independent. After all, the rigorous management mode is not suitable for the company management mode based on the Internet, and the accompanying organizational structure, business process, management system, incentive system, equity incentive and equity financing should be deepened and adjusted.
Of course, enterprises developing the Internet in second-and third-tier cities are also facing many embarrassment. The introduction of talents, the docking of capital, the interpretation of policies and the adaptation of the environment are all bottlenecks.
Traditional small and medium-sized enterprises also face a series of embarrassment in docking capital in second-and third-tier cities. First-tier cities, good projects, more than one woman, because there are fewer good projects and more investors. Second-and third-tier cities, good projects, it is difficult to marry women, because there are few investors. What's more, some investment institutions directly follow up the leading investment institutions.
How to solve the above financing embarrassment or dilemma, the author shares and refers to some local practices:
1. If traditional industries do not transform to internet plus, but start their own businesses, they can cooperate with cross-border and platform enterprises to expand sales channels and promote products. The financing mode can be product crowdfunding mode or storefront/equity crowdfunding mode, but the storefront/equity crowdfunding mode is a great test for enterprises, and it is necessary to design supporting mechanisms to protect the interests and demands of investors.
2. The transformation and upgrading of traditional industries in the direction of internet plus can be done either internally or independently (equity; Mechanism; Personnel; Finance, etc. ), using the cultivation of industrial resources, using the technology and means of the Internet to upgrade enterprises, considering the introduction of industrial investment from investment institutions or listed companies in the case of accelerated business data, and then choosing the New Third Board to list, the subsequent capital operation means such as fixed increase, investment and financing, and mergers and acquisitions can also be launched one after another because of the previous foundation.
3. It is suggested to choose an incubator that can provide policies, funds, talents and venture capital environment for high-quality projects. On the one hand, we can enjoy the support of many policies, and more importantly, we can cooperate with some incubators and venture capital institutions across the country on this platform.
4. Understand and actively participate in policies. At present, the government's guiding funds, science and technology policies, supporting subsidies, landing in the capital market and other policies have been gradually improved, and the entrepreneurial environment has been continuously optimized. Entrepreneurs should constantly take advantage of the situation.
5. Participate in some government-sponsored training or investment and financing fairs. Now many local governments will organize national venture capital institutions and investors to participate in local incubators, industry associations, guiding funds and investment and financing fairs. Such a platform can broaden the financing channels for entrepreneurs.
6. Learn to borrow money and use your head. Enterprises themselves should focus on management. Financing can be organized and coordinated by professional investment consulting companies, which can greatly improve financing efficiency.
In this rapidly changing and flourishing entrepreneurial era, we look forward to upgrading traditional enterprises, using internet plus's thinking, technology and means, and borrowing the power of capital to realize the leap from manufacturing to intelligent manufacturing.