Seeing this message, I believe everyone feels the same way with me. It is easy for large enterprises to raise funds.
Modern financial management theory holds that the goal of enterprise financial management is to maximize the enterprise value. Practice has proved that when the capital cost is the lowest, the enterprise value reaches the maximum. Its basic formula is: total enterprise value = expected earnings before interest and tax. Do you want to kill everyone? What is your ambition? ψψψψψψψ▼ψ▼ψ▼▼ ▼ Overseas Chinese title? What is a swing? ? Promise? What is the fluorene at the bottom of the hat? Driving slowly? ⑱⑻⑸⑸? Crispy benzene grazing? Bear? What's the point of killing everyone around you? Gray? Di Zhiyi eats plutonium? What should Emperor Tu Shaoyun do when he stands on the road? Do you know U-temples? What's the point? What's the point? Is it throwing? /p & gt；
1 General idea of enterprise financing
We know that the financing activities of enterprises come from investment demand. The investment mentioned here includes current assets investment, fixed assets investment and indirect investment in the capital market. Whether to carry out financing activities is mainly determined by comparing investment income and capital cost. For example, what is the average annual rate of return (or average annual profit rate) of investment projects in the future? What is the cost (or capital cost rate) of funds occupied by financing activities? This is the most concerned by the decision-making level of enterprise management. Therefore, before financing activities, enterprise financial personnel must make a reliable prediction of future investment income. Only when the investment income is far greater than the cost of capital can the financing activities be determined to be reasonable and meaningful.
Once the capital demand is determined, enterprises should make full use of internal sources of funds before considering external financing. The so-called internal capital sources of enterprises are nothing more than cash sources formed through depreciation and capital sources increased through retained profits. This part of the funds is "naturally" formed within the enterprise. Although it is occupied, the use cost of funds (in fact, non-cash) will also occur, but the financing cost should not be paid. External financing refers to the sources of funds formed through external integration when internal financing cannot meet the needs of enterprises, including debt financing forms such as bank loans, bond issuance, financial leasing and commercial credit, as well as equity financing forms such as absorbing direct investment and issuing stocks. Taking up the externally integrated funds will not only generate the use cost, but also pay the financing cost. Therefore, the cost of using external financing is relatively high. The real financing activity of an enterprise is to integrate funds from the outside, and the real financing quantity is the total amount of funds integrated from the outside.
2 enterprise financing should pay special attention to the following points
2. 1 Pay attention to the rationality of the amount of funds.
For large enterprises represented by joint-stock companies, the purpose of financing is to achieve the best capital structure, that is, to pursue the lowest capital cost and the greatest enterprise value; For small and medium-sized enterprises, the purpose of financing is to directly guarantee the funds needed for production and operation. Insufficient funds will affect the development of production, while excess funds will also lead to the reduction and waste of funds. Due to the difficulty in financing small and medium-sized enterprises, operators are often prone to make the mistake of "more Han Xinbing, the more the better" when encountering a relatively relaxed financing environment. However, if the raised funds are used unreasonably or are not really needed, then good things will turn into bad things, and enterprises may be burdened with heavy debts, further affecting their financing ability and profitability.
2.2 The use of funds should focus on efficiency.
In terms of financing channels and methods, enterprises should weigh each sum of money, comprehensively consider business needs, capital cost, financing risk, investment income and many other factors, and must analyze the relationship between capital cost rate and investment return rate in combination with the source and investment of funds to avoid decision-making mistakes.
2.3 Pay attention to matching the capital structure.
The use of funds by enterprises determines the type and quantity of financing. We know that the total assets of an enterprise consist of current assets and non-current assets. Current assets are divided into two different types: first, current assets whose quantity fluctuates with the change of production and operation, that is, so-called temporary current assets; The second is the current assets that have maintained a stable level for a long time like fixed assets, that is, the so-called permanent current assets. According to the principle of structural matching, it is appropriate for enterprises to raise funds for fixed assets and permanent current assets by means of medium and long-term financing; Due to seasonal, cyclical and random factors, it is appropriate to focus on short-term financing. It is particularly important for enterprises to emphasize the matching relationship between financing and investment in capital structure. Relevant surveys show that the financial failure of many enterprises is not directly caused by the inability to raise funds, but because the operators do not understand the characteristics of various funds and inappropriately use short-term funds for long-term investment projects.
2.4 Capital operation should focus on stock financing, while pursuing incremental financing.
Incremental financing refers to increasing the total amount of funds in quantity to meet the needs of production and operation; Stock financing refers to adjusting the capital occupation structure, speeding up capital turnover, avoiding unreasonable capital use and improving the use effect of unit funds without increasing the total capital occupation, so as to meet the expanding production and operation needs of enterprises. The close combination of incremental financing and stock financing also reflects the inherent relationship between enterprise financing activities and investment activities, because stock financing is actually a kind of capital utilization and belongs to the category of investment activities. For example, if an enterprise can "raise inventory funds" by renting, selling and transferring idle equipment in time, it can not only avoid losses and the backlog of funds, but also help to improve the liquidity of long-term funds and reduce excessive financing pressure.
2.5 Financing channels should focus on winning by reputation.
It is a compulsory course for every successful business operator to actively maintain good relations with financial institutions, let financial institutions know about the enterprise, see its broad prospects and be willing to support its development. Specifically, it includes two aspects: on the one hand, the choice of financial institutions, interested in the establishment and growth prospects of enterprises, and willing to invest; Financial institutions that can give business guidance; Financial institutions with many branches and convenient transactions; Financial institutions with sufficient funds and low capital cost; Financial institutions with good staff quality and professional ethics. On the other hand, enterprises should take the initiative to communicate their business policies, development plans and financial conditions to cooperative financial institutions, explain the difficulties encountered, and win the trust and support of financial institutions with their performance and credibility, instead of obtaining funds through various illegal or improper means.
Because the financing channels and methods of enterprises are various, the difficulty, capital cost and financial risk of different financing channels and methods are also different. Since it is necessary to integrate funds from the outside, enterprises must consider maintaining a good and reasonable financial structure and capital structure after financing, so as to keep financial risks at a safe level and reduce the comprehensive capital cost. Under this overall financing strategy, several financing schemes are designed, and their financial advantages and disadvantages are sorted in order to implement dynamic optimization in specific financing practice.
Of course, the overall financing strategy must be combined with the specific financing practice. For example, according to general financial theory, the cost of equity financing is higher than that of debt financing. Therefore, enterprises in developed countries always pay attention to debt financing in order to reduce the comprehensive capital cost within the fluctuation range allowed by financial risks. In China's capital market, the situation is different until now and for some time to come. Because most enterprises in China are generally inefficient, investors' expectations for returns are generally low. Moreover, the empirical research in financial circles at home and abroad has not proved that the financing cost of China's enterprise equity funds is higher than that of debt funds. In fact, as long as we notice that most enterprises in China are generally inefficient, with high asset-liability ratio and great financial risks and pressures, enterprises should know how to raise funds abroad.
The ways of equity financing mainly include absorbing direct investment and issuing stocks. For enterprises that adopt the financing method of absorbing direct investment, equity investors should be required to directly inject cash as much as possible to avoid direct investment at the price of physical objects, so as to make full use of funds. For enterprises that adopt the financing method of issuing shares, the demand for new shares has been in short supply due to the profiteering effect of issuing new shares in China stock market. Therefore, there is no risk for enterprises that raise funds by issuing stocks. Moreover, most of the listed companies in China pay little dividends to shareholders every year, so it is conceivable that the cost of using equity funds by enterprises is certainly not high. Recently, a new way of equity financing appeared in China stock market, which is called issuing new shares. Due to the relaxed conditions for issuing new shares made by the management based on the projects invested by listed companies and their development direction, many enterprises with average operating performance, poor financial situation, long-term lack of rights issue qualification and capital shortage have obtained excellent opportunities to adopt equity financing. They put forward investment projects in line with the industrial direction advocated, encouraged and cultivated by the state, and on this basis, as the beginning of new ventures, they obtained the qualification for issuing new shares and realized the equity financing plan.
Therefore, according to the specific situation of financing in China, as long as the enterprise's own operating performance, financial situation, market reputation and industry development prospects allow, and the external environment is more favorable, equity financing should be adopted as far as possible. Enterprises will not only have great freedom in the use of funds, but also effectively avoid financial risks, make the capital structure more stable and help enhance the competitiveness of enterprises. At the same time, the cost of capital is not necessarily high, so why not do it for enterprises? Of course, it is relatively more difficult to adopt the financing method of equity capital, which requires not only a lot of work, but also a long time and process to obtain funds. But for enterprises that have good investment projects and need funds, equity financing, especially stock financing, must not be abandoned.