Generally speaking, the strategies of corporate financing portfolio are: (1) normal financing portfolio; (2) Risk financing portfolio; ⑶ Conservative fund-raising combination. Different fund-raising combinations have different effects on the company's return and risk.
Question 2: What are the strategies for corporate financing portfolio? The ratio of short-term funds and long-term funds to the total amount of enterprise funds is called enterprise financing portfolio. The factors that affect the financing portfolio include: (1) risk and cost; (2) The industry in which the enterprise is located; (3) Business scale; (4) Interest rate status.
Generally speaking, the strategies of corporate financing portfolio are: (1) normal financing portfolio; (2) Risk financing portfolio; ⑶ Conservative fund-raising combination. Different fund-raising combinations have different effects on the company's return and risk.
Question 3: What are the common financing strategies? Financing method:
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? The first is the IMF, which borrows money from fake stocks. As the name implies, the so-called fake stock secret loan means that investors invest in projects in the form of shares, but actually do not participate in project management. Withdraw from the project at a certain time. This method is mostly adopted by foreign funds. The disadvantage is that the operation cycle is long, and it is necessary to change the shareholder structure and even the nature of the company. There are many foreign funds, so if you invest in this way, the nature of domestic companies will be changed to Sino-foreign joint ventures.
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? The second financing method is bank acceptance bill. The investor will transfer a certain amount, such as 1 billion yuan, to the company account of the project party, and then immediately ask the bank to open a bank acceptance bill of 1 billion yuan. Investors take away bank acceptance bills. This financing method is of great benefit to investors, because it actually turns 1 100 million yuan into several uses. He can take this 100 million yuan bank acceptance bill to other banks and post another 100 million yuan. At least 20% off. But the question is, can the bank draw an acceptance bill of 1 100 million yuan with the 1 100 million yuan in the company account? Probably only 80% to 90% banks will accept it. Even if 100% is accepted by the bank, it is still a question how much money the bank allows you to use in the company account. It depends on the level of the company and its relationship with the bank. In addition, the biggest drawback of acceptance is that according to national regulations, bank acceptance can only be opened for 12 months at most. Now most places can only be opened for half a year. That is, the fee must be renewed every 6 months or 1 year. It's troublesome to use money for a long time.
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? The third financing method is direct deposit. This is the most difficult financing method. Because direct deposit is against bank regulations, the relationship between enterprises and banks must be particularly good. The investor shall open an account in the bank designated by the project party and deposit the specified amount into his own account. Then sign an agreement with the bank. Promise not to misappropriate the money within the specified time. According to this amount, the bank gives the project party a loan less than or equal to the same amount. Note: We promise not to pledge the bank here. I don't agree to mortgage the money. It is another financing method called large pledged deposit that agrees to pledge. Of course, that kind of financing also has its own violations of bank regulations. That is, the bank needs to sign a letter of commitment to ensure that the payment is completed 30 days before the maturity. In fact, after he gets this thing, he can take it to other banks for refinancing.
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? The fifth way of financing (the fourth way is a large amount of pledged deposits) is a bank letter of credit. The state has a policy that a bank letter of credit issued by a global commercial bank (such as Citigroup) that agrees to finance an enterprise is regarded as having the same amount of deposit in the enterprise account. In the past, many enterprises used this kind of bank letter of credit to circle money. So now that the national policy has changed slightly, it is difficult for domestic enterprises to raise funds in this way. Only wholly foreign-owned enterprises and Sino-foreign joint ventures are allowed. Therefore, if domestic enterprises want to raise funds in this way, they must first change the nature of the enterprise.
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? The sixth financing method is entrusted loan. The so-called entrusted loan means that the investor sets up a special fund account for the project party in the bank, then transfers the money into the special fund account and entrusts the bank to lend money to the project party. This is a relatively easy way of financing. Usually, the audit of the project is not very strict, and the bank is required to make a commitment to collect interest and repay the principal from the project party every year. Of course, those who don't repay the principal only need to promise to collect interest every year.
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? The seventh financing method is direct payment. Direct payment means direct investment. Such strictly examined projects often require fixed assets mortgage or bank guarantee. Interest is also relatively high. Mostly short-term. The minimum personal contact is 18 annual interest. Generally above 20.
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? The eighth financing method is hedge fund. At present, there is a kind of entrusted loan in the market that does not repay the principal and interest, and it is a typical hedge fund.
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Question 4: What is the financing strategy? The financing strategy of enterprise groups includes those concepts of content directory financing strategy.
Types of financing strategies
Financing strategic income
The content of financing strategy and the concept of financing strategy
Financing strategy refers to the strategy adopted by the company to arrange the ratio of long-term funds and short-term funds in financing decision.
Types of financing strategies
Financing strategies are divided into the following three types:
1. Active financing strategy. Under this strategy, all long-term assets and some long-term current assets of the company are financed by long-term funds; Another part of long-term current assets and all temporary current assets are financed by short-term funds.
2. Appropriate financing strategy. Refers to the short-term financing of current assets to raise funds; For long-term assets, including long-term current assets and fixed assets, long-term financing is adopted to raise funds, so that the life cycle of assets and the maturity date of liabilities can cooperate with each other.
3. Conservative financing strategy. Using this strategy, the company should not only use long-term funds to finance long-term current assets and fixed assets, but also use long-term funds to meet the capital needs of some or all temporary current assets due to seasonal or periodic fluctuations.
Financing strategic income
1. Establish the basic concepts of financing impact, financing sequence and financing cost, and understand various phenomena in the market?
2. Through a large number of cases, learn about various financing methods and their applicable conditions and costs, and find a suitable financing scheme?
4. Understand a series of strategic choices in the capital market during the financing process?
5. Establish clear ideas on capital market selection, listing mode selection, M&A operation, assets and financial analysis.
1. What are the necessary theories for enterprises to consider the capital bottleneck?
1, capital pricing model?
2, the impact of corporate credit rating on financing
3. Alliance Trust Company?
4. Clever use of commercial credit?
5.PE and VC?
6, the possibility of contrarian issuance, to solve the large amount of funds needed for the development of enterprises in the capital market.
Fourth, the feast of capital-IPO
1. Comparison and selection of major capital markets
2. Mode and choice of domestic listing.
3. Mode and choice of overseas listing.
4, enterprise acquisition and merger
Question 5: Basic types of financing strategies Low-cost financing strategies The goal of enterprise financing decision-making is not only to raise enough funds, but also to minimize the cost of funds. Text/Wang Yufeng The cost of capital refers to the price paid by an enterprise when it obtains and uses capital, including financing expenses and capital occupation expenses. The cost of obtaining funds mainly refers to the cost of issuing bonds and stocks and the procedures for borrowing from non-bank financial institutions. The cost of using funds mainly includes dividends and interest. In the process of investment decision-making, how should enterprises choose the best financing channels and financing methods according to the use period, amount and cost of funds, and raise funds reasonably and effectively? This paper tries to discuss from the following aspects for the reference of business colleagues. 1. The cost of raising funds through various means at a lower single capital cost, namely, single capital cost, including various single capital costs such as bank loans, bonds, preferred shares, common shares and retained earnings. When raising funds, enterprises can determine the financing method according to the cost rate of individual funds. Capital cost ratio = occupation cost/(total amount of funds raised-financing cost). Namely: K=D/P( 1-F), where k is the capital cost rate; D is the capital occupation fee; P is the total amount of funds raised; F is the financing rate, that is, the ratio of financing expenses to total financing. When applying the formula to calculate the cost of a single fund, the cost of loans and corporate bonds should consider the tax deduction factor, that is, multiply it by "1- income tax rate". The capital cost ratio of common stock and retained earnings should also consider the annual growth rate of common stock. Example 1: An enterprise issues 4 million yuan long-term bonds, with a financing interest rate of 2%, a bond interest rate of 6% and an income tax rate of 33%. Then the cost ratio of long-term bonds is 400× 6 %× (1-33%)/400× (1-2%) = 4.1%Example 2: The market price of a common stock issued by an enterprise is 3 million yuan, the financing interest rate is 4%, and the interest rate at the end of the first year is/. Then the cost ratio of common stock is: [300×10%/300× (1-4%)]+5% =15.4% When the enterprise is insolvent, the creditor's rights of common stock holders are not only behind those of bondholders, but also inferior to those of preferred stock holders, so their investment risk is the highest. In addition, with the improvement of operating conditions, its share interest rate will increase year by year. Therefore, the capital cost ratio of common stock is the highest. Second, the lowest comprehensive cost of funds Enterprises must calculate the comprehensive cost of funds, also known as the weighted average cost of funds, to raise funds from various channels and in various ways. It takes the proportion of all kinds of funds in the total funds as the weight, and determines the cost of all kinds of funds through weighted average. The formula is: Kw=∑KJWJ, where Kw refers to the comprehensive capital cost; KJ refers to the J-type individual capital cost; WJ refers to the ratio (weight) of J-type individual funds to the total funds. Calculate the comprehensive capital cost according to the formula, and choose the scheme with the lowest comprehensive capital cost for financing. The calculation method is as follows: an enterprise needs to raise 40 million yuan of long-term capital, including 6,543,806,000 yuan of bonds, 2,000,000 yuan of preferred shares and 20,000,000 yuan of common shares, and 2,000,000 yuan of retained earnings, with costs of 7.7% (after tax), 8.75%, 654.38+08.6% and 654.38+08.6 respectively. Try to calculate the weighted average cost of capital of this enterprise. Step 1: Calculate the proportion of all kinds of capital: the proportion of bonds to the total amount of funds w1j1=1600/4000 = 40% of the total amount of funds in preference shares W2J2 = 200/4000 = 5% of the total amount of funds in common shares W3J3 = 2000/ 4000 = 50% ratio of retained earnings to total capital W4J4=200/4000 Enterprise financing must reach the lowest comprehensive capital cost, and at the same time control the financial risk within an appropriate range, so as to maximize the enterprise value, which is the best capital ..... >; & gt
Question 6: What is the financing strategy? What does the financing strategy of enterprise groups include? The concept of financing strategy.
Types of financing strategies
Financing strategic income
The content of financing strategy and the concept of financing strategy
Financing strategy refers to the strategy adopted by the company to arrange the ratio of long-term funds and short-term funds in financing decision.
Types of financing strategies
Financing strategies are divided into the following three types:
1. Active financing strategy. Under this strategy, all long-term assets and some long-term current assets of the company are financed by long-term funds; Another part of long-term current assets and all temporary current assets are financed by short-term funds.
2. Appropriate financing strategy. Refers to the short-term financing of current assets to raise funds; For long-term assets, including long-term current assets and fixed assets, long-term financing is adopted to raise funds, so that the life cycle of assets and the maturity date of liabilities can cooperate with each other.
3. Conservative financing strategy. Using this strategy, the company should not only use long-term funds to finance long-term current assets and fixed assets, but also use long-term funds to meet the capital needs of some or all temporary current assets due to seasonal or periodic fluctuations.
Financing strategic income
1. Establish the basic concepts of financing impact, financing sequence and financing cost, and understand various phenomena in the market?
2. Through a large number of cases, learn about various financing methods and their applicable conditions and costs, and find a suitable financing scheme?
4. Understand a series of strategic choices in the capital market during the financing process?
5. Establish clear ideas on capital market selection, listing mode selection, M&A operation, assets and financial analysis.
1. What are the necessary theories for enterprises to consider the capital bottleneck?
1, capital pricing model?
2, the impact of corporate credit rating on financing
3. Alliance Trust Company?
4. Clever use of commercial credit?
5.PE and VC?
6, the possibility of contrarian issuance, to solve the large amount of funds needed for the development of enterprises in the capital market.
Fourth, the feast of capital-IPO
1. Comparison and selection of major capital markets
2. Mode and choice of domestic listing.
3. Mode and choice of overseas listing.
4, enterprise acquisition and merger
Question 7: The choice strategy of enterprise financing The goal of enterprise financing is to raise funds in time and effectively to meet the capital needs of enterprises, so as to maximize the value and profit of enterprises. In the context of the financial crisis, the financing decisions of enterprises mainly include the following aspects. (A) to avoid or reduce the financing risk of different financing methods, its debt repayment pressure is also different. Equity capital belongs to the funds occupied by enterprises for a long time, and there is no pressure to repay the principal and interest and no debt burden. Debt funds must repay the principal and interest at maturity, which has nothing to do with business quality and ability to pay. It can be seen that the risks of different financing methods are different. Reducing the financial risk of enterprises should be considered from the following aspects. 1. Strictly control the debt financing ratio and implement a prudent fiscal policy. The ratio of debt capital to equity capital is usually 3∶ 1 internationally, and the ideal ratio tends to 1∶ 1 in some large and medium-sized projects. Of course, when raising funds, enterprises should also decide the specific proportion according to their own asset structure and the risk degree of investment projects. Because the principal and interest of the due debt must be paid in cash, and the cash payment ability depends not only on the profitability of the enterprise, but also on the liquidity and cash flow of the enterprise. Therefore, enterprises with a large proportion of easily realizable assets can also borrow a relatively large proportion; On the contrary, if the proportion of fixed assets and other assets that are difficult to realize is large, the debt ratio should not be too high. Under the same conditions, if the investment project is risky and the profit is not stable enough, the debt ratio should not be too high. 2. According to the service life of the assets, arrange to use the debt funds of the corresponding period. For example, if the expected service life of the equipment is 5 years, the capital demand should be provided by the long-term debt of 5 years; If the commodity inventory is expected to be realized within 1 month, it is necessary to raise short-term liabilities of 1 month to meet its demand. In this way, the enterprise can repay the principal and interest of the due debt. On the contrary, if the demand for equipment payment is met by borrowing 1 year, the cash flow after equipment operation 1 year will not be enough to repay the due debts, and the enterprise will face greater payment risks. 3. Adjust the financing structure in time to reduce financial risks. Financial risks are usually caused by improper arrangement of financing structure, such as arranging a higher debt structure when the capital profit rate is low, and the asset profit rate is even lower than its capital cost. At the time of operating losses, it is still expanding its business scale. In this case, it will make the enterprise unable to pay the normal interest on the debt, resulting in the inability to repay the principal at maturity. Therefore, enterprises should automatically adjust the debt structure according to the need or possibility of debt, automatically reduce the debt ratio when the profit rate of funds declines, increase the proportion of equity capital and reduce the debt risk; When the profit rate of capital rises, the debt ratio will automatically increase to improve the profit rate of equity. (2) Reasonable arrangement of financing structure Enterprises should strike a balance between financial leverage income and financial risks when raising funds. According to the specific situation of the enterprise, correctly arrange the proportion of equity funds and creditor's rights funds. When the sales level of an enterprise is high and steadily rising, and the profit rate of funds exceeds the borrowing rate, the borrowed funds increase, the capital decreases and the earnings per share increases. Therefore, from the perspective of profitability, shareholders prefer a higher debt-equity ratio. However, with the increase of debt, financial risks are also increasing. Once the production and operation are not ideal and the principal and interest cannot be repaid in time, there will be financial difficulties and even bankruptcy. With the increase of debt-to-equity ratio, debt financing becomes more difficult, and as a result, the comprehensive capital cost ratio of enterprises will increase. Therefore, we should find out the most suitable debt equity structure. At this point, the average capital cost of enterprise integration is the lowest. (3) Minimizing the financing cost is an important basis for choosing the source of funds. Enterprises should strive to find the financing scheme with the lowest financing cost. Financing cost includes two parts: fund raising cost and occupation cost. In general, the financing cost of bank loans is very small, which indicates that the bank interest rate in occupation cost is also low, so the capital cost of bank loans is usually the lowest. Issuing bonds has a certain financing cost, and the interest rate is slightly higher than that of bank loans. The capital cost of corporate bonds is slightly higher than that of bank loans. Not only issuing stocks will generate a lot of financing costs, such as advertising fees, publicity fees, asset evaluation fees, issuance fees, printing fees, etc. However, investors demand to pay dividends higher than or equal to the income of bank deposits, so the cost of raising stocks is the highest. It can be seen that the capital cost of different financing methods is different. In practice, if an enterprise can choose among financing methods such as loans, bonds and stocks when raising funds, it should compare the financing costs of various methods to determine which one has the lowest financing cost ... >>
Question 8: Financing strategy and theoretical basis Generally speaking, there are two basic financing methods for enterprises: equity financing and debt financing. Equity financing forms the equity capital of enterprises, which is obtained by absorbing direct investment and publicly issuing stocks; Debt financing forms the debt funds of enterprises, which are obtained by borrowing from banks, issuing corporate bonds and using commercial credit. As for the financing methods such as issuing convertible bonds, they are mixed financing methods with the nature of equity financing and debt financing.
Principles that must be followed: (1) legal financing; (2) Appropriate scale; (3) timely collection; (4) Source economy; (5) The structure is reasonable.
Various factors that affect fund-raising, weigh the nature, quantity, cost and risk of funds, reasonably choose the fund-raising method and improve the fund-raising effect.
For reference: baidudongao/....shtml
Question 9: What are the financing strategies in enterprise development, which are divided into several directions and developed in many aspects, as follows:
1. supplier financing: the supplier provides deferred payment for the accounting period.
2. User financing: users pay in advance.
3. Financing by banks and other financial institutions: There are abundant financial products such as loans, bills, letters of credit, guarantees and factoring, which can be designed according to business needs.
4. Shareholder financing: shareholder loans \ guarantees, etc.
5. Social financing: loans, venture capital and special funds. * * * Financing: Apply for preferential policies for subsidy funds according to national policies, such as developing subsidy funds, funds, interest subsidies, and reducing deferred tax.
Question 10: What are the principles of financing strategy selection? The principles to be followed in the selection of financing strategies include:
① The principle of low financing cost;
(2) The principle of reasonable financing scale;
③ The principle of reasonable financing structure;
④ The best principle of financing opportunity;
⑤ The principle of controllable financing risk.