The second is the 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. 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.
The third 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. Ensure that the money can't be used up 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.
The fourth type is bank letter of credit (large pledged deposit). 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. Therefore, the national policy has changed slightly, and 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.
The fifth is entrusted loans. 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.
The sixth 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.
The seventh is hedge funds. 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.
The eighth is loan guarantee. More investment guarantee companies in the market can obtain much-needed funds by paying higher interest than banks.
Nine is the P2P financing model. P2P finance has begun to take shape in China, but there is no clear legislation at this stage, and domestic microfinance is mainly presided over by "China Microfinance Association". The legal basis for reference is mainly "the first case of national online loan dispute or the result of Ali Small Loan winning". With the development of network and social progress, the regularity and legitimacy of this financial service will be gradually strengthened, and the advantages of network technology will be brought into play under effective supervision to realize the ideal of inclusive finance. The P2C model advocated by Ai Investment matches the lending between individuals and enterprises. Experts believe that its model is closer to crowdfunding. P2C Internet microfinance model is not only very attractive to investors in terms of annualized rate of return, but also the multi-guarantee cooperation system of offline financial guarantee institutions fundamentally solves the principle problem of Internet financial risk control integrity, allowing professional institutions to do professional things, which is a structured design concept that loves investment. P2C model can effectively integrate the participation of all parties, give full play to their respective advantages, realize the efficient use of resources, and help the majority of small and medium-sized enterprises to "quickly" raise funds.
P2P mode is still a gray field in China, so it needs to be cautious and legal to choose financing methods. 1. Asset Based Finance is a financing scheme based on the assets owned by the company, which is an important financing method for small and medium-sized enterprises in Europe and America, and can raise short-,medium-or even long-term funds. Specifically, medium and long-term funds can be lent from the fixed assets owned by the company by stages, leasing, after-sale leaseback or overall investment. Short-term funds are basically discounted by invoices, or revolving loans for accounts receivable and inventory. The specific way is to sell the company's accounts receivable (in whole or in part) to asset financiers for cash, effectively converting credit sales into cash sales and accelerating the withdrawal of funds. Sales invoice means that enterprises regularly submit invoices to the fund providers at the price agreed by both parties (generally 60%-90% of the invoice face value). After receiving the invoice, the fund provider will pay the money to the enterprise, and after receiving the money, deduct the relevant expenses or interest and return the difference to the enterprise. The money can be recovered by the fund provider or collected by the enterprise itself. The key of this way is to find the bank or company that does this kind of business.
Second, government support. In view of the fact that insufficient funds is one of the outstanding problems that the development of small and medium-sized enterprises in the world must face, many economically developed countries generally adopt various financial means to support small and medium-sized enterprises, and the most commonly used one is government-guaranteed loans. For example, the Small Business Administration in the United States, the loan guarantee scheme in Britain and the SME credit guarantee scheme in Hong Kong. In China, since the late 1980s, the policy of supporting loans for small and medium-sized enterprises has been implemented. The China Municipal Government has successively launched special loans for education, 863 and Torch. At the end of last year, the State Economic and Trade Commission issued the "Pilot Work Plan for the Construction of Credit Guarantee System for Small and Medium-sized Enterprises" to actively promote financial institutions to provide guarantees for the development of small and medium-sized enterprises. How to make full use of these preferential policies is also a channel for SMEs to solve the shortage of funds.
3. Venture capital venture funds are common in foreign countries, such as British Venture Capital Association and 3I Group, which started late in China and only appeared in the late 1980s, mainly represented by China Science and Technology Venture Capital Company and China Science and Technology International Trust and Investment Company. In the early 1990s, overseas venture capital funds began to land in China, such as PTV- China (Pacific Science and Technology Risk), WIIG (Walden Investment Group) and other so-called "business incubators" in China, which are actually similar venture capital companies. Venture funds generally invest in enterprises that are in the initial stage and have good market and product prospects, or management buyouts, which are the main sources of funds for high-tech enterprises in the initial stage. More and more venture capital companies are interested in small and medium-sized enterprises, which account for 1/3 of the total venture capital. However, the requirements for venture capital funds are also very demanding. For example, venture capital funds often require holding certain shares in the company, participating in the board of directors, and providing detailed reports, listing development plans, financial planning, product characteristics, management capabilities, etc. In terms of capital stock structure, the management of the enterprise is also required to invest a certain proportion of funds, generally around 25%, to restrain the management's commitment to the enterprise.
Fourth, direct financing, limited by the size of assets and funds, can not be directly financed by small and medium-sized enterprises by issuing bonds, and the second board market to be established will naturally become the best choice to absorb private hot money. Based on the growth potential, the second-board market has less strict performance requirements for three-year sustained profitability, and the minimum capital requirements will be greatly reduced, which is suitable for high-tech enterprises and other small and medium-sized enterprises with broad development space. However, in the early days of the establishment of the second-board market, after all, only a few people were able to catch the first bus. In addition, the high listing cost and the operating cost of maintaining the second-board system are likely to greatly weaken the attractiveness of the second-board market. The China Municipal Government plans to take two steps. First, it will set up a SME board, which is a feasible plan.
Five, lease financing, this is not new, but for the production of small and medium-sized enterprises, it is indeed a very effective financing method. Specifically, there are operating lease, financing lease or installment payment, sale and leaseback, etc. Leasing reduces the pressure of capital turnover caused by equipment transformation, and avoids paying a lot of cash. The rent can be paid in installments within the service life of the equipment, rather than in one lump sum, so that enterprises will not have difficulties in capital turnover. Of course, in addition to the above financing methods, SMEs have more financing channels. The key is to seriously study our own advantages, preferential policies of the country, the latest development of capital and capital market, make full use of all kinds of funds and solve the bottleneck problem of development funds. 1. Provide capital
Enterprises use capital systems, mechanisms and means to obtain resources. Through listing, the capital liquidity of enterprises will be enhanced, and the future value of enterprises will be "closer" to the present stage, thus increasing the original capital with close liquidity; Joint-stock system can be integrated into business reputation and brand value; Some people take advantage of the restructuring of state-owned enterprises to underestimate the value of state-owned assets, especially intangible assets, buy shares for joint venture hedging, and illegally raise funds from state-owned enterprises; Some large enterprises will get rid of some non-core enterprises in the transformation, and some enterprises will sell their enterprises at low prices because they misjudge the industrial prospects or are eager to realize cash. At this time, the right enterprises will make great progress in merging these enterprises to be sold; After the listing of corporate stocks, it creates convenient conditions for corporate mergers and acquisitions, and it is also easy to attract competitors; The merger of two enterprises in the same industry will improve the competitive position in the market, and the merger between enterprises with complementary industries will increase the industrial scale of enterprises, thus improving the market competitiveness and even causing monopoly. In the future, with the continuous improvement of the legal system of market economy, the capital financing mechanism and environment such as bankruptcy protection for enterprises on the verge of bankruptcy, investment banks' cooperation with mergers or bond financing support for acquirers will be more and more perfect.
2. Brand financing
Enterprises use brand advantages to integrate other resources. Brand is reputation, which can provide customers with a promise that they will never doubt. The brand reputation of the World Expo can build an Expo city on an almost unprotected wasteland. Brand is an eternal symbol of quality, providing customers with inseparable value. A successful brand can connect many high-quality products in the brand domain, and many good products "submit" to the brand enterprise because there is no brand. A successful brand is a symbol of core competitiveness, which has the characteristics that competitors can't copy. If one brand is more comprehensive and strong than another, then after eliminating the weak brands, almost all the market resources covered by the original weak brands will be obtained. The brand of an enterprise, like the flag of the army, has great spiritual strength, and its influence and appeal are often the killer of financing. For example, the fund manager of a fund custody company may get a lot of entrusted investment funds in an instant because of his excellent investment and financial management level and performance, as well as his equally excellent personality and professional ethics, although he has few personal assets and no one else provides asset guarantee for him. Level, performance, character and moral character are all personal brands. At present, the emergence of various investment funds in China financial market not only prospers the investment and financing market in China, but also provides a place for many fund speculators to display their talents, thus providing a platform for some fund managers to shape their personal brands.
3. Product financing
Use product technology or market capacity to integrate other resources. Big and complete, small and complete is not only a manifestation of the rigid investment management system in the planned economy era, but some product producers still hold this closed investment management idea to organize product management today. There are two typical cases of good products-advanced technology and large market capacity. The supporting production conditions of advanced technology and the supporting operating conditions of market occupation are not completed in an instant. Advanced technology that can't be a best-selling commodity is essentially equivalent to backward technology, and products that can't occupy the market are essentially products without market. In order to change the unfavorable situation brought by the concept of "big and complete, small and complete", it is necessary to have the idea of product financing. Adopting the contract system to form an industrial alliance with various related production enterprises is equivalent to others preparing relevant investments for you in advance; With the help of others' existing sales network, the products are controlled to be sold by adopting production license system and market distribution system. In addition, enterprises should pay attention to the investment order in project investment and put those financing sub-projects in the first place.