Financing mode of state-owned enterprises
The financing mode of state-owned enterprises mainly refers to the means, channels and forms for enterprises to obtain funds. At present, the financing methods of state-owned enterprises mainly include direct financing, indirect financing, bond financing and equity financing. Let's look at the financing methods of state-owned enterprises.
The first way is direct financing.
Including public offering and non-public offering of bonds. Public issuance of bonds refers to the issuance of various securities through a certain capital market, such as short-term financing bonds, corporate bonds, corporate bonds, medium-term notes, etc. Due to factors such as company rating and net assets, the public issuance of bonds is often restricted. At the same time, due to the need for a lot of administrative examination and approval, under the current strict administrative regulations, the financing ability of bonds is not strong. Non-public bonds are relatively flexible in terms of interest rate, term and procedures, which can make up for the shortage of public bonds to some extent, but their shortcomings are small market and weak purchasing power.
The second way is indirect financing.
It is a way for state-owned enterprises to obtain funds through financial institutions and use their intermediary functions, which belongs to a more traditional financing method in enterprise financing. It is one of the important financing methods of state-owned enterprises and occupies a very important position in the current financing of state-owned enterprises. The form of financing through financial institutions is usually influenced and supervised by national policies. Under the new situation, the state has rectified the whole economic market, and banks have taken certain restrictive measures in terms of capital supply, interest rate and loan term, which has increased the financing difficulty of some state-owned enterprises. Despite all kinds of difficulties, this move and related financial institutions are still important ways and channels for indirect financing of state-owned enterprises.
Third, other ways.
Even if the market depression leads to financing difficulties for state-owned enterprises, exploring new financing modes and financing channels is still the only way to achieve development and break through the bottleneck, and it is also a problem that must be paid attention to in the development of state-owned enterprises under the current environment. Under the new situation, the traditional financing methods can no longer meet the demand of state-owned enterprises for funds, and it is urgent to introduce new financing methods to supplement the financing gap of enterprises. At present, the new financing methods known in the market mainly include: introducing strategic investors through joint ventures, share expansion or selling some shares, and reforming enterprises into joint-stock systems; Financing lease, on the basis of retaining the right to use enterprise assets, raises the funds needed by enterprises; Introduce insurance funds to reduce financing costs and extend financing period; In reality, the insurance fund bond plan has become a widely used new financing tool, which has attracted wide attention.
In addition, the establishment of investment fund companies, the development of financial leasing products, and the adoption of financing, financial integration, financial integration and other ways are also one of the ways to improve financing capacity.
Analysis of Four Common Financing Channels for Enterprises
Bank loan financing
Borrowing from banks is the most commonly used financing channel for enterprises, but banks have their own risk control principles, which are determined by the nature of their business. As far as banks are concerned, they are generally unwilling to take too much risk, because borrowing has no right to claim the profits obtained by enterprises, so they are unwilling to borrow from high-risk enterprises or projects, even if their expected profits are high. On the contrary, enterprises with strong strength and stable income or cash flow are welcomed by banks. Because of these characteristics, compared with other financing methods, bank loans mainly have the following shortcomings: first, high requirements, many restrictions and complicated procedures; Second, the loan period is relatively short, and there are fewer long-term loans; Third, the loan amount is relatively small, and it is difficult to solve all the funds needed for enterprise development through banks, especially in the start-up period and entrepreneurial period.
For enterprises, it is a feasible means to obtain bank loans through credit guarantee. Credit guarantee is an intermediary service between banks and enterprises. Due to the intervention of guarantee, the risk of bank loan is dispersed and resolved, the security of bank assets is ensured, and the loan channels of enterprises become smooth.
Most credit guarantee institutions implement membership management, which belongs to public welfare, industry self-discipline and self-non-profit organizations. When a member enterprise borrows money from a bank, it may be guaranteed by an enterprise guarantee institution. In addition, enterprises can also seek guarantee services from guarantee companies specializing in intermediary services. With the strong support of national policies and relevant departments, credit guarantee loans will become another financing method for enterprises.
Equity financing stock listing
Equity financing and stock listing provide investors with a complete input and exit mechanism. There are many options for listing equity financing stocks, which can be listed on the main board or on the enterprise board, and there are also many options for overseas listing. At present, many companies have made relatively successful attempts. For enterprises, there have been many successful cases of obtaining venture capital through equity financing. Equity financing is a better channel in the early stage of enterprise entrepreneurship, or in the stage of product research and development, when the market is in urgent need of funds.
Issuing shares is a kind of capital financing, investors have the right to claim the profits of enterprises, but the investment funds can not be recovered, and investors bear greater risks, so the expected return required is higher than that of banks. From this perspective, the capital cost of stock financing is higher than that of bank loans. Specifically, the advantages of issuing stocks are: there is no maturity date for the funds raised, and there is no pressure to repay the capital; The amount of one-time financing is large; The restrictions on the use of funds are relatively loose; It is conducive to improving the visibility of enterprises and bringing good reputation to enterprises; It is conducive to helping enterprises to establish a standardized modern enterprise system.
For those high-tech enterprises with great potential but high risks, financing through issuing stocks is an effective way to accelerate the development of enterprises. However, the listing of stocks also has disadvantages: first, the listing requirements are high and the listing threshold is high, so it is difficult for most enterprises to meet the listing conditions; Second, the listing time span is long and the competition is fierce, which can not meet the urgent financing needs of enterprises; Third, enterprises have to bear the high cost of information disclosure, and various information disclosure requirements may expose business secrets; Fourth, the listing financing of enterprises must be at the expense of transferring part of the equity, dispersing the control right of enterprises and transferring higher profits. From this perspective, the listing cost of enterprises is relatively high. If an enterprise wants to raise funds by listing and issuing stocks, it must meet the listing conditions. Choosing different listing places requires different conditions, but generally speaking, having a good development prospect is the key to successful financing.
Financial leasing
Financial leasing is a new financing method that integrates credit, transaction and leasing, and separates the ownership and use right of the leased property. For the purpose of providing financing to the lessee, the lessor purchases the equipment according to the leased equipment and suppliers selected by the lessee, and the lessee obtains the long-term use right of the equipment at the expense of paying the rent by signing a financing lease contract with the lessor.
For the lessee, the financial leasing method is adopted to achieve the financing purpose through the way of melting things, thus alleviating the financial pressure of fixed investment. In addition, the traffic problem can also be solved by selling and leaseback.
The so-called leaseback means that the enterprise sells the existing fixed assets to the leasing company, and the leasing company continues to hand over the assets to the enterprise in the form of leaseback, so that the enterprise can obtain funds without affecting the normal production and operation.
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 trade, leasing and processing and assembly, and 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. For many projects with low investment risk, stable cash flow and good return on investment, it is most suitable to raise funds through leasing companies to carry out project financing leasing, that is, to extract rent repayment according to the percentage of project income or cash flow until the total rent agreed by both parties or the lessor's rate of return is reached. In this way, the lessor actually bears a certain degree of project risk, which is a win-win investment and financing model for the lessee, lessor, equipment seller and investor (bank, institutional investment, trust investment, etc.). ).
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. Pawning is a more appropriate means for enterprises that are in urgent need of liquidity.
Compared with bank loans, pawn loans need to pay higher comprehensive fees, including storage fees, insurance premiums, pawn transaction costs, etc., so the cost of pawn loans is higher and the scale of pawn loans is relatively small, but pawn loans have incomparable advantages over bank loans. First of all, it is convenient and quick, which can solve the financial needs of residents quickly and timely; Secondly, the product is flexible; Third, the term is short and the turnover is fast; Fourth, because it is pledge and mortgage in kind, it does not involve credit issues. These points are very suitable for the capital demand characteristics of enterprises.
finance
Financing, English is financing. In a narrow sense, it is the behavior and process of raising funds for enterprises. Broadly speaking, financing is also called finance, that is, the financing of monetary funds and the behavior of the parties to raise or lend funds in the financial market in various ways. "New palgrave Dictionary of Economics" explains financing: financing refers to the monetary transaction means to pay for purchases that exceed cash, or the monetary means to raise funds for the acquisition of assets.
Detailed financing: refers to a business activity in which enterprises raise funds from financial institutions or financial intermediaries in various ways; Secondly, the essence of mining right management is mining right financing and mining development; Third, it refers to the activities of direct or indirect financing between the holders and demanders of monetary funds; The adjustment and accommodation of monetary funds is an effective way and means to adjust the surplus and deficiency between social and economic subjects under the condition of socialized mass production; Financing in a broad sense refers to an economic behavior in which funds flow between holders to make up for the shortage. This is a two-way interactive process of funds, including the integration of funds (source of funds) and the withdrawal of funds (use of funds). Narrow financing only refers to the integration of funds; Six refers to the flow of funds between the supply side and the demand side, which is a two-way interactive process, including both the integration of funds and the withdrawal of funds. Seven refers to the activities of enterprises to obtain the funds needed for operation from relevant channels in a certain way.
20 19 On March 5th, People's Republic of China (PRC) Li Keqiang, Premier of the State Council of the People's Republic of China said that the financing cost of small and micro enterprises would be reduced by 1 percentage point on the basis of 20 18.
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Upper limit of financing loan interest rate of state-owned enterprises in Henan Province
The latest one-year LPR is lowered by 100 basis points. Banks can issue preferential loans to listed enterprises at their own risk, and the upper limit of the loan interest rate is the recently announced one-year LPR minus 100 basis point. It is required that the financing cost interest rate of state-owned enterprises shall not exceed 8%. Specifically, the new financing cost of municipal state-owned enterprises does not exceed 6% (annualized), county-level cities (districts) does not exceed 7%, and park enterprises below county-level cities (districts) do not exceed 8%.
Can the state-owned enterprise loan 20 million projects be invited for bidding?
Of course. Official website information shows that a state-owned enterprise can invite tenders for a project with a loan of 20 million yuan. It is legal for state-owned enterprises to bid for their funds. However, it is illegal to negotiate before bidding. Before determining the winning bidder, the tenderer shall not negotiate with the bidder on the bid price, bid plan and other substantive contents.