1. Valuation and modeling fees. The charging standard was first proposed by Mr. Lehman Sr., and has become an international investment and financing practice, that is, 543,265,438+0. The first enterprise value of $654,380,000 is charged 5%, the second one is charged 4%, and so on, and the fifth one is 654,380+.
The payment of the enterprise must be paid in advance, otherwise who will evaluate it for you? If an enterprise wants equity financing, its board of directors will also approve the financing fee while approving the financing plan. If there is no cash, you must sell the valuable original shares, otherwise don't talk about financing.
The second is the financing service fee. After successful financing, the enterprise needs to pay 2.5% of the financing fee, and if it is an IPO, it needs to pay 7% of the financing fee.
3. The fund moving fee shall be paid at 65,438+0% of the total fund circulation, and shall be paid by the investor.
Fourth, investment banks will not look for projects directly, but through regional agents. Goldman Sachs has more than 20 thousand agents in the United States, and Morgan Stanley is represented by more than 20 thousand salesmen of Tim Hui Bank. Merrill Lynch acts as an agent through the outlets of Bank of America.
After the agent introduces the customers in the region to the investment bank, he will get a customer code, and no other agents will disturb the customer in the next three years. At the same time, this enterprise can't get rid of agents.
Fifth, the profit distribution between investment banks and agents, 1, valuation and modeling costs, agents can get 30% commission, because investment banks send professionals to work in enterprises for several months, 2, financing costs, agents can get 55% commission, 3, moving costs agents can get 55% commission.
6. After charging, the later business such as valuation, modeling, roadshow, compliance, rating and trading will be undertaken by the investment bank, and the agent will no longer be responsible.
Seven. First meeting arrangement between financing enterprises and investment banks. If the enterprise is no longer in new york, it is usually the enterprise executives and other personnel who go to Wall Street, and the regional agent accompanies the enterprise, and the expenses shall be borne by the enterprise.
This is an international investment and financing practice, please laugh (please visit the small PE group I manage for details)
Financial intermediaries charge intermediary service fees. Theoretically and emotionally, both sides will instinctively resist this intermediate link cost (especially at home! )。 As a countermeasure, controlling information is a wonderful game of intermediary killing. The black hole theory of wealth information supports this view. According to this theory, although human society has entered the Internet era with highly developed information, there is less and less information about private wealth. For the sake of safety and career, all this information is swallowed up by various financial intermediaries. Wealth information in the encryption system of financial intermediaries, it is almost impossible for people who want to peek at wealth information, which has caused the dilemma of enterprise financing. On the one hand, huge idle funds can only sleep in commercial banks in the form of deposits. On the other hand, when enterprises or local governments need financing, they are almost helpless. Except for short-term commercial loans, more than 20,000 internationally popular financial products cannot be used. In Wan Ren, there seems to be a high mountain between the supply and demand of funds.
Practitioners fleeing from Wall Street also provide an interesting interpretation: financial intermediaries are between the demand and supply of funds, firmly grasp the import and export of capital transactions, and leave a handling fee of 1% for toll collectors on expressway. The existence of financial intermediaries makes it more and more difficult for investors to trade directly with various companies, which is almost unrealistic now.
Financial intermediaries make the problem very complicated, and you have to use their help, but the price is high! It is also an intermediary. Employee referral fee 150 USD/person, and marriage referral fee of 200 USD/person. The imported capital of 654.38 million yuan is $200,000! -Excerpt from (Renmin University Press)
Financial intermediaries complicated simple problems by decomposing the primitive and simple financing behavior in the merchant era of Venice into six steps that laymen could not understand. That is, spelling, valuation, modeling, underwriting, rating and trading, whether it can provide full service or only one or several steps, has become a key symbol to distinguish financial intermediaries.
As the highest end, investment banks certainly need to provide full service. All kinds of funds and securities companies mainly provide underwriting and limited post-service as the intermediate part. Large and small investment consulting companies and individuals who run solo flights mainly strive for first-class projects (Pitch puts cooperation intention on target customers). Due to the lack of follow-up and guarantee of a series of financial services, this level is the most chaotic and worst part of word of mouth. They are hard-working, proactive, have a keen sense of smell, are not afraid of hardship, generally have a low education level, and lack basic financial knowledge and financial training. Where there is trouble in investment and financing, it will be attacked at night, mainly by individuals or several middlemen, and a simple chain will be strung together temporarily to win the business. When it comes to each single goal, there are endless arguments about who will pay, when, the standard and the liability for breach of contract. Because there is no support of a series of core businesses behind, meeting with buyers or sellers is often blind, and the success rate is extremely low. Birds and beasts are scattered before they start. Someone once compared antique shops to. Being an expert in cultural relics can judge life and death. If you become a dealer in cultural relics, you will be eloquent and bored.