First of all, endogenous financing should keep profitable enterprises and the process of converting depreciation into investment;
External financing is the process of absorbing the savings of other economic entities and converting them into investment.
internal capital
Source financing does not require actual external payment of interest or dividends, and will not reduce the company's cash flow.
Capital is within the enterprise, and the financial cost is much lower than that of external financing without endogenous financing.
The priority financing ability of an enterprise and the financing source of its scale depend on the profit level of the enterprise, the net assets of the scale and other factors, as well as the expectations of investors/a >
External financing, only when internal financing still can not meet the capital needs of enterprises, enterprises will turn to external financing.
The external financing of enterprises is mainly direct financing or indirect financing, which is not only influenced by their own financial situation, but also restricted by the national financing system.
Developed countries such as Britain have always relied mainly on external funds in the direct financing market. 70 years ago, direct financing of corporate bonds and stocks accounted for 55%-60% of the total external financing of enterprises; /& gt； Japan and emerging capitalist countries mainly rely on indirect financing banks to use external funds. 1995 indirect financing of Japanese enterprises accounts for about 80%-85% of external financing.
Seventy years later, the proportion of indirect financing of British and American enterprises increased, and the proportion of direct financing of Japan increased.
Angel investment is the individual private investor of most "informal" venture capital. These investors usually invest their money in nearby areas. Their investments are often friends, relatives, customers, third-party professionals, suppliers, brokers and competitors that little angels usually appear.
A few people work for private investment services. If you ask an investor to submit an investment application, you can find a bargaining agent.
Venture capital fund managers These funds are affectionately called "venture capital" by people in the industry.
These investors are looking for high returns, not just better returns.
Venture capital is very difficult, and the competition among enterprises applying for venture capital is fierce.
These investment fund managers are usually smart and well-educated.
The following joint ventures or strategic partnerships are based on the same interests of the two companies and combine the same needs:
-Other currencies ... You have a plan.
-You have a product ... others.
Partners in the sales channel inject 20% to 40% shares into your company.
commercial paper
It is a short-term debt issuance financing tool with a term of 2-270 days.
This is a promissory note, and its face value is discounted after its true value.
These bills are usually single-letter letters of credit or other forms of credit guarantee.
Companies can use property as collateral to obtain credit guarantee.
letter of credit (L/C)
As your agent, the bank will send you the investment credit certificate, and use his position as a guarantee for you to pay.
If you don't pay, the bank will give it to investors.
The bank will open a letter of credit (VC) based on your mortgaged receivable assets or other tangible assets.
Accounts receivable are sold to traditional financing methods.
The goods that have obtained funds have been sold, but before that, 80% to 90% of the accounts receivable part of ordinary advance payment should be paid.
The lender expects the borrower to repay within 90 days.
This means that financing accounts receivable can also have a long service life, but the loan interest rate may rise, which is dangerous.
Purchase order prepayment
On the basis of customer purchase orders, the products that can be produced before are prepaid funds. Generally, prepayment is 50% lower than the normal amount, and the cost is actually more expensive. Don't choose this financing method unless there are other ways.
Financing lease equipment investment has become the second financing method after bank credit financing in developed countries.
Financial leasing is a new financing model integrating credit, transaction and leasing, which is characterized by the separation of ownership and use right.
Equipment manufacturers are interested in some equipment. You can entrust a financial leasing company to buy it and then deliver it to the enterprise in the form of leased equipment. The enterprise will pay the rent during the contract period and will eventually own the equipment. ..
equipment leasing
Small-scale enterprises can obtain the required advanced technology and equipment, and the capital of producers can be leased through financing. However, financial leasing may accelerate investment and expand production. For some enterprises with overstocked products, financial leasing is regarded as a good means to promote sales and expand the market.
The rate of paying rent is often higher than the interest rate of commercial loans. This shortcoming can be partially offset, because the money you can pay is 100% of the pre-tax expenses. about
Financial leasing
Several key elements of financial leasing: lessee subject, lessor subject, term,
There are many new leasing services in financial leasing, but generally speaking, there are two basic modes: the lessor buys the subject matter transferred by the lessee, and the other object of fund purchase is similar to entrusted loan, and the lessee buys the subject matter established by the lessee.
The characteristic of financing is that the ultimate goal of leasing the lessee through financing is to obtain the ownership of the subject matter.
The term and amount of & ltBr financial leasing is usually close to the subject matter, which is a relatively mature market. This period is usually defined as 75% of the service life of the equipment, which is also close to the purchase price of the subject matter in terms of total rent, and is usually defined as 90% of the purchase price which is widely applicable.
The workshop, equipment, vehicles, even software and information systems of financial leasing enterprises can be applied.
Usually, the total cost of financial leasing will be higher than the bank loan interest rate in the same period br/>; Financial leasing
From a new perspective, the overall domestic financial leasing industry is relatively concentrated in the fields of medical care and public utilities.
For the requirements of some hard indicators such as enterprise scale, assets and operating conditions, financial leasing companies usually have to fully evaluate the risks of enterprises and financing projects first, and then judge the profitability of projects.
Financial leasing is the theme, which usually focuses on certain mortgage significance and has strict requirements on projects such as realizable equipment and factory buildings. Some leasing companies will also be limited to a specific industry and application.
The financier or lessee also needs to provide a certain margin, which is equivalent to about 20% of the total financing amount, like a voltage divider.
Financial leasing, the division and distribution of risks and benefits of specific projects, the financing of reducing transaction costs and time costs, and the whole project.
application program
A large real estate company completed a one-time financing of 600 million yuan in Shanghai by using this tool and financing lease.
Real estate companies and financial leasing companies merge through "after-sale leaseback" bank factoring business. After-sale leaseback transaction is an innovative leasing service. The assets of real estate projects of real estate development companies are sold to financial leasing companies, and then the projects are sold as tenants.
The real estate developer's project still has the right to use and control the real estate developer, but the fixed assets investment attribute of this project has fallen into liquidity, and the flow of this project has undergone a qualitative change. By participating in the financial leasing company, the financial leasing company collects rent from the real estate company, and the financial leasing company collects a certain proportion of financing costs according to the risk assessment of the real estate project and the rent receivable.
Then there is the financial leasing company, and then the so-called financial leasing company's collection and credit risk control services are leased. The accounts receivable of real estate development enterprises are "packaged" to banks, and the bank's business is the intermediary-"factoring" banks. In this process, a certain proportion of factoring costs and risk control of banks in the whole chain are very low. If there is a real estate auction where the real estate development enterprise has not paid the rent, the bank can mortgage it, and the income is still insufficient, and then the financial leasing company will
Financial leasing tools, tools used in combination with bank factoring, the risk characteristics of the whole project, the long-term risk and liquidity risk of the first financial leasing tool in the project stage, truly realize the transformation of the real estate business of financial leasing companies, obtain a lot of valuable cash, develop new projects, and realize rapid capital return through factoring business. As the final payer, the bank decomposes and assumes extremely low risks under the premise of overall risks to realize its own income.
Pawn financing is based on
Pawn in kind is a kind of financing form of temporary loan, which takes the kind as collateral and obtains the transfer of ownership in kind. In recent years, enterprises have raised funds with their unique advantages and pawned them back to the market. country
There are more than 1000 loans from pawn shops and banks, and the cost of pawn loans is high and the loan scale is small.
The chess piece of bank loan has incomparable advantages. The credit requirements of pawnshop customers are almost zero, and pawnshops only pay attention to authenticity.
The focus is on the mortgage of pawnbrokers' movable property and real estate, as
When the pawn starts low, 1000 yuan and the project 100 yuan. Individual customers and small and medium-sized enterprises. Pawn loan procedures are simple and most of them are desirable.
Pawnshops don't ask about the purpose of loans.
Sale and leaseback of fixed assets
If there is a shortage of cash and too much fixed assets, this method will be very suitable.
Fixed assets are sold to an investment fund for cash, and he rents them back to you (you usually have the right to renew the lease and purchase).
This approach may lead to capital gains tax or sales tax.
private
The issue of non-public offering of shares.
A good way to increase the funds of small and medium investors.
This way is very popular in Europe and America.
Compared with publicly traded private placement, this form allows you to raise more funds and invest in limited partnerships. Limited partner of
Funds provided, usually investment companies.
Limited partners Limited partners and general partners are responsible for all external affairs and management.
Convertible debt
This is actually a loan converted into company ownership (the lender has the option).
Convertible bonds, commonly known as "bonds", are corporate bonds issued by companies in accordance with legal procedures and can be converted into shares within a certain period of time according to agreed conditions. Listed companies mainly issue convertible bonds.
From seed fund or venture capital fund: If you achieve great success in the future, the lender will join your business.
bond
Most countries have national income bonds. These bonds are usually lending instruments issued by companies, and state institutions promise to pay these bonds.
Credit line.
This period is continuous in nature. Consider these forms of general accounts receivable and inventory as collateral.
bill discounting
When the holder of discounted commercial paper needs funds, he will sell the due commercial paper to the bank, and the balance after deducting the bank interest subsidy will be paid to the carrier.
China enterprises went to banks to discount commercial bills and bank acceptance bills, and some commercial banks also began to discount the acceptance bills of some large enterprises with good reputation.
One advantage of this model is that it is not based on the scale of enterprise assets, but on the market situation (sales contract) to raise funds from banks.
bill discounting
The cash received by the company starts from the maturity date of the bill, usually from ten days to as many as 300 days, when the funds are idle.
Applying for a loan is simple and the financing cost is low. For enterprises, the bank-related procedures for discounting bills can generally be completed within three working days. "Small and medium-sized enterprises that make money tomorrow actively use this model for capital purchase and value financing.
In 2004, the discounted bill balance in China was 1.02 trillion yuan, accounting for 12% of the short-term loan balance. The issuance and discount of commercial bills have become a very important commercial financing channel.
receivables
Factoring management of accounts receivable refers to meeting certain conditions and transferring them to commercial banks, so that commercial banks can obtain liquidity support and speed up capital turnover.
Corporate credit for guaranteeing unexpired accounts receivable can be divided into (buyout) (non-buyout) recourse factoring, non-recourse factoring, discount factoring and maturity insurance.
/Non-recourse factoring business
The sales contract of recourse factoring cannot be really transferred to the bank, and the bank has the right to obtain part of the payment contract. Once the buyer finally fails to fulfill the payment obligations stipulated in the contract, the bank has the right to ask the supplier to pay. Non-recourse factoring refers to the sales contract in which the bank will purchase all the risks and accounts receivable.
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Accounts receivable factoring is widely used in western countries. As a financial derivative business, domestic commercial banks only started to handle business in recent two or three years.
Advantages of accounts receivable factoring business
Low-cost financing accelerates capital turnover. Generally speaking, the cost of factoring business is obviously lower than the interest cost of short-term loans of banks, and banks only charge handling fees.
If the enterprise is used properly, it can recycle the enterprises in the bank factoring business line and give full play to the credit of the factoring business financing function. Especially for those enterprises with strong customers, good reputation and long accounts receivable, the effect is particularly obvious.
Accounts receivable concession
Strengthen sales ability. Factoring business, because the payment terms of the seller and the buyer will make greater concessions, thus greatly increasing the possibility of success, signing sales contracts and broadening sales channels.
Improve financial statements. Carrying out thorough recourse factoring can greatly reduce the balance of accounts receivable, accelerate the turnover rate of accounts receivable, improve the asset management ratio and improve financial statements.
Paul's management business mainly focuses on enterprises with good assets and normal business activities. Some listed companies or large private enterprises will undoubtedly become an important purpose of factoring business. Thunis granted credit of RMB 100 million to China Everbright Bank for domestic factoring business. Haier also signed a domestic accounts receivable factoring agreement with China Merchants Bank.
Asset mortgage loan