1. Ways, characteristics and precautions of venture financing?
bank loans. Bank loan is known as the "reservoir" of venture financing and has a "mass base" among entrepreneurs.
Credit loan refers to a loan granted by a bank only on the basis of its trust in the borrower's credit standing, and the borrower does not need to provide collateral to the bank.
secured loan refers to the loan granted with the credit of the guarantor as the guarantee.
Discounted loan refers to a loan method in which a borrower applies to a bank for discount on an unexpired bill when in urgent need of funds.
Comments: Remind entrepreneurs to be prepared for a "protracted war", because in addition to not dealing with banks, applying for loans has to go through industrial and commercial administration departments, tax departments, intermediaries and so on. Moreover, the procedures are cumbersome and any link can go wrong.
second, research on ways and means of seeking financing for small and medium-sized enterprises
first, the main financing channels and financing methods of small and medium-sized enterprises abroad are the following situations: first, self-financing, second, direct financing, and third, indirect financing. About self-financing It includes the owner's (or partner's, shareholder's) own funds; Funds borrowed from relatives and friends; Personal investment funds; Venture capital enterprise operating financing funds (including customer advance payment and installment payment to suppliers, etc.); Credit loans between enterprises (which are prohibited in some countries); Loans from mutual aid institutions among small and medium-sized enterprises; And some social funds, etc.) loans and so on. About direct financing. It refers to the channels for raising funds from the public in the form of bonds and stocks. Obviously, only small and medium-sized companies have the right to use this financing method. Moreover, bonds and stocks of small and medium-sized companies can only be issued by over-the-counter trading, and only a few small and medium-sized companies that meet strict conditions can get the opportunity to go public or enter the "second financing". It mainly includes various short-term and medium-and long-term loans. Loan methods (i.e. financial products) mainly include mortgage loans, secured loans and credit loans. According to the sources of funds of small and medium-sized enterprises in various countries, they are divided into the following three types: one is a liberal type that emphasizes the independent consciousness of enterprises with the role of owners (or partners) and financing, such as the United States and Britain. The other is a collectivist type that emphasizes the role of society and government, such as the type between Italy and France, such as Germany, Japan and South Korea. Second, different types and stages of small and medium-sized enterprises have different requirements for financing (I) Different types of small and medium-sized enterprises have different financing characteristics, and of course they have different requirements for financing channels and conditions. From the perspective of financing, there are several types, such as small and medium-sized business, high-tech and community. Financing characteristics and key enterprises of various types of small and medium-sized enterprises. The capital demand of manufacturing SMEs is diverse and complex, which is determined by the complexity of their operations. Whether it is used to buy energy raw materials, semi-finished products, medium-and long-term loans to buy equipment and spare parts, or even various expenses of product marketing and seller's credit, financial services from outside and financial institutions are needed. Generally speaking, the capital demand of manufacturing enterprises is relatively large and slow, and the business activities and funds are correspondingly risky and financing is difficult. The characteristics of liquidity loans and promotional activities for goods of service-oriented SMEs are small quantity, high frequency, short loan period and large loan randomness. However, in general, the wind is therefore the object that ordinary small and medium-sized commercial banks are more willing to give loans. 3. High-tech SMEs. High-tech small and medium-sized enterprises can obtain financing through the financing channels available to ordinary small and medium-sized enterprises, and a more important source of funds is all kinds of "venture capital funds" that emerge in endlessly. This kind of fund is established by both the government and the private sector, and it is also established by both the government and the private sector, and its nature is generally property rights funds. The "venture capital funds" in the United States, Japan and Britain are relatively developed. 4 community-based small and medium-sized enterprises (including street handicraft industry). Community-based small and medium-sized enterprises (including street handicraft industry) are a special kind of small and medium-sized enterprises, which have certain social welfare, so it is easier to obtain government support funds. In addition, community fund-raising is also an important source of funds for such enterprises. Western countries have their own emphasis on solving the financing difficulties of small and medium-sized enterprises: for example, the United States is a country with an innovative tradition, so it pays more attention to the financing problems of high-tech small and medium-sized enterprises. Japan is also unique in supporting small and medium-sized enterprises to absorb imported technology. Italy pays more attention to the development and financing of small and medium-sized manufacturing enterprises, which is directly related to its efforts to solve the economic development of relatively backward areas in the south and increase the economic vitality and hematopoietic function of this area. France pays more attention to the employment problem, so the focus of government support for small and medium-sized enterprises is mainly on service-oriented small and medium-sized enterprises with great employment potential. Switzerland and Spain (including France) have their own characteristics in solving community-based SMEs (including street handicraft industry). (B) Different requirements of SMEs at different stages of development for financing. SMEs at different stages of development have different requirements for financing, from the establishment of enterprises to the withdrawal of enterprises for various reasons. 1. The founding stage. Need property rights (own) funds, or share capital, generally from individual investors and venture capital, but also need commercial banks to borrow a small amount of money by way of debt. 2. Put into operation. Obtaining working capital loans mainly from commercial banks and other channels; Advantages still need to increase property rights funds from individual investors, venture capital and small business investment companies. 3. Growth and development stage. External financing is the key, mainly from commercial banks and various small business investment companies, community development companies to obtain debt funds; It will also raise equity funds from the above channels. 4. Start the mature stage. Mainly by large companies to participate in shares, employees to subscribe for shares, public listing of shares, etc., as well as from investment companies and commercial banks to raise property rights funds needed for development and transformation. In addition to the above four stages of development, the financial services provided by western countries to small and medium-sized enterprises in the exit stage are also very distinctive. In the United States, for example, the government and the people have set up special bankruptcy liquidation funds, with the purpose of minimizing the adverse impact of enterprise bankruptcy on the parties, creditors and the whole society, striving to arrange the legitimate interests of relevant parties reasonably and realizing the smooth withdrawal of enterprises. From a comparative point of view, it is relatively easy to establish small enterprises in western countries, but there are great differences on the road of enterprise growth. Generally speaking, because American society pays more attention to the growth and enlargement of enterprises, small and medium-sized enterprises are easy to grow into larger companies; Italy and France in Europe mainly pay attention to the contribution of small and medium-sized enterprises to employment, so they don't care much about the growth of enterprises, and it is generally difficult for enterprises to grow bigger; Other countries, such as Germany, Japan and South Korea, are in between. Third, the comparison of foreign governments' financing support policies for small and medium-sized enterprises. Government financial support is an important part of the source of funds for small and medium-sized enterprises. Generally speaking, the government's financial support can account for about 1% of the external funds of small and medium-sized enterprises, and the specific amount depends on the relative importance attached by various countries to small and medium-sized enterprises and the corporate culture traditions of various countries. The ways of financial assistance to small and medium-sized enterprises in various countries mainly include tax incentives, financial subsidies, loan assistance, venture capital and opening up direct financing channels. (A) tax incentives Tax incentives are the most direct way of financial assistance, which is conducive to the accumulation and growth of SMEs' funds. Corporate tax in developed countries generally accounts for 4%-5% of the added value of enterprises. In the case of implementing a progressive tax system, the tax burden of small and medium-sized enterprises is relatively light, but it also accounts for about 3% of the added value, and the burden is still heavy. In order to further reduce the tax burden, countries have taken a series of measures, mainly including: reducing the tax rate, tax relief, raising the tax threshold and increasing the depreciation rate of fixed assets. Through various tax incentives, the tax revenue of small and medium-sized enterprises can be reduced by more than half, and the total tax level can be reduced from 3% of the added value to about 15%. This tax-free fund is inclusive and vital to the survival of SMEs. It should be said that all countries have formulated different tax preferential policies for small and medium-sized enterprises, but relatively speaking, Germany is the most typical. Germany's preferential tax policies for small and medium-sized enterprises are: in 1984, special preferential terms favorable to small and medium-sized enterprises were implemented; Tax reform began in 1986. At present, the preferential tax policies for small and medium-sized enterprises mainly include: exempting most small and medium-sized industrial enterprises from business tax; The starting point of business tax for small and medium-sized enterprises has increased from 25, marks to 32,5 marks, and the starting point of business tax for the unified eastern part of Germany has increased from 15, marks to 1 million marks; Increase the depreciation rate of equipment for small and medium-sized enterprises from 1% to 2%; The lower limit of income tax is reduced to 19%; Small enterprises with turnover not exceeding DM 25, shall be exempted from turnover tax; Exempt most small and medium-sized industrial enterprises from business tax; The depreciation rate of fixed assets has increased from 1% to 2%. The main ways of financial subsidies in Germany are as follows: according to the General Program of Research and Technology Policy for Small and Medium-sized Enterprises, a special fund is set up to provide financial support for the technological development of small and medium-sized enterprises. Since 1995, this funding has reached 1.21 billion marks; To undertake training tasks for small and medium-sized enterprises, they can get government subsidies. In 1994, the government training subsidy expenditure reached 141.7 million marks. Provide financial subsidies of 15%-23% of the total investment for small and medium-sized enterprises investing in eastern Germany. (2) Financial Subsidies Subsidies are financial assistance provided by the government to enable small and medium-sized enterprises to fully play their roles in certain aspects of the national economy and society. The application of financial subsidies is to encourage small and medium-sized enterprises to absorb employment, promote scientific and technological progress of small and medium-sized enterprises and encourage them to export. The main types of subsidies are: employment subsidies, research and development subsidies, export subsidies, etc. Generally speaking, the government's financial subsidy is limited and non-inclusive (different from tax incentives), and its function is to guide. (3) Loan Assistance The main ways for the government to help small and medium-sized enterprises obtain loans are: loan guarantee, loan discount, and direct preferential loans from the government. Loan assistance is the place where small and medium-sized enterprises need funds most for start-up, technological transformation and export. (4) Venture Capital Venture Fund is a special investment fund with high risk and high return rate established by the government or the people for the innovation activities of high-tech small and medium-sized enterprises. Among them, countries such as Europe and America are mostly founded by the people, while countries such as Japan are mainly established by the government. The United States has the most developed venture funds, covering more than 5 "small business investment companies" all over the country, most of which mainly provide funds to high-tech SMEs. In 1995, * * * more than 7, small enterprises received venture funds totaling more than * * * 11 billion dollars. Japan's venture funds are also very developed. After the 197s, Japan began to implement the modernization policy of small and medium-sized enterprises, further put forward the policy that small and medium-sized enterprises should be knowledge-intensive and high-tech, and encouraged government financial institutions to provide "venture capital" to emerging high-tech small and medium-sized enterprises. At present, there are more than 2, "venture enterprises" in Japan, which have become the main demanders of robots in Japan. In Britain, a special "Venture Capital Association" (BVCA) composed of more than 1 small financial companies engaged in venture capital of small and medium-sized enterprises has been established, which has provided a lot of financial assistance for high-tech "venture enterprises". (5) Encourage small and medium-sized enterprises to directly finance in the capital market. Small and medium-sized enterprises are small in scale, and it is difficult for their stocks to compete with many large enterprises in the general stock exchange market. In order to solve the problem of direct financing of SMEs, some countries have explored the creation of a "second sector" to provide direct financing channels for SMEs, especially technology-based SMEs. 4. Enlightenment for China to Solve the Financing Difficulties of Small and Medium-sized Enterprises The primary problem faced by small and medium-sized enterprises in China is also a serious shortage of funds. Recently, the state has taken measures, such as requiring commercial banks to set up "SME credit departments" and increasing the floating interest rate of SME loans to encourage banks to carry out SME credit work. However, at present, the effect is not ideal. The reason is that the financing system and financial support policy of small and medium-sized enterprises in China are still in the initial stage, and the financing channels and policy system are still lacking in integrity and systematicness; The financing channels for small and medium-sized enterprises are not clear yet; The target of government support policies also lacks pertinence or focus. In order to establish a normal financing system and channels for small and medium-sized enterprises with China characteristics, improve the financial support policy system of China government, and learn from foreign advanced experience, the following suggestions are put forward: (1) Further accelerate the construction of modern and standardized enterprise system, and restore the natural direct financing right of small and medium-sized enterprises to meet the requirements of market economy operation mechanism. In order to ensure the healthy development of China's securities market and restore the basic direct financing right of small and medium-sized companies, it is suggested to establish a normal over-the-counter bond or stock market system in China as soon as possible. Here, it is also necessary to point out that the establishment of a standardized enterprise financing system that meets the requirements of the market mechanism will create conditions for solving the "excessive" financing problem of some small and medium-sized enterprises in China. (2) Establish special financial institutions for small and medium-sized enterprises, encourage the establishment of mutual financial organizations among small and medium-sized enterprises, and also establish mutual financial organizations among small and medium-sized enterprises, so as to strengthen their ability to share development and risks, and lay a good foundation for the establishment of special financial institutions for small and medium-sized enterprises. (3) Establishing a "second market" in line with China's national conditions At present, the conditions for establishing a "second market" in line with China's national conditions have basically been met. First of all, it is the objective requirement of China's national economic development. With the transformation of China's economic growth mode, the role of small and medium-sized scientific and technological enterprises is increasing day by day. In order to ensure the development of such enterprises which are related to the future economic growth potential of China, it is necessary to establish a "second market" that conforms to its financing characteristics as soon as possible. Secondly, China's securities market has become increasingly mature, and the country's financial supervision ability has been greatly strengthened. Third, after several years of investigation and understanding, China has basically mastered the operation law of the "second board market". Preparations for the necessary material conditions have also been basically completed. (D) We should establish and improve the financial support policy system for small and medium-sized enterprises in China from the aspects of taxation, financial expenditure, loan assistance and direct financing. The practice of various countries shows that the financial difficulties of small and medium-sized enterprises need to be solved through various channels, and it is not enough to rely on one channel alone. At present, it is particularly important to further encourage banks to carry out SME credit work as soon as possible. Establish and improve the credit guarantee mechanism for small and medium-sized enterprises in China
III. Research on ways and means of seeking financing for small and medium-sized enterprises
The simplest and most effective way is to accept bills of exchange by business or find background shares of state-owned enterprises to hold the advantages
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1. Increase the qualifications and background of enterprises
2. Increase the public's trust
3. Give priority to enjoying national policy benefits
4. Policy inclination
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Strategy 1: Innovative financial leasing The so-called innovative financial leasing is different from the traditional financial leasing. Innovative financial leasing has the characteristics of introducing equipment, expanding production, and putting into production quickly, which is flexible. It also enables enterprises to enjoy preferential pre-tax repayment. Enterprises do not want to own fixed assets, but only use them, so that they can use equipment with a small amount of margin, so that funds can be added in the flow rather than precipitated into the investment in fixed assets.