The financing mode of enterprise development is 1. In the seed stage of enterprises, the main expenditure is on the test fee, and the required funds are not large. However, because the enterprise has no income, the entrepreneur's individual capital is limited, and the entrepreneur's personal investment can't meet the capital demand of the enterprise. During this period, the enterprise is risky, the success rate is extremely low, and there is no previous credit record, so it is usually impossible to obtain bank credit loans; Enterprises have no assets as collateral, nor can they obtain secured loans from banks. Even if a small amount of loans can be obtained, due to the short term, it can not meet the long-term demand of enterprises for funds. Therefore, the outlet of enterprises in this period lies in external equity financing, such as angel investment.
2. In the establishment period, the enterprise needs more funds for production and marketing, but at this time, the sales income is very small, and it still needs external injection of funds. During this period, the business risk of the enterprise is still very high, and the financing situation of the enterprise is similar to the seed stage, and it is still impossible to obtain bank loans; The future of the enterprise is uncertain, so it is impossible to raise funds from employees on a large scale, and it still depends on external equity financing. In the underdeveloped areas of China, such as towns and villages, there are no venture capital institutions, and the way of enterprise financing is mainly through private lending similar to Dawu Group.
3. In order to support growth in the initial stage and rapid growth period, growth enterprises need scale investment, and the scale of capital demand is even larger, which is several times or even dozens of times that of the past. Although the sales scale is growing rapidly, the self-circulation of enterprise funds can not completely solve the capital demand, and the fund gap for scale expansion is very large. During this period, the enterprise has accumulated a part, and the retained earnings of the enterprise and the reinvestment of the enterprise investors can solve a part of the funds; Short-and medium-term bank loans can be obtained by relying on asset guarantees; At this time, the market feedback gives a very good signal to the enterprise, and employees have good expectations for the enterprise and are willing to provide funds for the enterprise; You can also raise funds through public offering or private placement of stocks and bonds. Diversification of financing channels. After rapid expansion, enterprises enter a stable growth period, and the demand for funds decreases, while self-raised funds accumulate more. If they don't start a second venture, the funds will gradually appear surplus.
4. Financing demand in maturity and recession In maturity and recession, the self-circulation of funds can basically solve the capital demand, and there are even a lot of surplus funds. Because this paper discusses the financing problem of enterprises, we will not discuss these two stages below.
5. List of financing methods in different development stages of enterprises According to the above analysis, the main financing methods feasible in different development stages of enterprises are listed as follows: cash flow balance, capital demand, operational risk, main financing methods, small and large seed period (all called risk period), venture capital, venture capital (angel investment) and negative investment in the early stage of venture capital growth. Is it bigger? The rapid growth period of small venture capital is very large. The stable growth period of strategic investment, public offering or private placement of stocks, bonds, shareholder reinvestment, employee stock ownership, employee loans and loans from banks and other financial institutions is the same as above.
Explanation of related terms in the table: (1) venture capital: under the broad concept of venture capital, all investment activities invested in venture projects are venture capital; Venture capital in a narrow sense, also known as venture capital, refers to the investment activities of investing in emerging small and medium-sized enterprises with great growth potential in the form of equity. Investors not only provide funds, but also provide management and consulting services for the invested enterprises, with a view to obtaining medium and long-term capital appreciation benefits through equity transfer after the expiration of the enterprises. Most of these investments are related to modern high-tech industries. [1] This paper uses a narrow concept. (2) angel investment: refers to the venture capital invested in the creative period (sometimes including the start-up period), usually the first investors of the enterprise. At this time, the products and business of the enterprise have not yet taken shape, and angel investment helps the enterprise to start quickly. Angel investment only invests a few times, and the investment amount is usually small. If the enterprise succeeds after the incubation period, angel investors will get huge profits. (3) Strategic investment [2]: It is a form of investment corresponding to financial investment. It is not for the purpose of reselling for profit, but for the purpose of improving its business competitiveness and increasing the profits of enterprises. Financiers gain more market share by holding shares in the same industry, enjoying technology, sales channels and improving product chain, or by holding shares in upstream and downstream enterprises to stabilize resource supply.
Third, private placement is an important financing method for enterprises. From scratch, from small to large, enterprises are bound to be accompanied by capital expansion. Especially in the seed period, the establishment period and the rapid growth period, enterprises have a strong desire for funds, but the financing channels are limited. It is not feasible to publicly issue stocks or bonds, and it is almost impossible to obtain bank loans. At first, relying on the investment of entrepreneurs, development can only rely on external equity financing such as venture capital or private lending, which are all private financing methods. Private equity financing is also very important for enterprises in the period of rapid growth, stable growth or maturity. For example, absorbing employees for strategic investment and financing can play a role in adjusting shareholder structure, adjusting industrial structure, improving employee welfare, improving financial structure and increasing enterprise competitiveness. Even listed companies sometimes have to resort to private placement. For example, in September of 1995, jiangling motors issued B shares to Ford Motor Company of the United States, making the latter hold 20% of the shares and become its second largest shareholder, which initiated the private placement of listed companies in China. Later, huaxin cement also issued B shares. It can be concluded that private placement is an important financing method for enterprises, especially small and medium-sized enterprises, and private placement financing is its inevitable choice.
Financing mode of enterprise development in developed market economy countries, there are two main financing modes of enterprises: one is based on the United States.
corporate finance
On behalf of the securities market leading the long-distance financing mode, the relationship between banks and enterprises is relatively close; Enterprise financing is increasingly divorced from the banking system, and the bank's constraint on enterprises mainly depends on the exit mechanism rather than the direct supervision of enterprise business activities; The second is the relational financing model represented by Japan. In this financing mode, the relationship between banks and enterprises is close, and enterprises usually have a long-term and stable trading relationship with a bank, from which they get financial assistance and business guidance. Banks effectively control the business activities of enterprises through moderate concentration of enterprise property rights.
Distance-keeping type
Keep your distance financing model? Take the United States as an example. The United States is a typical free market economy country with a developed capital market and a highly competitive commercial banking system, which enables enterprises to use direct financing and indirect financing. Due to the high proportion of enterprises' own funds, fierce competition among commercial banks, developed direct financing system, prohibition of commercial banks holding enterprises and strict supervision of banking activities, enterprises and banks maintain a loose commercial financing relationship, that is, Remote financing? . Under the long-distance financing mode, the securities market is the main channel for enterprises to obtain long-term external funds. Enterprises mainly raise funds from the capital market by issuing bonds and stocks. From the perspective of equity control, the very dispersed equity structure of American enterprises has a great influence on the governance structure: the constraints on operators mainly come from the market. These markets include stock market, commodity market and manager market, among which the stock market plays a very important role: first, shareholders? Vote with your feet? Constraints. Because the stock market is full of liquidity and convenient for trading, when shareholders are generally dissatisfied with the operating conditions of enterprises or distrust the current managers, they will sell a lot of stocks in the stock market. It's called. Vote with your feet? . It will cause the stock price of enterprises to fall and bring a series of difficulties and crises to enterprises. The second is the stock market? Take over? Risk. The convenient and flexible operation of the stock market has promoted the rise and development of enterprise mergers and acquisitions, especially leveraged buyouts and hostile takeovers. Once the enterprise is well managed, it may be taken over and the operator may be replaced. The market forms a powerful external supervision and restraint mechanism for business operators. Corporate governance structure can form a relatively complete right balance mechanism. External governance structure and internal governance structure exist independently and balance each other, and the distribution and allocation of ownership, control and management rights have relatively stable and standardized institutional arrangements.
Relationship type
Relational financing model? Take Japan as an example. Japan's economic system is full of government intervention, which inherently requires the establishment of a corporate financing model different from the long-distance financing model. Relational financing mode to meet the purpose of unbalanced allocation of funds and special support for large enterprises in unbalanced development strategy. For a long time, Japan has been under the financial repression system: the major commercial banks are directly or indirectly under the strict control of the government; Long-term artificially low interest rate policy; The government affects the scale and direction of loans, and focuses on supporting priority development departments and enterprises; The capital market is underdeveloped, and bank loans are the main way for enterprises to raise funds. Under this financial repression system, the main banking system with Japanese characteristics has been formed. The main banking system includes three complementary parts: banks and enterprises conclude relationship contracts, banks form special relationships, and financial regulatory authorities adopt a set of special control measures, such as market access control, financial constraints, deposit guarantees and restrictions on private financing. On the contrary, Japanese companies have formed a unique equity structure in securities financing. It is easy for enterprises to form through this way of holding shares? Enterprise group? , help to establish a long-term and stable trading relationship, but also help to strengthen the operator's independent control of the enterprise. Therefore, Japan's corporate governance structure is formed on the basis of Japan's main banking system and mutual shareholding between legal persons: on the one hand, Japanese business operators have great autonomy in business decision-making, and because of the shareholding relationship between legal persons, they rarely interfere with each other's business activities; On the other hand, business operators will be supervised by banks, especially the main banks. The main bank is not only the main lender or organizer of the loan syndicate, but also the main shareholder of the enterprise. There are two kinds of relations between the main bank and the enterprise: (1) As the shareholders of the enterprise, the bank does not directly control the operation of these enterprises under the condition of good profitability; (2) If corporate profits begin to decline, the main bank can find the problem earlier because of its special status. If the situation continues to deteriorate, the main bank can replace the top leadership of the enterprise by convening a general meeting of shareholders or a board of directors.
Financing classification of enterprise development Enterprise financing can be divided into two ways according to whether there is financial intermediary: direct financing and indirect financing.
direct finance
It refers to borrowing directly from units in short supply and surplus units without any financial intermediary, or financing through securities and joint ventures, such as corporate bonds, stocks, joint ventures, internal financing, etc. Indirect financing refers to financing activities through financial institutions, such as bank credit, credit from non-bank financial institutions, entrusted loans, financial leasing, project financing loans, etc. The advantages of direct financing are relatively fast capital flow, low cost and less legal restrictions; The disadvantage is that the financing and investment skills of both parties to the transaction are high, and some of them need to meet each other to complete the transaction.
Indirect financing
Compared with direct financing, indirect financing can make full use of economies of scale, reduce costs, spread risks and realize diversified liabilities through financial intermediaries. However, direct financing is an indispensable means for modern large-scale enterprises to develop and raise funds, so the two financing methods cannot be neglected.