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Financing Strategy Of Chinese Enterprises

2007/8/5 16:08:00 41227

Financing outsourcing is a new way of financing.

The feasibility of financing planning, the universality of financing channels and the overall professional control of the financing process are the basic conditions for successful financing of enterprises.

Based on this, investment and financing advisory services are involved in corporate financing activities.

The professionals of the investment and financing consulting institutions, based on their professional knowledge and industry norms, make an objective judgement of the value of the enterprise, and pmit the real information of the enterprises to their channel networks. Through the overall professional control, the financing targets of the enterprises can be realized at a lower financing cost.

Enterprises using financing outsourcing method for their own use can achieve twice the result with half the effort.

Financing outsourcing is a new channel.

Financing in the form of financing outsourcing needs to achieve "time", "land", "people and".

In the different stages of enterprise life cycle, the financing behavior of enterprises has different characteristics.

With the growth of enterprises, relying solely on commercial bank channels is difficult to meet the cyclical and diversified financing needs of enterprises, and must rely on a multi-level capital market.

The first stage: the so-called "seed period" means that entrepreneurs have only one idea or technology is still in the laboratory stage.

Before the industrialization of the technology, it is necessary to undergo several amplification experiments or clinical experiments to test the reliability, stability and feasibility of the technology.

When technology has the basic conditions of industrialization, the timing of corporate financing has already taken shape.

At this stage, a small amount of venture capital, especially Angel funds, is willing to intervene. Corporate finance has the characteristics of small capital demand, huge potential investment return and huge investment risk.

The second stage of the company is to enter or start the business.

At this stage, enterprise technology is still not mature, product performance is not stable enough, the market slowly started, began to have a lot of positive cash flow.

At this time, some venture capitals who prefer early investment are willing to intervene. Although the demand for venture capital is not too large, but because of many uncertain factors such as technology, products, market and management, capital recovery period is long, risk is large, and the rate of return is high, which is the characteristic of financing at this stage.

The third stage: the enterprises have entered a period of rapid growth and expansion.

With the increase of product sales and the expansion of market scale, the financing demand of enterprises' production and operation activities is increasing simultaneously. Private equity financing is still the preferred financing mode.

In order to speed up the development of enterprises, a new round of equity financing must be launched in good time.

As new strategic investors join in, corporate ownership structure and corporate governance structure will change significantly, internal management will be standardized and information pparency will gradually improve.

The fourth stage: maturity.

Experienced rapid growth period, enterprises gradually entered a mature stage of steady development.

The funds needed at this stage are short in payback period, low in risk and low in return rate.

Financing environment refers to the collection of various factors that affect financing activities under a certain system.

Financing environment has a decisive impact on the development of financing activities: on the one hand, it provides opportunities and conditions for financing; on the other hand, it restricts, interfers and even threatens financing.

Therefore, enterprises should make a careful analysis and forecast of the financing environment and effectively raise funds needed by the economy.

The financing environment includes macroeconomic environment, legal and policy environment, and financial environment.

The economic environment of the state will affect the financing activities of enterprises. This is mainly reflected in three aspects: interest rate fluctuations, industrial development factors and market system factors.

Legal policy environment refers to all kinds of laws, regulations, rules and policies that enterprises should abide by in financing activities.

The financial environment is the most direct external environment for the enterprise to carry out the financing activities, which is mainly reflected in the two aspects of the development of the financial market and the development of financial intermediaries.

A sound and sound capital market is an important external environment for enterprises to make effective financing.

Different capital markets can meet different financing needs of enterprises.

Corporate financing is regionalized, and regional selection is an important part of corporate finance.

Usually, the economically developed areas have stronger financing capacity, and are more efficient than other regions.

At the same time, the supply capacity of different regions is different.

As the main way of equity financing, the choice of listing sites is particularly important.

For the vast majority of enterprises, the first choice for the listing is the Nasdaq market in the US. It can be accompanied by Shanda and Sina, which is of great benefit to the upgrading of the company's image.

But the listing of enterprises is not the bigger the bigger the exchange, the higher the threshold, the size of the cost, the simplicity of the procedure and the speed and so on.

When an enterprise chooses to place a listing, it should usually choose a place with large market returns and relatively few resources.

In recent years, there are more and more overseas markets for domestic SMEs to choose, but they are mainly concentrated in China's Hongkong and Singapore, the United States, Canada, Australia and other places. As domestic enterprises are relatively familiar with the Hongkong market, most enterprises are listed in Hongkong.

The investor base, the liquidity of the stock market, the information disclosure requirements and the listing fees also decide the location of the listed companies from another aspect.

The enterprise financing "people and" way, "old days are not as good as the land, the land is not as good as people and".

Even though the influence of time and place can not be underestimated, the role of people and people is more indelible. It is very important to choose the appropriate professional outsourcing consultant.

The financing outsourcing consultant is involved in the whole enterprise financing activities. It serves as an integrated financing supply chain for enterprises. As a bridge and link between enterprises and financial markets, its role is to help enterprises to better finance.

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