SME Financing Strategy 123

The strategy of intangible assets capitalization is not only to pay attention to tangible assets but also to capitalization and operation of intangible assets of enterprises.

The main way for famous brand enterprises to capitalized on intangible assets is to develop business groups with brand names as the leading enterprises and rely on the scale linkage of a number of famous brand products and enterprise groups to achieve the goal of market coverage.

Two, franchising financing strategy. The significance of modern franchising has gone beyond this special investment mode and has a significant impact on people's economic and cultural life.

Franchising is actually a contract bond outside the common capital link.

The franchisee and the franchisee maintain their respective independence and enjoy mutual benefits through franchising.

The franchisee can obtain a larger market with less investment, and the franchisee can participate in the investment of others, especially the benefits brought about by intangible assets.

Three, turnkey engineering strategy. Turnkey engineering means that when a multinational company builds a factory or other engineering project for a host country, when the design and construction are completed and initially operated, the "key" of the ownership and management of the plant or project will be "delivered" to the other party in accordance with the contract and the other party will start to operate.

The turnkey project is a non equity investment mode developed by multinational corporations in developed countries after being blocked by investment from developing countries.

In addition, when they have the cutting-edge technology needed in a certain market, and hope to quickly and extensively cover the market, if they are short of capital and other elements, they will also consider using the turnkey project.

Four, buyback contract strategy, international repurchase contract management, is essentially a combination of technology licensing, foreign investment, commission processing, and the compensation trade which is still quite popular. It is also known as "compensation investment" or "reciprocal investment".

The way of economic cooperation is generally the output of multinational corporations in developed countries to the enterprises in developing countries, which have the output of whole plant or patented manufacturing technology. Multinational corporations get the products that are produced by the enterprises after they are put into production as payment methods.

Investors can also get multiple benefits from production, such as machines, equipment, parts and other products.

Five, BOT financing strategy BOT (construction operation pfer) is a relatively new form of contractual direct investment.

The handover in BOT is the key to BOT investment and other investment modes.

A contractual or contractual joint equity joint venture means that most investors will recover their investments through depreciation and profit sharing of fixed assets before the expiration of their business. The contract stipulates that when the joint venture expires, all the property of the enterprise will be returned to the host country without any conditions, without liquidation.

In the BOT mode of equity joint venture, after the expiration of the business, the original enterprise will be conditionally pferred to the host country, and the conditions shall be determined by the parties involved in the preliminary negotiations for the joint venture.

The pfer of sole proprietorship also adopts such conditional handover.

Six, project financing strategy, project financing is an international medium and long-term loan for a specific project. The main guarantee of the project loan is the expected economic benefits of the project and other participants' obligations to the risks of construction, operation, income and debt, rather than the financial and credibility of the organizer.

There are mainly two types of financing for the project: the first is no recourse project financing, the risk of lender is very large, and generally it is less used; the two is the recourse project financing which is commonly used internationally. That is, the lender relies on the project income as the source of repayment, and can set the security interest in the assets of the project unit. It also requires all the third parties interested in the completion of the project to provide various guarantees.

The guarantor shall be responsible for the debts of the project, subject to the amount of guarantee provided or the obligations under the agreement.

The seven and DEG financing strategy, DEG, is a financial institution that belongs directly to the German federal government. Its main goal is to provide assistance to the development of private sector economies in developing countries in Asia, Africa and Latin America and central and Eastern Europe.

DEG's investment projects must be profitable, comply with environmental protection requirements, belong to non political sensitive industries, and can have a positive impact on the development of the country.

The investors of DEG must have professional management and no administrative intervention. Management has at least 5 years' experience in related industries.

The total assets should be greater than 10 million Mark, Germany, and less than 5 billion German Mark, and profit in the first two years, retained profits, and operating profit (net income / Sales) should be greater than 5%.

Eight, apply for the world bank IFC unsecured mortgage financing strategy, the World Bank International Finance Corporation (IFC), using the international practice of commercial banks to invest in specific projects with stable economic returns.

The company is now working in three ways, namely, providing project financing to enterprises, helping developing countries to raise funds in international financial markets and providing advice and technical assistance to enterprises and governments.

IFC helps to finance projects through limited recourse project financing.

IFC promotes foreign investment in China by directly undertaking project cooperation with foreign investors, assisting in project design and financing.

Nine, financial leasing strategy: financial leasing refers to: the lessor shall enter into a supply contract with the third party (Supplier) according to the specifications of the lessee and the specifications provided by the lessee, and the lessor obtains the right of the factory, capital goods or other equipment (hereinafter referred to as the equipment) according to the terms agreed by the lessee in the interests related to it, and the lessor and the lessee shall enter into a leasing contract to grant the lessee the right to use the equipment on the condition that the lessee pays the rent.

Financial leasing is a kind of financing method that combines financing and financing. It has a strong financial business color and is considered as a loan business related to equipment.

Ten, set up a financial company strategy. According to China's current financial policies and regulations, powerful enterprises can set up financial companies. As a non bank financial institution, enterprise financial companies can initiate the establishment of commercial banks and related securities investment funds, industrial investment funds.

To apply for the establishment of a financial company, the applicant must be an enterprise group with a series of specific conditions.

The financial company can operate: absorb the foreign currency deposits of the member units, issue financial company bonds, issue loans to the member units, provide buyer's credit to the purchasers of the units, etc. The People's Bank of China decides and approves the business according to the specific terms of the financial company.

Eleven, industrial investment fund strategy, investment fund is an important way of financing in the market economy. It was first developed in the United Kingdom and developed in the United States.

At present, the global fund market has a total value of US $3 trillion, which is equivalent to the total volume of global merchandise trade.

Since 1990s, the use of overseas investment funds has become a new effective means of utilizing foreign capital in China.

There are mainly two ways to invest in the investment fund: one is redemption (closed funds) at any time by the fund itself, the other is the auction pfer (Open Fund) in the two tier market.

Twelve, restructuring and reconstructing non-performing assets commercial banks' strategy, the bank can be regarded as a special policy resource in our country. Enterprises can seize the opportunity to hold, annex and acquire local commercial banks in the form of bank asset reorganization.

The reorganization of bank assets can be divided into government compulsory reorganization and bank independent reorganization according to the organization mode and reorganization mode. The reorganization measures can be asset form replacement and cash purchase.

In short, it is aimed at holding banks, reforming shareholding banks, applying for listing and opening branches at home and abroad, raising huge amounts of funds to support the development of enterprises in the industry and forming industrial banks in essence.

Thirteen, industry asset restructuring strategy, asset restructuring is through low-cost acquisitions, mergers, capital injection holdings, joint ventures, creditor's rights pfer, joint operation and other ways to achieve rapid expansion of the scale of operation of the dominant enterprises in the same industry and related industries, and rapidly expand production capacity and marketing network.

Fourteen, asset securitization financing strategy. Asset securitization is the latest modern financing tool besides traditional financing methods. It can solve the contradiction between capital demand and ownership form in the management system reform of state-owned large and medium-sized enterprises on the basis of effectively protecting the interests of state ownership of state-owned enterprises and infrastructure and maintaining enterprise stability.

Asset securitization can pform liquid assets into highly mobile cash, and turn the expected assets return into the cash income realized at present. Through the off balance sheet financing, the assets and liabilities structure of enterprises can be improved.

At the same time, we should take measures such as capital market, bankruptcy isolation and credit enhancement to solve the problems of China's introduction of foreign capital, especially the use of upgrading technology is more suitable for China's current situation.

Fifteen, employee stock ownership strategy, the stock company issuing new shares at present, in order to reflect the past business achievements of employees, it can issue employee shares to employees.

The amount of staff shares of the company shall not exceed 10% of the amount of public stock issued (A shares), and no more than 5000 shares per person.

When the company applies for public issuance of stock materials, it must submit a list of the number of employees approved by the local labor department and the workers' appointment to subscribe for shares. The China Securities Regulatory Commission will carry out verification.

Combined with the success of foreign ESOP employee stock ownership plan, we put forward several practical and feasible employee stock ownership plans: Employee Stock Ownership Association.

According to the company law, a listed company may set up an internal employee stock ownership Association in accordance with the provisions of the civil law and other provisions, and take the Employee Stock Ownership Association as a legal person shareholder of the company.

In the employee stock ownership meeting, the employee stock ownership must reach a certain proportion, for example, more than 20%.

The ESOP will add value to the employee's assets after the stock market is reformed and issued by the company.

Staff fund scheme.

The employees of the company form a fund in cash, and entrust the specialized investment company with the fund assets.

The operation of the fund can be carried out independently or in conjunction with the buy back plan and the employee stock ownership plan.

Xu Qiyun, editor in chief: