A. There are several ways of financing listed companies
There are two kinds of financing: (a) endogenous financing is carried out within the company, and does not require the actual payment of interest or dividends to the outside world. (ii) exogenous financing exogenous financing of listed companies can be divided into borrowing from financial institutions and the issuance of corporate bonds in the form of debt financing; share allotment and the issuance of new shares of the equity approach; the issuance of convertible bonds half-equity and half-debt approach.
Legal basis: "Chinese people's *** and the State Company Law" Article 178 limited liability company to increase the registered capital, the shareholders to contribute to the new capital contribution, in accordance with the establishment of limited liability companies in accordance with this law to pay the contribution of the relevant provisions of the implementation.
When a joint stock limited company issues new shares to increase its registered capital, the shareholders subscribe to the new shares, in accordance with this Law, the establishment of a joint stock limited company to pay the relevant provisions of the implementation of the shares.
The Chinese People's *** and the State Company Law, Article 179 of the merger or separation of companies, changes in registration shall be registered with the company's registration authority for the changes in accordance with the law; the dissolution of the company shall be registered in accordance with the law for the cancellation of the company; the establishment of a new company shall be registered in accordance with the law for the establishment of the company.
Companies to increase or reduce the registered capital, shall, in accordance with the law to the company registration authority for registration of changes.
There are several ways to refinance a listed company
Legal analysis: (a) endogenous financing
Because of the financing within the company, there is no need to actually pay the interest or dividend flow externally when due to the cost of funds from the company's internal financing is much lower than the cost of external financing.
(2) exogenous financing
Exogenous financing of listed companies can be divided into borrowing from financial institutions and the issuance of corporate bonds in the form of debt financing shares and the issuance of new shares in the form of equity line of convertible bonds in the form of half-equity and half-debt.
Legal basis: "Chinese people's *** and the State Company Law" Article 178 of the limited liability company to increase the registered capital in accordance with the establishment of limited liability companies to pay the relevant provisions of this law. Limited liability company to increase the registered capital issued new, in accordance with this law to establish a joint stock limited liability company to pay the relevant provisions
Three, the financing method is divided into which modes?
I, the concept of financing
1, financing in a narrow sense, refers to an enterprise financing to raise funds
2, financing in a broad sense, refers to the financial, that is, the financing of monetary funds, the parties to the financial market through a variety of ways to raise or loan funds.
Two, the way of financing
Related to the way of financing, the market name, but can be roughly categorized:
1, equity financing, refers to the enterprise's shareholders are willing to give up part of the ownership of the enterprise, through the enterprise to increase the introduction of new shareholders in the way of financing.
This way is more, especially start-ups, because the need for capital development, business operations and the recognition of the capital side, so the two sides reached a **** knowledge, in the form of equity financing. For example, at present, the company's total assets of 500,000, need to finance 1 million, this time, the enterprise will give its capital to a way of discounting shares, but this capital would not be a liability, but a kind of self-sustaining funds, do not need to give interest, and do not need to guarantee funds.
2, debt financing, refers to the enterprise through the borrowing of money for financing, debt financing obtained by the funds, the enterprise first of all to bear the interest on the funds, in addition to the maturity of the borrowing of funds to the creditor to repay the principal.
Debt financing is that the enterprise is simply is to borrow money from investors, investors become creditors, the enterprise becomes a debtor, the creditor is not a shareholder, do not enjoy any shareholders treatment, in accordance with the interest rate agreed upon by the two sides, due to pay back the principal and interest. For example, the enterprise in order to expand the scale, need to finance 1 million, so with the creditor agreed, the annual interest rate of 5%, one year period. This kind of financing, especially for the bridge fund is more, when the enterprise is in urgent need of funds, often give a higher interest rate.
3, bank loans, refers to the bank in accordance with national policy at a certain interest rate will be lent to the funds in need of funds, and agreed to return a period of economic behavior.
Enterprise development can not be separated from the financial, once the enterprise development to a certain extent, the state will give enterprises more favorable interest rates to provide financial assistance, almost every enterprise will use bank loans, after all, bank loans than debt financing to be slightly cheaper, of course, depending on the specific circumstances of the figure. In different countries, regions and different periods of a country's development, the types of loans by various criteria are also different.
For example, in the past, real estate companies loan is easier, the loan interest is lower, and now under the high pressure of the national real estate control policy, real estate companies are difficult to apply for a loan from the bank.
4, financial leasing, refers to the lessor according to the lessee of the specific requirements of the leased object and the choice of the supplier, capital to the supplier to buy leased objects, and leased to the lessee to use, the lessee will pay rent to the lessor by installments, the ownership of the leased object belongs to the lessor during the lease period, the lessee has the right to use the leased object.
This kind of financing is more special, often for the kind of huge assets and equipment, a kind of lease to finance the way. For example, a hospital, the need to introduce an expensive high-end medical equipment, worth tens of millions of dollars, this time, usually take the way of financial leasing.
5, stock financing, stocks have a permanent, no maturity date, do not need to return, there is no pressure to repay the principal and interest, and other characteristics, and thus less risky financing.
Stock financing, simply refers to companies that have been successfully listed on the stock market, the company's own shares can be freely circulated, trading, through the issuance of additional shares and other means, to raise funds, and equity financing is a bit like, but there are different places. Financing through the stock market, raising a very wide range of objects, there are public and non-public ways to raise equity financing.
6, bond financing, corporate bonds, also known as corporate bonds, is issued in accordance with legal procedures, agreed to a certain period of time to repay the principal and interest on securities, said that the bond-issuing enterprises and investors is a debt relationship.
Bond financing, also refers to specific enterprises, usually listed companies, through the issuance of bonds to raise funds, ordinary entrepreneurial enterprises or no scale of enterprises, is not qualified to issue bonds.
7. Overseas financing refers to the overseas financing methods available to enterprises including international commercial bank loans, loans from international financial institutions, and the enterprises' bond and stock financing business in various major overseas capital markets.
Overseas financing, mainly international trade or multinational enterprises a unique way of financing, unlike domestic financing, but to seek funds from the international community. For example, Evergrande Group has a large number of overseas bonds for overseas financing.
Four, what are the listed companies bond financing
Common financing methods: (1) financial leasing small and medium-sized enterprise financial leasing refers to the lessor according to the lessee's choice of suppliers, leased goods, purchase leased goods from suppliers, provided to the lessee for use, the lessee in the contract or the contractual period of time in the installment payment of The lessee pays the rent in installments within the period specified in the contract or the contract. (2) bankers' acceptances small and medium-sized enterprises in order to reach a deal between the two sides of the financing, you can apply to the bank to issue bankers' acceptances, the bank after examination and approval, the formal acceptance of bankers' acceptance of the contract, the accepting bank to sign on the acceptance of the bill of exchange to show that the acceptance of the word or the seal. In this way, the bank acceptance of the bill of exchange is known as bankers' acceptances, bankers' acceptances specifically said that the bank for the buyer's guarantee, the seller does not have to worry about the collection of payment, because of the expiration of the buyer's guarantee the bank will pay for the goods. Banker's Acceptance SME financing benefits is that enterprises can realize short, frequent, fast SME financing, can reduce corporate finance costs. (3) Real Estate Mortgage Real estate mortgage SME financing is the most used SME financing method in the current market. In real estate mortgage SME financing, enterprises must pay attention to China's legal provisions on real estate mortgage, such as the "Guarantee Law", "Urban Real Estate Management Law", etc., to avoid being deceived. (4) Equity transfer Equity transfer SME financing refers to the fact that SMEs obtain funds by transferring part of the company's equity, so as to satisfy the enterprise's capital needs. SMEs engage in equity transfer SME financing, actually want to introduce new partners. (5) Lading Guarantee The advantages of lading guarantee SME financing mainly lie in the fact that it can grasp the market opportunities, reduce the capital occupation of the enterprise and improve the cash flow. This kind of trade SME financing applies to small and medium-sized enterprises that have opened a letter of credit in the bank, imported goods have arrived at the port, but the documents have not yet arrived and are eager to handle the pickup of goods.