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paper代写-Enterprise financing mode

2018-05-17 | 来源:51due教员组 | 类别:Paper代写范文

下面为大家整理一篇优秀的paper代写范文- Enterprise financing mode,供大家参考学习,这篇论文讨论了企业的融资方式。企业融资从不同的视角可以划分为不同的方式,从融资来源看,融资方式可以划分为内源融资以及外源融资两种,从企业融资有没有金融中介机构介入这一角度来看,企业融资方式可以划分为直接融资以及间接融资,从融资是否归还,可以将融资划分为债务性融资以及权益性融资。企业融资方式选择需要考虑的因素很多,对处于不同发展阶段的企业,要选择相对合理的融资模式。

Enterprise financing mode,企业融资方式,英国论文代写,论文代写,paper代写

At present, many enterprises are facing financing problems, which makes the financing difficulties caused the social attention and discussion, there are a variety of causes of the enterprise financing difficulties, both the external reason, also have their own reasons, both the financial system, also some enlightenment reason of financing. The difficulty of financing makes many enterprises have high financing costs and high financing risk, which has hidden trouble for the financial risk explosion of enterprises. At present our country enterprise in the financing choice also passively, a lot of time in the absence of a comparison between the ways for financing, blind to make a choice, it would be easy to appear incorrect financing way, this will no doubt be enlarged enterprise financing risk. Financing is of great importance to the enterprise. Therefore, it is necessary to make a comprehensive comparison and analysis of different financing methods, and choose the most appropriate financing mode according to the actual situation of the enterprise.

Enterprises financing from a different perspective can be divided into different ways, from the source of funding, financing can be divided into two kinds of internal financing and external financing, from the enterprise financing have financial intermediaries involved in this perspective, the enterprise financing can be divided into direct financing and indirect financing, the financing is returned, financing can be divided into debt financing and equity financing, here in this paper respectively from two aspects of debt financing and equity financing to the various financing way is introduced as follows:

Debt financing is refers to the enterprise's debt financing formed, enterprises need debt-service payments on time, the enterprise has integrated into the capital access to a certain period of time, the creditors generally does not participate in the operation of enterprises, the debt financing will not change the equity structure of the enterprise. Debt financing mainly includes bank loans, issuing bonds, accounts payable, private financing, etc. The detailed analysis is as follows:

Bank loan is the mainstream enterprise financing, the bank will cash loans to demanders, and contract rate levels and due back a kind of economic behavior, from the point of repayment period, companies can be divided into long-term loans, short-term loans, medium term loan, etc., from the loan guarantee conditions, mainly including discount loans, credit loan and mortgage of goods, and so on. The bank is the capital provider, the enterprise is the capital demander, the enterprise obtains certain fund use authority from the bank, and pays the certain interest cost for the right of use. From the perspective of the process, corporate bank loans are generally applied by enterprises, and then the bank conducts the corporate credit investigation and finally determines whether to make loans.

Bond issue refers to a form of financing issued by an enterprise to investors. The bond is a kind of debt certificate with legal effect, and the bond will stipulate the amount, interest rate, period and so on. Enterprise bond issue need to follow the "securities law", the company law and other relevant provisions, in general, enterprise credit rating and the issuance of bonds interest rate is inversely proportional to, the higher the credit rating, often means that the lower bond yields, lower credit rating, issue bonds interest rate is higher, at the same time, enterprise credit rating and found that the rate of high and low will directly affect the success or failure of bond issue.

Folk financing is to show the enterprise through a form of informal financial institutions financing, folk financing in the present is an important part of the financial system in China, many companies will not be able to smooth financing from the formal financial institutions, will choose the folk financing.

Equity financing refers to the their own money into the capital to become the enterprise, the enterprise does not need to reimbursement, for investors, investment to form the equity, can go to participate in the enterprise the management decision, can enjoy the dividends of which the enterprise development, but will not be able to ask for out of funds. Equity financing mainly includes listed financing, capital increase and expansion, venture capital and so on. This paper briefly discusses the following ways of financing:

Listed land capital market financing is refers to the enterprise, the behavior of the stake sale to raise public, along with our country securities market expansion and for declining listings threshold requirements, listing financing has become an important way of financing companies. Listed financing is a direct financing category. If an enterprise can meet the requirements of listing, it can submit an application for listing to the CSRC, and the transaction can be listed on the basis of examination and approval. Listed financing is essentially a sale of equity to an enterprise, and the public can buy and sell shares of the company.

Risk investment is generally the angel investment institutions in view of the enterprise to invest in a startup period, through stakes in companies into a certain amount of money, to the development of enterprises to provide financial support, and risk investment institutions to benefit from the development of enterprise. Do VCS typically use their own management? To participate in the development of enterprises from small to large, angel investment is not big, and the judgment of the project is basically dependent on the angel investor's feeling. Venture capital from the exit path, generally is an investment enterprise listed or other investors take over the equity.

Increase endowment spread is refers to the enterprise through the introduction of new shareholders, or the original shareholders to increase capital investment, thus increasing the capital of the enterprise financing behavior, increase endowment spread, there are two basic forms, one is to increase the capital of the enterprise, using the capital to invest in new projects; The other is to expand the stock, increase the number of shares of the enterprise, so as to achieve more abundant capital.

For companies, different ways of financing can be said to be the advantages and disadvantages coexist, the enterprise only do for these financing way to conduct a comprehensive comparison, clear the influence of different financing way for enterprise, to select the most appropriate financing way. Of course many times for companies, alternative financing way is very limited and not have a variety of financing modes to choose from, there are discussed in this paper is an ideal state. In the comparison of different financing ways, this paper makes a comprehensive comparison on financing cost, financing risk, financing difficulty and other aspects.

From the point of financing cost comparison, different ways of financing cost is not the same, but from the point of financing interest expenses, folk financing often rates are the highest, this also means that the capital cost, the largest private financing interest rates tend to be formal financial institutions, such as bank financing interest rates several times, this is a lot of companies are not willing to choose the important reason for the folk financing, bond interest rates to between bank loans and the folk financing. From indirect financing cost, should be the angel investment cost is higher, angel investors often at a small amount of money, to get more of the equity, which causes the enterprise owners' equity points for being larger, enterprise cost is huge.

From the point of financing difficulty, a lot of financing for the vast majority of enterprises are reach, enterprise listed financing, issuing bonds, for example, can satisfy the conditions for listing, bond issuance requirements of the enterprise can be said to be rare, general enterprise listed financing are difficult to implement or bond financing. Lower difficulty, is the bank loans, even if the bank loans, for many companies, there are also some difficulties and puts forward all kinds of credit guarantee, in the face of the bank loan requirements, such as enterprise because of difficult to conform to the standard, and loans difficult problems. Private financing has the least resistance, but the cost of capital used by enterprises is the highest.

From the point of financing risk, finance risk objectively, these risks are mainly concentrated in can't risk of repayment interest in accordance with the contract, there is equity diversification, and so on, if he can't get good control of the financing risk, it would be easy to lead to enterprise in trouble. In general, the folk financing, bank loans and other need on time servicing financing, financing risk is relatively high, especially folk financing, the higher interest payments will make enterprises with huge cost. The risk of equity diversification is mainly the risk brought by equity investment. If the investors occupy a large share of the equity of the enterprise, it will result in the omission of the decision-making authority of the enterprise.

Enterprise financing way choice need to consider many factors, this paper combined with the enterprise life cycle, here at a different stage of development enterprise, a relatively reasonable financing mode selection are summarized as follows:

Enterprise start-up phase, the ideal model of financing is depend on the endogenous financing, equity financing, mainly endogenous financing is the founder of the enterprise's own funds, attracts the attention from venture investors, venture capital, provide support for the rapid development of the enterprise. Enterprise growth stage, can choose to bank financing, public financing, enterprise good development prospect of this phase, the growing level of profitability, can let the enterprise to get a loan from the bank, can let the enterprise successfully listed, and get higher valuations, and land capital market smoothly, get lower cost financing from capital market. In the stable stage of development, the enterprise financing model is basically a bond financing, when need to invest in new projects, issuing special bonds, special fund is special, project investment for the enterprise to provide the corresponding funds. During the recession stage, the enterprise financing mode can balance the bond financing and bank financing, and provide the strong capital for the transformation of the enterprise.

To sum up, enterprise financing mode choice? ChuHuan ? Fully considering the cost of different financing model, risk, consider the enterprise's stage of development, so as to weigh the pros and cons, select minimum risk, the lowest cost of financing mode, to ensure that the development of enterprises can be more stable.

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