文档介绍：企业融资战略
成长周期中的融资对象、工具和策略
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内容概要
金融体系和融资环境
战略融资中的金融机构
风险投资机构VC/PE
银行
其他金融机构(投资银行、信托机构和其他)
成长周期中融资策略和工具
小企业的融资对象、工具和策略
中小企业的融资对象、工具和战略
大企业
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1. 金融体系和融资环境
一些基本事实:
中国股票市场融资
公司债券市场融资
公司短期融资券市场
风险投资概况
海外市场融资
银行信贷
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1. 1 金融体系概况和组成
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渠道
直接渠道: 最终借款者和最终出借者的融通渠道。 Costly, inefficient, risky.
间接渠道: —有组织的市场: in this markets, lenders buy the liabilities issued by borrower. If the liability is newly issued the issuer receives funs directly from the lender. Organized markets reduce the search costs, risk.
间接渠道—金融中介: channeling the funds by financial institutions. Ultimate lender acquires an asset, typically a deposit of bank or building society, or claims on insurance fund, which cannot be trade or not easy to be traded but only be returned to intermediary. Similarly, intermediaries create liabilities, typically in the form of loans, for the borrowers.
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核心参与者:
lender(surplus units, ): are subset of those with a financial surplus. Surplus units are those whose e exceeds consumption and any spending on real capital assets. households, enterprises, governments, foreign sectors. Their savings: financial surplus
borrower(deficit units): are a subset of those with a financial deficit. Deficit units have e which is insufficient to meet their planned spending on consumption and real capital assets.
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Financial market 金融市场
Financial markets are the places where financial instruments are bought and sold. It serves three roles in economic system: offer saver & borrowers liquidity; pool municate information; allow risk sharing.
structure/ classification (结构/分类)
debt and equity market (债务和股权市场)
primary and secondary market 一级市场和二级市场
A primary market for a newly issued instrument (in a primary market an instrument can only be traded once). Notice that it is only in the primary market that firms actually raise (borrow) new funds.
The secondary market is the market for existing instruments. Firms can not raise new funds in secondary market. However, secondary