1, to obtain the angel investment
Angel investment is free to investors or informal venture investment institutions, equity investment is in state of the original design project or small start-ups. Because of the "angel" only for their own investment, investment decision procedures are not complicated, the operation of investment financing program is relatively simple, fast speed, and lower the threshold of. Moreover, "angel investor" not only to provide funds to entrepreneurs, but also bring a lot of professional knowledge, management experience and the relationship between the individual network for entrepreneurs, so as to promote the development of science and technology enterprises in the bud. But the "angel" to use their own funds for investment, small scale of capital, investment returns high expectations, not strong to the loss of endurance, easy to dilute the entrepreneurial ownership.
At present, China's strong private capital, but the real into angel investment field is very little. Existing between angel investors and enterprise project, although there are some information exchange platform, but due to the dispersion of angel investor, between the enterprise and the angel investor communication channel is not smooth, angel investment is difficult to obtain. Usually, entrepreneurs can through the following channels: angel investors looking for relatives and friends, entrepreneurs seek to direct, angel investment meeting or forum, the agency recommended etc..
2, access to venture capital
Venture investment, is refers to the investment by the occupation financiers to an equity capital with high risk, Gao Qian in the income in the enterprise. Risk investment in the equity capital, can effectively solve the problem of information asymmetry and risk and return asymmetry, does not require financing guarantee or mature enterprises, suitable for the start-up period but has great potential for development financing. Risk investment period is generally 3 to 7 years, does not increase the short-term debt burden, long-term stable operation of enterprise. Venture capital in providing capital and value-added services at the same time, also will own the technology, management, marketing idea into the enterprise, provides a perfect governance mechanism and follow-up services mechanism for enterprises, help enterprises to raise the level of corporate governance, can effectively promote the development of the enterprise. Along with the enterprise benefit, enterprise refinancing ability has been improved, further promote the comprehensive development of enterprises, forming a virtuous circle of capital and development.
Because all the risk investor risk investment, so the selection of projects is extremely strict, needs to have a series of research programs and market feasibility investigation. Once the investment, investors will participate in the investment business, and requires high returns. When the enterprise development to a certain stage, the risk investment will seek a quick exit, bring capital and operating pressure to the enterprise. The domestic risk investment of our country basically is a government led, the narrow financing channel, the small size of the company, limited financial strength, exit mechanism is not smooth constraints, can not meet the financing needs of enterprises strong. Entrepreneurs in the fight for the investment risk in the process, should pay attention to the industry, location, time, project, team, packaging, negotiation, signing, cooperation and exit several problems such as the.
3, private equity financing
Private equity funds, refers to the non disclosure forms to specific investors to raise funds, equity investment with high growth potential of unlisted companies, the time limit by the equity value and exit to achieve revenue fund. Private equity fund generalized covers investment in each stage before the initial public offering of stock rights. Private equity fund in narrow sense, mainly refers to the private equity investment in mature enterprises, has formed a certain scale of.
Risk investment is a broad part of private equity funds, but there is a risk investment and private equity fund certain difference in narrow sense. The investment stage, the investment in the creation of early stage companies, which invest in a mature enterprise, mainly intended for the listing Corporation; the scale of investment, the latter relative to the former is bigger, so often use financial leverage larger; investment philosophy, the former pay more attention to the growth of enterprises value, does not seek to holding, the latter is more focus on the integration of value, enterprise can control; in the risk return, the former face greater risk, but the success of the investment rate of return may also be more high; in the investment management, the former provides comprehensive services, the latter mainly to help enterprises to expand the size of the market, improve business performance. With the development of private equity fund market, two in the actual business boundaries increasingly blurred.
Private equity in the form of equity investment, financing the doorsill is low, can not only meet the business development needs and long-term capital requirements, but also can use the market perspective and strategic resources to help enterprises to improve corporate governance structure, a sound financial system and supervision system, to expand the external resources, enhance the comprehensive enterprise entrepreneurial ability, fast improving business performance, to promote the enterprises standardized operation of the road. But China's private equity fund rise time is short, the lack of industry standards and performance evaluation system, private equity fund is huge but the dragons and fishes jumbled together. Under the pressure of return on investment, some private equity funds are likely to press, even endanger the enterprise. Such as, by replacing the management layer, lay off workers, reduce development costs, prices, forced change insurance plan, increase revenue, cut costs, short term financial statements whitewash. But in the long term, these methods will reduce the entrepreneurial ability and profit ability. Some private equity fund in the company after the listing is to cash out, cause an enterprise to the lack of follow-up funding support, it is difficult to sustainable profitability, even that is listed in bankruptcy.
In order to obtain private equity financing, and avoid potential risks, enterprises in the acquisition of venture capital on the basis of considerations, we should also consider several financing objective, governance structure, market planning, risk control, financial advisory and other aspects of the problem.
4, the stock market financing
The stock market is the issuance and trading of stocks places. According to the function of the market can be divided into issuing market and circulation market. Enterprises in the issuing market IPO Financing Behavior called listed (IP0). Companies can obtain a large amount of money, reduce business risk, improve the corporate governance structure, improve the stock liquidity, promote the enterprise credit and brand awareness, conducive to the realization of the original investors value and enterprise financing. But companies are listed the threshold is too high, the cost is more, control weakened, proprietary information disclosed, profit pressure, enhance the supervision of merger risk, increase social responsibility, enhance risk. The entrepreneur should be combined with their own actual situation, correctly grasp the trade-off, according to planning long-term enterprise development and selection of machine, listed or not listed are wise.
At present, China has formed including motherboards, SME board, the gem, the multi-level stock market system, each for the target enterprises of different groups to provide financing services. Among them, the main market is the main place of a country or area of securities issuance, listing and trading, business term, higher requirements on the issuer's equity scale, profit ability, the minimum value and so on, mainly to serve the large and medium-sized enterprises, such as the Shanghai stock exchange; small and medium-sized enterprise board market is set in the Shenzhen stock exchange the, is a transition of the gem, but the entry threshold and the listed conditions close to the main board, is essentially still a motherboard market, aims to highlight the main industry, good growth, high technology content of the enterprise stock listed transactions; gem market, second board market, is a useful complement to the main board market, independent operation, enter a doorsill low, the listed conditions are loose, growth and development quality has become the main listing standards, regulatory responsibility "down" and other characteristics, to provide financing ways and growth for growth, do not meet the conditions of enterprises listed on the main board.
Compared with the securities market in China, Hongkong, the United States of America, Singapore and other overseas gem listing standards are lax, flexible, entry cost and annual listing fees are relatively low, very suitable for business organizations listed financing. But the law of our country, the company for overseas listing shall meet the following conditions: in accordance with China's relevant laws, regulations and overseas listing rules; financing purposes consistent with national industrial policy, utilization of foreign investment policy and the relevant state provisions of the fixed assets investment project; net assets of not less than 400000000 yuan, over the past year after tax profit of not less than 60000000 yuan, and growth potential, ratio by reasonably expected earnings, financing at less than 000000; a standardized corporate governance structure and internal management system more complete, senior management layer and high stable management level; after the listing of dividends have reliable sources of foreign exchange, in conformity with the relevant provisions of foreign exchange administration the National Commission other conditions prescribed. Domestic enterprises to apply for listing on the gem in Hongkong do not meet the above conditions, are only required to satisfy the following criteria: the people's government at the provincial level or the State Economic and Trade Commission approved, legally established and standardized operation of the Limited by Share Ltd; the company and its main sponsor shall conform to the relevant national regulations and policies, the major illegal behavior not in the most recent two years; in accordance with the provisions Hongkong GEM Listing Rules; listing sponsors believe that the company has issued and listed in accordance with the provisions of the feasibility and assume responsibility; high-tech enterprise certification approved by the national Ministry of science and technology. These standards are blocked by the vast majority of enterprises overseas listed on the road, and direct overseas listing approval procedures are too cumbersome, not only increase the burden on enterprises and inevitably delay the timing of the listing, so some companies try to through the heavy components involve domestic equity indirect overseas listing in the overseas company. However, whether the backdoor listing or backdoor listing, stock purchase mode operation methods and procedures are very complicated, difficult to achieve indirect listed in the legal time limit; and the acquisition of assets in cash is generally unbearable burden of enterprises.
In short, the overseas market for super large enterprise, or the relevant business involved in overseas markets, the globalization strategy of enterprises. For the general enterprises, the SME board and the gem is the main battlefield of listing and financing, and gem is more suitable for still in the science and technology enterprises germination or growth stage, enterprises need to choose according to their own listing conditions and legal requirements. Because our country is listed on the main board of the higher threshold, the gem also has some special requirements in corporate governance and business aspects, a very limited number of able to obtain funds through the stock market enterprises. If the enterprise decides to listing and financing in the territory, from the restructuring, transformation of organization form, equity norms of corporate governance, sort out business processes, public offering of shares, to raise funds for planning information use, disclosure, listed after the financing etc..
5, government fund
Government venture fund, is refers to the people's governments at all levels and their subordinate departments according to the provisions of relevant laws, administrative regulations and the state enterprise of the CPC Central Committee and State Council, the relevant documents in accordance with the prescribed procedures, various countries approved for government support entrepreneurial development special fund. In order to promote economic growth, expanding the capacity of employment and promote the technological innovation, the government at all levels in China have set up some government venture fund support for entrepreneurship development, coaching and support services, technological innovation, and encourage professional development and explore the international market. Technology innovation fund, such as SMEs, SME development special funds for SME international market development funds, the electronic information industry development fund, agricultural science and technology achievements into capital, business support funds etc..
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