Convertible bonds are a mixture of ordinary bonds and options that can be converted into stocks. The difference between the convertible bond price and the benchmark stock price constitutes the value of the implied option. Convertible bond funds can be purchased when enterprises issue convertible bonds, or they can be purchased from the secondary market after issuance. If you buy from the primary market, you can fully enjoy the advantages of convertible bonds. 1. government bonds: debt certificates issued by the state to investors to raise funds, if you pay interest within a certain period of time and repay the principal at maturity.
2. Fund bonds: securities issued by banks and non-bank financial institutions according to legal procedures and agreed to repay the principal and interest within a certain period of time.
3. Corporate bonds: securities issued by the company according to legal procedures and agreed to repay the principal and interest within a certain period of time (1) direct financing 1. International Bond Financing International bonds refer to bonds issued by a government and its subsidiaries, enterprises, private companies, banks or international financial institutions in international bond markets with foreign currency as the face value. International bonds are mainly divided into European bonds and foreign bonds.
2. International stock financing International stocks are issued overseas, which means that enterprises directly or indirectly issue shares to international investors and list them on domestic and foreign exchanges.
3. Overseas investment fund financing The function of overseas investment fund financing is to aggregate idle funds in society and keep them together for a long time, which is quite beneficial to financiers. In addition, prudent management is the general investment strategy of investment funds, so investment funds are also quite conducive to the stability and development of the capital market.
4. Since 1980s, there have been two remarkable phenomena in the world economy: first, international direct investment has surpassed international trade and become a more important carrier in international economic ties; Second, international direct investment has surpassed international inter-bank loans and become a more important form of foreign investment structure in developing countries.
(II) Indirect Financing Foreign Government Loans Foreign government loans are credit relations between the lending country and the borrowing country with state budget funds. Most of them are bilateral aid loans between governments, and a few are multilateral aid loans, which are a form of national capital export. A listed company refers to a joint stock limited company whose shares can be freely traded in the secondary market. The specific requirements are as follows:
The following conditions must be met at the same time: First, its shares have been approved by the the State Council securities management department for public offering; Second, the company's total share capital is not less than RMB 50 million; Third, it has been in business for more than three years and has been profitable continuously in the last three years; If the original state-owned enterprise is established after being rebuilt according to law, or if it is newly established after the implementation of the Company Law, and its main sponsors are large and medium-sized state-owned enterprises, it can be calculated continuously; Fourth, there are not less than 1000 shareholders holding shares with a face value of more than 1000 yuan, and the shares publicly issued to the public account for more than 25% of the total shares of the company; If the company's share capital exceeds 400 million yuan, its public offering ratio is more than 15%; Fifth, the company has no major illegal acts in the last three years, and its financial and accounting reports have no false records; Sixth, other conditions stipulated by the State Council. Only when the above conditions are met can they be approved for listing and trading. The public offering of corporate bonds shall meet the following conditions:
(1) The net assets of a joint stock limited company shall not be less than RMB 30 million, and the net assets of a limited liability company shall not be less than RMB 60 million;
(2) The accumulated bond balance shall not exceed 40% of the company's net assets;
(3) The average distributable profit in the last three years is enough to pay the interest of corporate bonds 1 year;
(4) The investment of the raised funds conforms to the national industrial policy;
(5) The bond interest rate shall not exceed the interest rate level stipulated by the State Council;
(six) other conditions stipulated by the State Council. Financial leverage is a widely used concept. In physics, there is a lever and a fulcrum, and heavy objects can be lifted with very little force, but what is a financial lever? From western financial management to the understanding of financial leverage in China's current accounting circles, financial risk is also called financing risk or financing risk, which refers to the risk that should be borne by ordinary shareholders because of debt financing. It can also be defined as the risk that ordinary shareholders bear beyond the basic operating risk because they need to make fixed regular expenditures to raise funds by using debt or preferred shares. It is the risk associated with enterprises and their financing methods, and it is the risk brought by enterprises adopting different financing methods due to financial difficulties.
The prevention of financial risks is to dynamically control risks, rather than deliberately reduce them. Enterprises that dare to take risks can often get high returns from high risks by making full use of favorable opportunities. To prevent and resolve financial risks, we should focus on the following tasks:
1. Carefully analyze the institutional environment of financial management and its changes, and improve the adaptability and adaptability of enterprises to changes in the financial management environment. In order to prevent financial risks, enterprises should carefully analyze and study the ever-changing financial management environment, grasp its changing trends and laws, formulate various emergency measures, adjust financial management policies in a timely manner, change management methods, improve their adaptability and adaptability to changes in financial management environment, and reduce financial risks brought to enterprises due to environmental changes.
2. Enhance the liquidity of enterprise assets. The first is to store current assets, that is, to maintain a certain proportion of easy-to-realize assets in the portfolio. The second is to buy liquid assets, that is, to achieve variability by selling liquid inventory. Enterprises must weigh the advantages and disadvantages, obtain liquid assets in a reasonable way, and avoid the losses caused by liquidity shortage and excess at the lowest cost through the rational allocation of enterprise asset structure and the rational use of financing ability.
3. Improve the scientific level of financial decision-making and prevent financial risks caused by decision-making mistakes. In order to prevent financial risks, enterprises must adopt scientific decision-making methods. In the process of decision-making, we should fully consider all kinds of factors that affect decision-making, try our best to adopt quantitative calculation and analysis methods, and use scientific decision-making models to make decisions. We should carefully analyze and evaluate various feasible schemes, choose the best decision-making scheme from them, and avoid subjective assumptions.
4. Enterprises should establish a reasonable capital structure to avoid financial risks. First of all, we should establish a restraint mechanism for capital accumulation and constantly enrich capital. Secondly, reasonably determine the scale of liabilities according to the actual situation of the enterprise. Thirdly, seize the opportunity of borrowing money, assess the situation and make reasonable decisions. Finally, predict the use effect of debt financing, weigh the cost and benefit, and optimize the debt structure. The factor that determines the capital structure is the financing decision. Match different debts reasonably according to the time limit, reduce the pressure of debt repayment, and ensure the smooth capital turnover of enterprises. The amount of financing directly determines the capital structure. Enterprises should strive to make the capital structure optimal and the financing cost lowest.
5. Avoiding the influence of moral hazard on the company's finance. Risk factors should be controlled to prevent the occurrence of risks. Externally, we should fully and accurately grasp the information of the market and competitors, eliminate the adverse effects of information asymmetry on ourselves, evaluate the credit of the counterparty, and formulate an effective contract that does not harm our own interests through consultation. For the enterprise losses that should be improved, we should strengthen cooperation with the insurance industry, transfer the risks outward, and reduce the heavy losses caused by counterparty default and opportunism; Close relationship with financial institutions and political and legal departments in order to get timely help.
In a word, almost all decisions of enterprises are made under the conditions of risk and uncertainty. Without risk, it is impossible to correctly evaluate the salary level of enterprises. Financial risks are inevitable. Correctly analyzing and preventing financial risks is of great significance to the survival and development of enterprises. We must make a comprehensive analysis in order to find out the essence of the problem.