企业融资战略研讨.pptVIP

* Evidence of assumption: (commercial banks have short-term liabilities, hence, for liquidity purposes, they hold large amounts of short-term assets. Insurance companies, have liabilities that extend into the distant future, they hold large amounts of long-term securities to be sure that the revenues that they need will be available when time arrives.) Conclusions: The segmented market behavior of lenders and borrowers basically determines the shape of the yield curve. Supply and demand analysis are applied to determinate prices of securities. An increase in the supply of securities in one maturity range will lead to a decline in prices (rise in yields )of those securities. With partial market segmentation, lenders and borrowers will leave their preferred maturity areas only if there are yield inducements on either side. 3.4.4 巧用市场和信托机构 案例分析：经营租赁调整负债比率 短融和中券 * 3.4.5 巧用衍生产品降低融资成本：利率互换 * Swap are agreements between two counterparties to exchange cash flow or financial assets over some future time with a specification method. Most popular financial swaps are interest-rate swap, currency swap. interest-rate swap: are agreements between two counterparties to exchange periodic interest rate payment over some future period, based on an agreed-upon amount of principal (notional principal). * Why they Swap: function of Swap Comparative advantage of A3 B3 Transform of Liabilities Transform of assets A. Comparative advantage * c. Transform of assets b. Transform of Liabilities 3.2.2 控制权调整与融资：创业企业资本性融资 契约的不完整性/信息不对称/道德风险 主观努力程度 传统代理问题（弱股东和强管理层） 东方代理问题：大小股东的代理和利益冲突 控制权是一种状态依存权 状态（专利、新产品投放、生产许可、预期现金流） 状态（现金流、利润、净资产、增长率、利润率） 财产控制权VS剩余控制权 风险投资初期看重财产控制权（控制风险和企业发展方向） 在企业产生剩余索取权时，可以逐步放弃控制权。 投资企业在初期用契约特权维持财产控制权：非一股一票；超级投票权；未来融资控制权；其他特别权力（出让资产） 控制权的转移成为创业者的隐形激励制度 3.2.3 创业股权融资的核心内容 企业整体估值 投资后可解释的状态估值 创业者股权比例 估值调整机制（valuation adjustment mechanism，对赌协议）投资者（VC）与融资者（创业方）在达成融资协议时对企业不确定未来事项或状态“暂不争议”，而是约定根据运营的实际情况状态调整估值或创业者股权比例。对企业未来价值分配锁定原则。 蒙牛案例：1999，5月100万资本；8月股改1389；2002年4598万股，