In the market economy country that develop, industry financing has two old main pattern, mode of the negotiable securities dominant that represents for the model with flower beauty namely financing (direct financing is given priority to) with mode of the bank dominant that is typical delegate with day heart financing (indirect financing gives priority to) . Be in our country, industry financing already experienced the abnormal below means of the onefold finance dominant below traditional system financing and shunt system to weigh means of bank dominant financing, but will look from whole, had not formed a kind of efficient industry financing channel.

Common financing channel is phyletic

The channel of industry financing can divide it is two kinds: Debt sex financing and financing of sex of rights and interests. Former include a bank loan, issue bond and handle bill, deal with Zhang money to wait, latter basically points to stock financing. Debt sex financing is formed indebted, the enterprise should repay on schedule conventional principal and interest, creditor does not participate in the managemant decision of the enterprise commonly, to capital apply also do not have decision making authority. Financing of sex of rights and interests forms the own reserves of the enterprise, investor has authority to participate in the managemant decision of the enterprise, authority wins the bonus of the enterprise, but have no right to pull out capital.

Different financing channel has different characteristic:

⑴ bank borrows money. The bank is the financing channel with the mainest business. Press capital quality, cent is circulating fund loan, fixed assets loan and special loan 3 kinds. Special loan has specific use normally, its loan interest rate compares privilege commonly, loan cent is credit, assure loan and bill discount.

⑵ stock raises fund. The stock is had permanent, without maturity, do not need to remand, wait for a characteristic without the pressure that repay captital with interest, raise fund consequently the risk is lesser. Stock market can promote an enterprise to change management mechanism, become truly manage independently, the legal person substance that development of assume sole responsibility for its profits or losses, ego, ego restrains and market competition main body. In the meantime, stock market recombines for asset provided capacious stage, optimize an enterprise to organize a structure, increase the integrated capacity of the enterprise.

⑶ bond financing. Enterprise bond, also weigh debenture, it is enterprise according to legal process is issued, the negotiable securities that the agreement repays captital with interest inside proper time, representing hair debt is relationship of debt of a kind of creditor's rights between enterprise and investor. The load holder does not share the management of the enterprise, but authority calls in on schedule conventional principal and interest. When business failure is liquidated, partner of creditor precede over enjoys surplus to the enterprise property demand right. Enterprise bond and stock are same, congeneric negotiable securities, can make over freely.
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