The happy story of small business financing

We examine two data sets, one from the UK (n = 15,750) and one from the US (n = 3239), to show that SME financial behaviour demonstrates substantial financial contentment, or ‘happiness’. We find fewer than 10% of the UK firms seek significant growth and only 1.32% of US firms list a shortage of capital other than working capital as a problem. Financial performance indicators (growth, return on assets, profit margin) were not found to be determinants of SME financing activities, as might be expected in a ‘rational’ risk–return environment. Younger and less educated SME owners more actively use external financing – even though more education reduces the fear of loan denial – while older and more educated (‘wiser’) SME owners are found to be being less likely to seek or use external financing. The contentment hypothesis for SME financing also extends to high-growth firms in that we show that they participate more in the loan markets than low-growth firms. By way of contrast to the finance gap hypothesis, the contentment hypothesis observes the importance of social networks (connections) [for finance] and confirms the ‘connections – happiness’ linkage in the literature on happiness while doubting the theoretical suitability of Jensen and Meckling [Jensen, M., Meckling, W., 1976. Theory of the firm: Managerial behavior, agency costs, and ownership structure. Journal of Financial Economics 3, 305–360.] base-case analysis for SMEs.     

The role of factoring for financing small and medium enterprises

Factoring is explicitly linked to the value of a supplier’s accounts receivable and receivables are sold, rather than collateralized, and factored receivables are not part of the estate of a bankrupt firm. Therefore, factoring may allow a high-risk supplier to transfer its credit risk to higher quality buyers. Empirical tests find that factoring is larger in countries with greater economic development and growth and developed credit information bureaus. “Reverse factoring” may mitigate the problem of borrowers’ informational opacity if only receivables from high-quality buyers are factored. We illustrate the case of the Nafin reverse factoring program in Mexico.     

杠杆收购：小资金撬来大回报

随着经济改革的不断深入,中国的产业结构面临着整合和调整,企业也开始采取多种方式发展和壮大自己。兼并收购的浪潮开始席卷中国。而在兼并收购的过程中,必然涉及融资方式的选择。如果采取债务融资,就是杠杆收购。请看     

中小企业融资体系建设的国际经验

本次金融危机导致发达经济体经济复苏乏力,金融机构放贷谨慎,中小企业更是面临艰难的生存环境。但发达国家通过历时多年建设、相对成熟的中小企业融资体系为中小企业提供了重要支持。这些国家均遵循立法先行、成立专门的政府机构、建设配套信用评估与担保体系的路径,但同时又表现出各自特点。文章以美国、日本、意大利为例考察了其融资体系建设经验,以期为我国中小企业融资体系建设提供借鉴。     

桥隧模式——也是一种融资选择

所谓"桥隧模式",简而言之就是构建起信贷市场和资本市场间的桥梁和隧道,使得高价值和高增长潜力的中小企业的贷款申请能够通过担保公司的信贷担保和风险投资公司的相应承诺和操作来提高相对应银行风险控制的要求,顺利地实现贷款融资,从而满足高价值和高增长潜力的中小企业进一步发展的需要和风险投资机构投资的目的.     

The timing of financing decisions: An examination of the correlation in financing waves

Why do corporate financing events occur in waves? We challenge recent evidence of the importance of valuation cycles in driving financing waves by documenting that the aggregate pattern of stock repurchases mirrors that of equity issuance and mergers, despite repurchases involving an opposite transaction. We then show that trends in financing decisions result from differing responses to the same economic stimulus: growth in GDP. Specifically, economic expansion reduces the cost of equity relative to the cost of debt, inducing firms to issue equity, and increases cash flow and also causes varying degrees of uncertainty, increasing stock repurchases. We document similar trends and provide similar motivation for merger waves.     

The external financing of investment

This paper investigates the impact of investment characteristics on the financing choice. We investigate instances of seasoned equity, bank debt, straight non-bank debt, and convertible issues by U.S. firms where the stated use of proceeds is capital expenditure and where we are able to hand-collect and classify the characteristics of the investment. Controlling for a firm's existing assets, capital structure and valuation, we document a strong empirical link between an investment's characteristics and the choice between debt and equity financing. Factor analysis indicates that the principal determinant of the financing choice is whether an investment's payoffs can be described as a hit or miss.     

The future financing of Medicare

Regardless of the timing and the type of federal action to reform the nation's health care system, the Medicare program's financial problems must be addressed soon. Serious concerns exist about both the Hospital Insurance and the Supplementary Medical Insurance portions of the program.     

把股权融资当作战略来思考

记者:在您这么多年的经历中,从事财务工作给您最深的印象是什么? 安峰:十几年的工作和学习的经历的确有很多事情值得回忆,我感触最深的就是做事先做人.刚开始,经常听别人讲这个,总感觉很虚,离自己的工作和生活很远,渐渐地,接触的人和事多了,就慢慢觉得这是个自然而然的事了,也开始对自己的朋友和下属讲这个.     

保证保险打破小微企业融资僵局

资金实力弱找不到担保,没有担保得不到贷款,无法获得贷款资金更紧张……这种“老虎棒子鸡”式的“游戏”,让无数小微企业陷入融资窘境。     

企业上市要提前考虑好种种弊端

企业上市有种种好处,但是,也有种种弊端,如财务要公开,不能一个人说了算,花钱的地方也多了     

破产融资中政府的导向功用

本文对美、德、法、中四国部分企业的破产保护、破产融资事件进行了总结和对比,分析了政府的行政调控职能在破产法律事务中的导向功能.     

The financing decisions of innovative firms

The paper examines the relation between forms of financing and the level of expenditure on research and development (R&D). The paper shows that the probability of issuing new equity rises monotonically with the level of expenditure on R&D, whilst the use of debt finance follows an inverted U curve, rising and then falling as R&D expenditure rises. The analysis confirms ‘control rights’ theories of financing, in which firms follow an established hierarchy of preferences for modes of financing, with debt preferred to equity since it involves less loss of control rights. The mode of financing is linked to characteristic types of innovation, with debt financing associated with incremental innovation and equity funding with R&D intensive innovation, as in pharmaceuticals. The paper concludes by suggesting a linkage between modes of financing, types of innovation and business systems, with the UK's innovation pattern linked to market financing contrasting with the relationship financing of bank oriented systems such as Germany.     

新农村建设中的融资瓶颈

新农村建设的一个重要任务是,必须破解现行广大农村地区萎缩的融资环境和发展的资金不足这一瓶颈,这需要下大力气改善融资的环境,政府、金融机构和企业各方应协同发力。农村经济在国民经济发展中的基础地位越来越重要,但受多种因素制约,目前,县域金融萎缩,县以下农村经济实体融资困难问题十分突出。因此,大力发展县域金融,建立健全稳定有效的农村资金     

李宁公司的融资之路

案情简介：投资者：新加坡政府直接投资有限公司、鼎晖投资。被投资公司：李宁有限公司（以下简称李宁公司）。选取理由：＂体操王子＂创业,创立了＂李宁＂体育用品品牌。通过PE的资助,私募融资l850万美元,使李宁公司的业绩跃上了新的台阶,也改变了李宁公司的上市道路。2004年6月28日,李宁公司在香港上市。业绩回报：2008年8月,李宁的股价为18元左右。如果按此价格计算,Tetrad和CDH的合计高达44亿元港币,是当年入股的1850万美元（汇率按入股时的1美元兑7.8港币计算）的30多倍     

中关村以融资服务工程缓解中小微企业贷款难

为缓解企业融资难尤其是贷款难的问题,中关村积极探索,实施六大融资服务工程,以企业信用建设为基础,积极构建多方参与的投融资服务平台,     

投融资是块肥肉，好看不好吃

实力、能力、精力是投融资转型最简单的判断标准。实力是指愿意投入起码的小钱撬动投融资大平台;能力是指愿意提升自己和团队的投融资专业技能;精力是指愿意投入人员和时间搭建投融资平台     

古永锵的融资经

因为在搜狐的经历以及传说纷纭的"离去",古永锵是业界的新闻人物.前不久,他再度成为财经媒体的新闻人物,他告诉记者他将创办一家公司,引进一种新的融资模式. 古永锵称他的融资模式叫"搜索资金",简称"搜投",以区别于传统的创投.他为公司起了一个有三重含义的名字:合一网络技术(北京)有限公司."合一"第一层意思,三网合一(互联网、电信网、广电网)的应用项目,也就是说新公司的目标是第三代互联网;第二层意思是合作第一,也就是说通过合作方式做大产业;第三层意思是一人一口分享合作的成果.     

找VC,要多少钱合适

对于创业者来说,向VC融资一次,相当于经历一次磨难,要花费大量的时间、精力和资金。一旦能够抓住一次融资机会,企业还是要把估值尽量抬高一些,尽量多要一些钱,省得以后还要受一次罪