選著債務(wù)或股權(quán)融資的相關(guān)因素分析外文翻譯

1、<p><b>　　中文5950字</b></p><p>　　本科畢業(yè)設(shè)計(jì)（論文）</p><p><b>　　外文翻譯</b></p><p><b>　　原文：</b></p><p>　　Debt or Equity Financing? Analyzing

2、Relevant Factors</p><p>　　Choosing between debt and equity financial instruments often creates a dilemma for clients seeking capital. Financing is generally required when a business is beginning operations,

3、expanding, or suffering from an economic downturn. Advising clients on the potential tax implications of using a purely debt or equity financial instrument is generally straightforwardThe blood of the enterprise funds, o

4、nly the normal flow of funds to meet business needs, effective allocation of factors of production </p><p>　　Over the past year, a number of promulgation of new laws and regulations, in order to provide a nu

5、mber of corporate finance in new ways or new specifications. These laws and regulations include: "Company Law", "Securities Law", "Short-term Financing Bills," the "Pilot Securitization

6、 of Credit Assets management", "Investment Fund on matters related to asset-backed securities notice", "the first second public offering of shares and listing management approach "and so on. Some

7、 of the provisions and</p><p>　　Debt financing is divided into two categories financing and equity financing. Mainly refers to debt financing from external borrowing, debt service obligations on time commitm

8、ent, including bank loans, trust schemes, short-term financing bonds, corporate bonds, convertible bonds, asset-backed securities. Mainly refers to equity financing through public offerings or private way to increase cap

9、ital, to finance, without debt service, but the need to allocate bonuses, including domestic and overseas</p><p>　　Factoring is the purchase and sales contracts based on vendors and related agreements, will

10、meet the conditions and accounts receivable by the Bank approved the transfer of bank debt to obtain short-term trade financing, accounts receivable, recovery management services. </p><p>　　Discounted bills

11、of an enterprise (the holder) is not before the expiration of the commercial bills, in order to obtain funds to pay some interest on the notes affixed to the right to transfer to the bank, the bank intermediation of fund

12、s to the holder of a way. </p><p>　　Credit loans are open to foreign exporters to credit as collateral for loans to banks as a mode of financing.</p><p>　　Short-term financing bonds</p>&

13、lt;p>　　Short-term financing bills is within the legal person status of non-financial enterprises in the inter-bank bond market and debt service contract within a certain period of securities. Short-term financing bond

14、s by the People's Bank of China, "Short-term Financing Bills management approach" for approval, the inter-bank bond market for institutional investors to issue and public issue not only in inter-bank bond m

15、arket transactions.</p><p>　　Issuing short-term financing bonds there are three main benefits: short-term financing bills interest rates much lower than bank loans, has been short-term financing bonds issued

16、 at 2.92% interest rate is basically floating around ~ 3.3%, plus agency fees of about 3.5%, but also ; Company issued short-term financing bills, the operation time is much less than the enterprises listing and financin

17、g, the central bank set the voucher processing time is 20 days, to quickly ease the financing of the c</p><p>　　A shorter period of short-term financing bonds, generally not more than one year. But the compa

18、ny issued by a continuous way, to solve the problem for a period not exceeding one year. Issuance costs as a fixed, short-term financing bills currently on the market of the minimum issue amount of 2 billion yuan also, m

19、ade almost entirely of securities the principal large-scale enterprise groups, small and medium enterprises rare sight. </p><p>　　Asset-backed securities</p><p>　　That asset securitization is no

20、n-liquid assets into securities with higher liquidity, and then sold to investors. Cash flows generated by assets for payment of principal and interest on the securities and trading costs, that is, asset-backed securitie

21、s (ABS). </p><p>　　Asset Securitization in Europe has more than 20 years, including financial and non-financial assets, such as home mortgages, hire purchase and credit card receivables, bad loans, aircraft

22、finance lease receivables, future flows and the overall business generated by any existing or future cash flows. Asia, the most common type of assets securitized mortgage loans, trade receivables, credit card loan portfo

23、lio and so on. </p><p>　　Now asset-backed securities issued by the yield of 3.5% to 6%, and the assets are loans, highway toll rights, leasing costs, accounts receivable. As the trading complex, involving ma

24、ny of the main, the current issue of asset securitization companies are large enterprises, small and medium enterprises can use this mode of financing. </p><p>　　Trust Scheme</p><p>　　Client tru

25、st scheme is based on trust and investment trust companies, will own the funds entrusted to the legal owner of trust and investment companies, trust investment companies under the client's wishes in his own name, for

26、 the benefit of the beneficiary or for specific purposes to manage , use and dispose of such property. </p><p>　　Trust schemes cost of financing roughly 5% to 11%, normally 1 to 3 years, the financing amount

27、ed to 50 million yuan to several million dollars. The Trust Scheme is limited to private, and not more than 200 copies, so not too large amount of money raised, the cost is relatively high. And the Trust's planned in

28、vestment is illiquid, it is more difficult to attract other financing financing. </p><p>　　Corporate Bonds</p><p>　　In China, the issue of corporate bonds, lower financing costs, maximum period

29、of up to 15 years. Corporate bond financing costs about 5%. Corporate bonds generally have a large bank guarantee can be traded, liquidity is better, it is more easily attract financing. </p><p>　　However, d

30、ue to the issue of corporate bonds is subject to approval of the State Development and Reform Commission, the limited amount each year, and the high requirements on issuers, usually only a few large central enterprises c

31、an be allowed to issue, rich color scheme. However, the past two years the state will issue corporate bonds to gradually relax the trend. </p><p>　　Convertible Bonds</p><p>　　Convertible bonds i

32、s the issuer issued in accordance with legal procedures, in a certain period of time according to agreed conditions can be converted into shares of the company bonds. Convertible bonds with both the dual nature of debt a

33、nd equity. Convertible bonds into corporate bonds should be recorded in the conditions and methods of the company shares. Holder the right under the conditions of corporate bonds will be converted into shares of the Comp

34、any, the creditors become shareholders. </p><p>　　Convertible bonds currently approved by the China Securities Regulatory Commission, are public offering bonds to market circulation. Financing costs are lowe

35、r, about 1% to 2%, the period is generally 3 to 5 years. Issue conditions of business will generally be set in a more general conversion, holders will be encouraged to bond into equity. </p><p>　　Current pub

36、lic offering of convertible bonds is only applicable to listed companies or have the listing and basically meet the listing requirements of the enterprise. </p><p><b>　　Private</b></p><

37、;p>　　Within the concept of private financing mainly refers to the development of institutional investors on corporate prospects and make an equity investment, and through the listing, sale or merger and acquisition in

38、 the capital markets to exit. </p><p>　　Companies choose this financing prospects have high-speed, standard management structure, and the best listing in a short period, business areas and markets in which t

39、he development curve in the industrial period of rapid development.</p><p>　　Domestic listed</p><p>　　Currently there is no hierarchy of property rights trading market, only two board market (Sh

40、anghai Stock Exchange and Shenzhen Stock Exchange). </p><p>　　Under the "IPO and listing management approach" provides the conditions for issuing and listing are: </p><p>　　Going more

41、than 3 years, annual earnings and accumulated more than 30 million yuan; last three fiscal years the cash flow from operating activities Net accumulated more than 50 million yuan; or the last 3 fiscal year revenue total

42、of more than RMB 300 million dollars. </p><p>　　Issued in accordance with current market conditions, listed companies at least 4 years or so. If the system regulate the operation of limited liability company

43、 as a whole changed to stock company, the shortest time can be reduced to one and a half or so. Finance costs for the financing of the current amount of 1.5% to 3%, at least about 1000 million. A listed company's ann

44、ual maintenance cost of about 200 million yuan. </p><p>　　The current listing procedures: agency employed by the enterprises listed on the program developed, in line with public offering of stock market cond

45、itions apply to the CSRC, China Securities Regulatory Commission approved the public offering of stock to the stock after listing. </p><p>　　Overseas listing</p><p>　　Overseas listing of domesti

46、c enterprises, the main destination of Hong Kong, NASDAQ, New York, Singapore Stock Exchange, while a small number of businesses in London, Frankfurt, South Korea, Canada, public offerings and stock exchange listing. <

47、;/p><p>　　Overseas listing of domestic companies are listed red-chip and directly in two ways. Red chips is overseas (usually in the Cayman Islands, the Virgin Islands, Hong Kong and other places) up the shell

48、company for listing purposes, the shell used in the territory of the acquisition of listed companies and assets to the sea as the main body shell companies to apply listed on overseas stock exchanges. Way of private ente

49、rprises listed red-chip China Securities Regulatory Commission currently does no</p><p>　　Directly refers to domestic companies listed on overseas stock exchanges to apply directly to the listing. Domestic c

50、ompanies listed overseas directly through the China Securities Regulatory Commission's review needs to apply to the overseas stock listing. Since setting up shell companies overseas state-owned enterprises there are

51、more legal obstacles, and red chips, and can not significantly reduce the state-owned enterprises listed overseas approval procedures, mostly state-owned enterprises l</p><p>　　Listed on overseas acquisition

52、</p><p>　　Overseas listing of domestic enterprises can also take over the way listed companies overseas. This acquisition means in practice roughly divided into two types, one is the acquisition of the Main

53、Board and GEM overseas market listed companies (such as Haier built in digital acquisition in Hong Kong); the other is the acquisition of OTCBB (OTCBB), PinkSheets (pink board) and other listed companies within the marke

54、t. </p><p>　　Acquisition mode of the Main Board listed company is not currently operating in most exchanges, or as complicated with the direct listing. Most exchanges require listed companies the acquisition

55、 of certain conditions, they still listed on the direct examination of procedures and conditions, so the acquisition of Main Board listed company can not speed up the listing, we can not reduce the listing process and co

56、nditions. </p><p>　　OTCBB market is the National Association of Securities Dealers (NASD) to set up and management, led by the market makers quote the securities market, it is the more primitive, more loosel

57、y counter securities market, regulation is more stringent, the listed companies is difficult to achieve in this market financing . There are dozens of domestic enterprises in the OTCBB market and listed on the purchase,

58、but can go to the motherboard and the actual financing of the few. Financing channels and cor</p><p>　　Enterprises in the choice of financing, we should consider the development stage of comprehensive, cost

59、affordability, repayment, control issues and dividend capacity, combined with the characteristics of different financing methods to select the appropriate mode of financing enterprise development. </p><p>　　

60、·Large enterprises can be low-cost debt financing and equity financing combination; </p><p>　　·Have a better economic strength and profitability, standardized operation of enterprises, consider equ

61、ity financing in the motherboard market issues; </p><p>　　·Are high-tech industry, has good prospects of medium-sized enterprises can take into account the issue of GEM equity financing; </p><

62、;p>　　·The high-tech start-up of small businesses, consider the financing of venture capital funds. </p><p>　　·Other companies may look for collateral assets and reliable security, efforts to inc

63、rease its bank credit to secure loan financing. </p><p>　　In addition to bank loans, these financing transactions involve complex structures and reporting procedures, so the beginning of the financing necess

64、ary to employ an experienced agency to assist. Agencies according to their experience, with reference to the actual situation of enterprises, considering the prospects for business development, financing, ability to bear

65、 the cost, select the appropriate financing and help enterprises to finance.</p><p>　　外文題目： Analyzing Releva Factor About Debt Or Equity </p><p>　　

66、出 處： Copyright Of Tax Adviser </p><p>　　作 者： Steven A.Hanke </p><p><b>　　譯文：</b></p&

67、gt;<p>　　選著債務(wù)或股權(quán)融資的相關(guān)因素分析</p><p>　　企業(yè)一般很難抉擇是用債權(quán)融資還是股權(quán)融資。一家企業(yè)從開始運(yùn)營(yíng)到擴(kuò)建，或者遇到經(jīng)濟(jì)不景氣時(shí)，通常都需要融資。資金是企業(yè)的血液，只有資金正常流動(dòng)，滿足企業(yè)經(jīng)營(yíng)需要，各種生產(chǎn)要素才能有效配置，企業(yè)才能為股東創(chuàng)造利潤(rùn)，為社會(huì)創(chuàng)造價(jià)值?？梢哉f，企業(yè)的發(fā)展過程就是一次次“融資-投資-再融資”的過程。   <

68、;/p><p>　　近一年來，多項(xiàng)新的法律法規(guī)頒布施行，為企業(yè)融資提供了多項(xiàng)新的方式或者新的規(guī)范。這些法律法規(guī)主要包括：《公司法》、《證券法》、《短期融資券管理辦法》、《信貸資產(chǎn)證券化試點(diǎn)管理辦法》、《證券投資基金投資資產(chǎn)支持證券的有關(guān)事項(xiàng)通知》、《首次公開發(fā)行股票并上市管理辦法》等。其中有些新的規(guī)定和融資方式并不為企業(yè)所熟悉。對(duì)于企業(yè)而言，如何選擇融資方式，怎樣把握各種融資方式的條件、成本和風(fēng)險(xiǎn)，都是企業(yè)在融資之前

69、就需要進(jìn)行認(rèn)真分析和研究的。  </p><p>　　融資方式主要分為債權(quán)融資和股權(quán)融資兩大類別。債權(quán)融資主要是指企業(yè)從外部借款，按期承擔(dān)還本付息的義務(wù)，主要包括銀行貸款、信托計(jì)劃、短期融資券、企業(yè)債、可轉(zhuǎn)債、資產(chǎn)支持證券。股權(quán)融資主要是指企業(yè)通過公開發(fā)行股票或者私募的方式增加資本，借以融資，無需還本付息，但需要分配紅利，主要包括境內(nèi)外公開發(fā)行股票并上市、私募。債權(quán)融資  

70、銀行貸款（保理、票據(jù)貼現(xiàn)、信用證貸款等）  </p><p>　　銀行貸款是企業(yè)最經(jīng)常使用的融資方式，一般要求企業(yè)有比較好的商業(yè)信譽(yù)、穩(wěn)定的現(xiàn)金流、足夠的資產(chǎn)抵押或者可靠的擔(dān)保。融資成本目前在6%左右，期限比較靈活，貸款手續(xù)比較簡(jiǎn)單。  </p><p>　　保理是指銷售商基于購(gòu)銷合同以及相關(guān)協(xié)議，將符合條件且經(jīng)銀行認(rèn)可的應(yīng)收賬款債權(quán)轉(zhuǎn)讓銀行，取得短

71、期貿(mào)易融資、應(yīng)收賬款回收管理服務(wù)。  </p><p>　　票據(jù)貼現(xiàn)指企業(yè)（持票人）在商業(yè)匯票未到期前，為了取得資金，貼付一定利息將票據(jù)權(quán)利轉(zhuǎn)讓給銀行，是銀行向持票人融通資金的一種方式。  </p><p>　　信用證貸款是指出口商以國(guó)外開來的信用證作為抵押、向銀行申請(qǐng)貸款的一種融資方式。 </p><p><

72、b>　　一、短期融資券</b></p><p>　　短期融資券是指我國(guó)境內(nèi)具有法人資格的非金融企業(yè)，在銀行間債券市場(chǎng)發(fā)行并約定在一定期限內(nèi)還本付息的有價(jià)證券。短期融資券由中國(guó)人民銀行根據(jù)《短期融資券管理辦法》進(jìn)行審批，對(duì)銀行間債券市場(chǎng)的機(jī)構(gòu)投資人發(fā)行，不對(duì)社會(huì)公眾發(fā)行，只在銀行間債券市場(chǎng)交易。 </p><p>　　發(fā)行短期融資券主要有三個(gè)好處：短期融資券利率遠(yuǎn)

73、遠(yuǎn)低于銀行貸款，目前已經(jīng)發(fā)行的短期融資券的利率基本上在2.92%～3.3%左右浮動(dòng)，加上中介機(jī)構(gòu)費(fèi)用也不過3.5%左右；公司發(fā)行短期融資券，運(yùn)作時(shí)間遠(yuǎn)少于企業(yè)上市融資，目前央行為該券設(shè)定的審批時(shí)間是20天，能夠迅速緩解融資難的矛盾；發(fā)行短期融資券不需要任何抵押物，比如土地、房屋等，這給許多企業(yè)直接融資創(chuàng)造了條件。  </p><p>　　短期融資券期限較短，一般不超過一年。但是企業(yè)可以通過連續(xù)

74、發(fā)行的方式，解決期限不超過一年的問題。由于發(fā)行成本固定，目前我國(guó)短期融資券市場(chǎng)上最低發(fā)行額也在2億元以上，發(fā)券主體幾乎為清一色的大型企業(yè)集團(tuán)，中小型企業(yè)難覓蹤影。  </p><p><b>　　二、資產(chǎn)支持證券</b></p><p>　　即資產(chǎn)證券化，是將非流動(dòng)性資產(chǎn)轉(zhuǎn)化為具有更高流動(dòng)性的證券，然后向投資者出售。資產(chǎn)所產(chǎn)生的現(xiàn)金流用于償付證券本

75、息和交易費(fèi)用，即有資產(chǎn)支持的證券（ABS）。  </p><p>　　資產(chǎn)證券化在歐美已經(jīng)有超過20年的歷史，包括金融與非金融資產(chǎn)，例如住房抵押貸款、分期付款及信用卡應(yīng)收款、不良貸款、飛機(jī)融資租賃應(yīng)收款、未來資金流量和整體企業(yè)所產(chǎn)生的任何現(xiàn)有或未來現(xiàn)金流。亞洲最常見的證券化資產(chǎn)類型為住房抵押貸款、貿(mào)易應(yīng)收賬款、信用卡貸款組合等。  </p><p>

76、　　目前已經(jīng)發(fā)行的資產(chǎn)支持證券的收益率在3.5%～6%之間，資產(chǎn)主要有貸款、公路收費(fèi)權(quán)、租賃費(fèi)、應(yīng)收賬款。由于交易結(jié)構(gòu)復(fù)雜，涉及主體較多，目前發(fā)行資產(chǎn)證券的企業(yè)均為大型企業(yè)，中小型企業(yè)難以使用這種融資方式。  </p><p><b>　　三、信托計(jì)劃</b></p><p>　　信托計(jì)劃是指委托人基于對(duì)信托投資公司的信任，將自己合法擁有的資金委托

77、給信托投資公司，由信托投資公司按委托人的意愿以自己的名義，為受益人的利益或者特定目的進(jìn)行管理、運(yùn)用和處分的行為。  </p><p>　　信托計(jì)劃的融資成本大致在5%～11%之間，一般期限在1～3年，融資額為5000萬元到數(shù)億元。由于信托計(jì)劃僅限于私募，且不超過200份，因此募集資金額不會(huì)過大，成本也比較高。而且信托計(jì)劃的投資流動(dòng)性較差，所以比較其他融資方式難以吸引融資。  

78、;</p><p><b>　　四、企業(yè)債券</b></p><p>　　在我國(guó)，發(fā)行企業(yè)債券的融資成本較低，期限最長(zhǎng)可達(dá)15年。企業(yè)債券的融資成本在5%左右。企業(yè)債券一般有大型銀行擔(dān)保，可以上市交易，流通性較好，所以比較容易吸引融資。  </p><p>　　但是由于企業(yè)債券的發(fā)行須經(jīng)國(guó)家發(fā)改委批準(zhǔn)，每年額度有限，且對(duì)發(fā)行

79、企業(yè)的要求很高，通常只有一些大型中央企業(yè)才能夠獲準(zhǔn)發(fā)行，計(jì)劃色彩濃郁。但是，近兩年來國(guó)家對(duì)企業(yè)債券的發(fā)行有逐步放寬的趨勢(shì)。</p><p><b>　　五、可轉(zhuǎn)換公司債券</b></p><p>　　可轉(zhuǎn)換公司債券是指發(fā)行人依照法定程序發(fā)行、在一定期限內(nèi)依據(jù)約定的條件可以轉(zhuǎn)換成股份的公司債券?？赊D(zhuǎn)換公司債兼有債權(quán)和股權(quán)的雙重性質(zhì)?？赊D(zhuǎn)換的公司債券應(yīng)當(dāng)記載公司債券轉(zhuǎn)換為

80、公司股份的條件及方法。持有人有權(quán)在規(guī)定的條件下將公司債券轉(zhuǎn)換為公司股份，由債權(quán)人變?yōu)楣镜墓蓶|。  </p><p>　　可轉(zhuǎn)換公司債券目前由中國(guó)證監(jiān)會(huì)審批，屬于公募債券，可以上市流通。融資成本較低，約為1%～2%左右，期限一般為3～5年。發(fā)行企業(yè)一般將轉(zhuǎn)換條件設(shè)置得較為寬泛，鼓勵(lì)債券持有人將債券轉(zhuǎn)為股權(quán)。 </p><p>　　目前公募的可轉(zhuǎn)換公司債券只適用

81、于上市公司或者有上市計(jì)劃并基本符合上市條件的企業(yè)。  </p><p><b>　　六、股權(quán)融資的私募</b></p><p>　　融資概念內(nèi)的私募主要是指投資機(jī)構(gòu)對(duì)企業(yè)的發(fā)展前景看好而進(jìn)行股權(quán)投資，并通過上市、轉(zhuǎn)讓或并購(gòu)的方式在資本市場(chǎng)退出。  </p><p>　　選擇這種融資方式的企業(yè)要有高速的發(fā)展

82、前景，規(guī)范的治理結(jié)構(gòu)，最好中短期內(nèi)有上市計(jì)劃，企業(yè)在所在領(lǐng)域和市場(chǎng)內(nèi)處于產(chǎn)業(yè)發(fā)展曲線的高速發(fā)展期。  </p><p><b>　　七、國(guó)內(nèi)上市</b></p><p>　　目前國(guó)內(nèi)沒有分層次的產(chǎn)權(quán)交易市場(chǎng)，只有兩個(gè)主板市場(chǎng)（上海證券交易所和深圳證券交易所）。</p><p>　　根據(jù)《首次公開發(fā)行股票并上市管理辦法》的規(guī)定

83、，發(fā)行上市的條件主要有:持續(xù)經(jīng)營(yíng)3年以上，每年均盈利且累計(jì)超過人民幣3000萬元；最近3個(gè)會(huì)計(jì)年度經(jīng)營(yíng)活動(dòng)產(chǎn)生的現(xiàn)金流量?jī)纛~累計(jì)超過人民幣5000萬元；或者最近3個(gè)會(huì)計(jì)年度營(yíng)業(yè)收入累計(jì)超過人民幣3億元。  </p><p>　　按照目前的市場(chǎng)發(fā)行狀況，企業(yè)上市最少要4年左右的時(shí)間。如果系規(guī)范運(yùn)作的有限責(zé)任公司整體變更為股份公司，時(shí)間最短可以減少為一年半左右。目前融資成本為融資額的1.5%～3%

84、，最少大約為1000萬元。一個(gè)上市公司的每年維持費(fèi)用約為200萬元以上。 </p><p>　　目前的上市工作流程為：企業(yè)聘請(qǐng)中介機(jī)構(gòu)制定上市方案，符合公開發(fā)行股票上市條件后向中國(guó)證監(jiān)會(huì)申請(qǐng)，經(jīng)中國(guó)證監(jiān)會(huì)核準(zhǔn)后公開發(fā)行股票并向證券交易所申請(qǐng)上市。  </p><p><b>　　八、海外上市</b></p><p>

85、;　　國(guó)內(nèi)企業(yè)海外上市的主要目的地有香港、納斯達(dá)克、紐約、新加坡等證券交易所，另有少量的企業(yè)在倫敦、法蘭克福、韓國(guó)、加拿大等地的證券交易所公開發(fā)行股票并上市。  </p><p>　　國(guó)內(nèi)企業(yè)海外上市主要有紅籌和直接上市兩種方式。紅籌是指在海外（一般為開曼群島、維爾京群島、香港等地）注冊(cè)用于上市目的的殼公司，殼公司在境內(nèi)收購(gòu)用于上市的企業(yè)和資產(chǎn)，以海外殼公司為主體申請(qǐng)?jiān)诤Ｍ獾淖C券交易所掛牌上市

86、。民營(yíng)企業(yè)紅籌上市方式目前不需要中國(guó)證監(jiān)會(huì)的審核，所以目前民營(yíng)企業(yè)海外上市大都采取紅籌方式。</p><p>　　直接上市是指國(guó)內(nèi)企業(yè)直接向海外的證券交易所申請(qǐng)掛牌上市。國(guó)內(nèi)企業(yè)海外直接上市需要經(jīng)過中國(guó)證監(jiān)會(huì)的審核才能向海外證券交易所申請(qǐng)掛牌上市。由于國(guó)有企業(yè)海外設(shè)立殼公司存在較多的法律障礙，而且紅籌方式并不能為國(guó)有企業(yè)海外上市明顯減少審批環(huán)節(jié)，國(guó)有企業(yè)海外上市大都采取直接上市的方式。  &l

87、t;/p><p><b>　　九、海外收購(gòu)上市</b></p><p>　　國(guó)內(nèi)企業(yè)海外上市還可以采取收購(gòu)海外已上市公司的方式。這種收購(gòu)方式在實(shí)踐中大致分成兩種類型，一種是收購(gòu)海外主板市場(chǎng)和創(chuàng)業(yè)板市場(chǎng)的上市公司（如海爾在香港收購(gòu)中建數(shù)碼）；另外一種是收購(gòu)OTCBB（場(chǎng)外柜臺(tái)交易市場(chǎng)）、PinkSheets（粉板市場(chǎng)）等市場(chǎng)內(nèi)的掛牌公司。  </p

88、><p>　　收購(gòu)主板上市公司的模式目前在大多數(shù)交易所是無法操作的，或者與直接上市一樣繁瑣。多數(shù)交易所規(guī)定上市公司收購(gòu)達(dá)到一定條件后，仍要按照直接上市的程序和條件進(jìn)行審核，因此收購(gòu)主板上市公司并不能加快上市工作，也不能減少上市程序和條件。  </p><p>　　OTCBB市場(chǎng)是全美證券商協(xié)會(huì)（NASD）設(shè)立并管理，由做市商主導(dǎo)的證券報(bào)價(jià)市場(chǎng)，它是較為原始、較松散的柜臺(tái)證券

89、交易市場(chǎng)，監(jiān)管較為寬松，上市企業(yè)很難在這個(gè)市場(chǎng)實(shí)現(xiàn)融資。國(guó)內(nèi)有數(shù)十家企業(yè)在OTCBB市場(chǎng)上進(jìn)行收購(gòu)并上市，但實(shí)際能夠轉(zhuǎn)到主板并融資的寥寥無幾。企業(yè)在尋找融資途徑和投資者在尋找投資機(jī)會(huì)時(shí)應(yīng)注意避免OTCBB陷阱。  </p><p>　　企業(yè)在選擇融資方式時(shí)，要綜合考慮發(fā)展階段、成本承受能力、還款、控制權(quán)問題和分紅能力等，再結(jié)合不同融資方式的特點(diǎn)，來選擇適合本企業(yè)發(fā)展的融資方式:</p&g

90、t;<p>　　1、大型企業(yè)可以進(jìn)行低成本債券融資和股權(quán)融資相結(jié)合的方式；  </p><p>　　2、具備較好的經(jīng)濟(jì)實(shí)力和盈利能力、規(guī)范運(yùn)作的企業(yè)，可考慮在主板市場(chǎng)發(fā)行股票融資；  </p><p>　　3、屬于高科技行業(yè)、有較好發(fā)展前景的中型企業(yè)可考慮到創(chuàng)業(yè)板市場(chǎng)發(fā)行股票融資；  </p><

91、p>　　4、對(duì)初創(chuàng)期高科技型的小企業(yè)，可考慮風(fēng)險(xiǎn)投資基金融資；  </p><p>　　5、其他企業(yè)可以尋找供抵押的資產(chǎn)和可靠的擔(dān)保，努力增加自身銀行信用以爭(zhēng)取貸款融資。  </p><p>　　除銀行貸款外，上述融資方式均涉及復(fù)雜的交易結(jié)構(gòu)和申報(bào)程序，因此在融資之初就要聘請(qǐng)一個(gè)有經(jīng)驗(yàn)的中介機(jī)構(gòu)協(xié)助。中介機(jī)構(gòu)可根據(jù)自己經(jīng)驗(yàn)，參照企業(yè)實(shí)際情況，綜