1、（2011届）本科毕业设计（论文）外文翻译原文DEBTOREQUITYFINANCINGANALYZINGRELEVANTFACTORSCHOOSINGBETWEENDEBTANDEQUITYFINANCIALINSTRUMENTSOFTENCREATESADILEMMAFORCLIENTSSEEKINGCAPITALFINANCINGISGENERALLYREQUIREDWHENABUSINESSISBEGINNINGOPERATIONS,EXPANDING,ORSUFFERINGFROMANECONOMICDOWNTURNADVISINGCLIENTSONTHEPOTENTIALTAXIM
2、PLICATIONSOFUSINGAPURELYDEBTOREQUITYFINANCIALINSTRUMENTISGENERALLYSTRAIGHTFORWARDTHEBLOODOFTHEENTERPRISEFUNDS,ONLYTHENORMALFLOWOFFUNDSTOMEETBUSINESSNEEDS,EFFECTIVEALLOCATIONOFFACTORSOFPRODUCTIONTOTHEENTERPRISESTOCREATEPROFITSFORSHAREHOLDERS,CREATEVALUEFORSOCIETYCANBESAIDTHATTHEENTERPRISEDEVELOPMENTP
3、ROCESSISTIMEANDTIMEAGAIN,“FINANCEINVESTMENTREFINANCING“PROCESSOVERTHEPASTYEAR,ANUMBEROFPROMULGATIONOFNEWLAWSANDREGULATIONS,INORDERTOPROVIDEANUMBEROFCORPORATEFINANCEINNEWWAYSORNEWSPECIFICATIONSTHESELAWSANDREGULATIONSINCLUDE“COMPANYLAW“,“SECURITIESLAW“,“SHORTTERMFINANCINGBILLS,“THE“PILOTSECURITIZATION
4、OFCREDITASSETSMANAGEMENT“,“INVESTMENTFUNDONMATTERSRELATEDTOASSETBACKEDSECURITIESNOTICE“,“THEFIRSTSECONDPUBLICOFFERINGOFSHARESANDLISTINGMANAGEMENTAPPROACH“ANDSOONSOMEOFTHEPROVISIONSANDFINANCINGOFNEWENTERPRISESARENOTASFAMILIARFORBUSINESSES,HOWTOCHOOSETHEMODEOFFINANCING,HOWTOGRASPTHECONDITIONSOFVARIOUS
5、FINANCINGMETHODS,COSTANDRISK,AREBUSINESSFINANCINGNEEDSPRIORTOCAREFULANALYSISANDSTUDYDEBTFINANCINGISDIVIDEDINTOTWOCATEGORIESFINANCINGANDEQUITYFINANCINGMAINLYREFERSTODEBTFINANCINGFROMEXTERNALBORROWING,DEBTSERVICEOBLIGATIONSONTIMECOMMITMENT,INCLUDINGBANKLOANS,TRUSTSCHEMES,SHORTTERMFINANCINGBONDS,CORPOR
6、ATEBONDS,CONVERTIBLEBONDS,ASSETBACKEDSECURITIESMAINLYREFERSTOEQUITYFINANCINGTHROUGHPUBLICOFFERINGSORPRIVATEWAYTOINCREASECAPITAL,TOFINANCE,WITHOUTDEBTSERVICE,BUTTHENEEDTOALLOCATEBONUSES,INCLUDINGDOMESTICANDOVERSEASPUBLICOFFERINGANDLISTINGOFPRIVATEPLACEMENTDEBTFINANCINGBANKLOANSFACTORING,BILLDISCOUNTI
7、NG,LETTERSOFCREDITLOANS,ETCBANKLOANSARETHEMOSTFREQUENTLYUSEDMODEOFFINANCING,GENERALREQUIREMENTSFORCOMMERCIALENTERPRISESHAVEABETTERREPUTATION,STABLECASHFLOW,ASSETBACKEDORRELIABLEENOUGHTOGUARANTEEFINANCINGCOSTSCURRENTLYAROUND6,MOREFLEXIBLEDEADLINE,APPLYFORALOANISRELATIVELYSIMPLEFACTORINGISTHEPURCHASEA
8、NDSALESCONTRACTSBASEDONVENDORSANDRELATEDAGREEMENTS,WILLMEETTHECONDITIONSANDACCOUNTSRECEIVABLEBYTHEBANKAPPROVEDTHETRANSFEROFBANKDEBTTOOBTAINSHORTTERMTRADEFINANCING,ACCOUNTSRECEIVABLE,RECOVERYMANAGEMENTSERVICESDISCOUNTEDBILLSOFANENTERPRISETHEHOLDERISNOTBEFORETHEEXPIRATIONOFTHECOMMERCIALBILLS,INORDERTO
9、OBTAINFUNDSTOPAYSOMEINTERESTONTHENOTESAFFIXEDTOTHERIGHTTOTRANSFERTOTHEBANK,THEBANKINTERMEDIATIONOFFUNDSTOTHEHOLDEROFAWAYCREDITLOANSAREOPENTOFOREIGNEXPORTERSTOCREDITASCOLLATERALFORLOANSTOBANKSASAMODEOFFINANCINGSHORTTERMFINANCINGBONDSSHORTTERMFINANCINGBILLSISWITHINTHELEGALPERSONSTATUSOFNONFINANCIALENT
10、ERPRISESINTHEINTERBANKBONDMARKETANDDEBTSERVICECONTRACTWITHINACERTAINPERIODOFSECURITIESSHORTTERMFINANCINGBONDSBYTHEPEOPLESBANKOFCHINA,“SHORTTERMFINANCINGBILLSMANAGEMENTAPPROACH“FORAPPROVAL,THEINTERBANKBONDMARKETFORINSTITUTIONALINVESTORSTOISSUEANDPUBLICISSUENOTONLYININTERBANKBONDMARKETTRANSACTIONSISSU
11、INGSHORTTERMFINANCINGBONDSTHEREARETHREEMAINBENEFITSSHORTTERMFINANCINGBILLSINTERESTRATESMUCHLOWERTHANBANKLOANS,HASBEENSHORTTERMFINANCINGBONDSISSUEDAT292INTERESTRATEISBASICALLYFLOATINGAROUND33,PLUSAGENCYFEESOFABOUT35,BUTALSOCOMPANYISSUEDSHORTTERMFINANCINGBILLS,THEOPERATIONTIMEISMUCHLESSTHANTHEENTERPRI
12、SESLISTINGANDFINANCING,THECENTRALBANKSETTHEVOUCHERPROCESSINGTIMEIS20DAYS,TOQUICKLYEASETHEFINANCINGOFTHECONFLICTISSUINGSHORTTERMFINANCINGBILLSDONOTREQUIREANYCOLLATERAL,SUCHASLANDANDHOUSING,WHICHGIVESMANYCOMPANIESCREATETHECONDITIONSFORDIRECTFINANCINGASHORTERPERIODOFSHORTTERMFINANCINGBONDS,GENERALLYNOT
13、MORETHANONEYEARBUTTHECOMPANYISSUEDBYACONTINUOUSWAY,TOSOLVETHEPROBLEMFORAPERIODNOTEXCEEDINGONEYEARISSUANCECOSTSASAFIXED,SHORTTERMFINANCINGBILLSCURRENTLYONTHEMARKETOFTHEMINIMUMISSUEAMOUNTOF2BILLIONYUANALSO,MADEALMOSTENTIRELYOFSECURITIESTHEPRINCIPALLARGESCALEENTERPRISEGROUPS,SMALLANDMEDIUMENTERPRISESRA
14、RESIGHTASSETBACKEDSECURITIESTHATASSETSECURITIZATIONISNONLIQUIDASSETSINTOSECURITIESWITHHIGHERLIQUIDITY,ANDTHENSOLDTOINVESTORSCASHFLOWSGENERATEDBYASSETSFORPAYMENTOFPRINCIPALANDINTERESTONTHESECURITIESANDTRADINGCOSTS,THATIS,ASSETBACKEDSECURITIESABSASSETSECURITIZATIONINEUROPEHASMORETHAN20YEARS,INCLUDINGF
15、INANCIALANDNONFINANCIALASSETS,SUCHASHOMEMORTGAGES,HIREPURCHASEANDCREDITCARDRECEIVABLES,BADLOANS,AIRCRAFTFINANCELEASERECEIVABLES,FUTUREFLOWSANDTHEOVERALLBUSINESSGENERATEDBYANYEXISTINGORFUTURECASHFLOWSASIA,THEMOSTCOMMONTYPEOFASSETSSECURITIZEDMORTGAGELOANS,TRADERECEIVABLES,CREDITCARDLOANPORTFOLIOANDSOO
16、NNOWASSETBACKEDSECURITIESISSUEDBYTHEYIELDOF35TO6,ANDTHEASSETSARELOANS,HIGHWAYTOLLRIGHTS,LEASINGCOSTS,ACCOUNTSRECEIVABLEASTHETRADINGCOMPLEX,INVOLVINGMANYOFTHEMAIN,THECURRENTISSUEOFASSETSECURITIZATIONCOMPANIESARELARGEENTERPRISES,SMALLANDMEDIUMENTERPRISESCANUSETHISMODEOFFINANCINGTRUSTSCHEMECLIENTTRUSTS
17、CHEMEISBASEDONTRUSTANDINVESTMENTTRUSTCOMPANIES,WILLOWNTHEFUNDSENTRUSTEDTOTHELEGALOWNEROFTRUSTANDINVESTMENTCOMPANIES,TRUSTINVESTMENTCOMPANIESUNDERTHECLIENTSWISHESINHISOWNNAME,FORTHEBENEFITOFTHEBENEFICIARYORFORSPECIFICPURPOSESTOMANAGE,USEANDDISPOSEOFSUCHPROPERTYTRUSTSCHEMESCOSTOFFINANCINGROUGHLY5TO11,
18、NORMALLY1TO3YEARS,THEFINANCINGAMOUNTEDTO50MILLIONYUANTOSEVERALMILLIONDOLLARSTHETRUSTSCHEMEISLIMITEDTOPRIVATE,ANDNOTMORETHAN200COPIES,SONOTTOOLARGEAMOUNTOFMONEYRAISED,THECOSTISRELATIVELYHIGHANDTHETRUSTSPLANNEDINVESTMENTISILLIQUID,ITISMOREDIFFICULTTOATTRACTOTHERFINANCINGFINANCINGCORPORATEBONDSINCHINA,
19、THEISSUEOFCORPORATEBONDS,LOWERFINANCINGCOSTS,MAXIMUMPERIODOFUPTO15YEARSCORPORATEBONDFINANCINGCOSTSABOUT5CORPORATEBONDSGENERALLYHAVEALARGEBANKGUARANTEECANBETRADED,LIQUIDITYISBETTER,ITISMOREEASILYATTRACTFINANCINGHOWEVER,DUETOTHEISSUEOFCORPORATEBONDSISSUBJECTTOAPPROVALOFTHESTATEDEVELOPMENTANDREFORMCOMM
20、ISSION,THELIMITEDAMOUNTEACHYEAR,ANDTHEHIGHREQUIREMENTSONISSUERS,USUALLYONLYAFEWLARGECENTRALENTERPRISESCANBEALLOWEDTOISSUE,RICHCOLORSCHEMEHOWEVER,THEPASTTWOYEARSTHESTATEWILLISSUECORPORATEBONDSTOGRADUALLYRELAXTHETRENDCONVERTIBLEBONDSCONVERTIBLEBONDSISTHEISSUERISSUEDINACCORDANCEWITHLEGALPROCEDURES,INAC
21、ERTAINPERIODOFTIMEACCORDINGTOAGREEDCONDITIONSCANBECONVERTEDINTOSHARESOFTHECOMPANYBONDSCONVERTIBLEBONDSWITHBOTHTHEDUALNATUREOFDEBTANDEQUITYCONVERTIBLEBONDSINTOCORPORATEBONDSSHOULDBERECORDEDINTHECONDITIONSANDMETHODSOFTHECOMPANYSHARESHOLDERTHERIGHTUNDERTHECONDITIONSOFCORPORATEBONDSWILLBECONVERTEDINTOSH
22、ARESOFTHECOMPANY,THECREDITORSBECOMESHAREHOLDERSCONVERTIBLEBONDSCURRENTLYAPPROVEDBYTHECHINASECURITIESREGULATORYCOMMISSION,AREPUBLICOFFERINGBONDSTOMARKETCIRCULATIONFINANCINGCOSTSARELOWER,ABOUT1TO2,THEPERIODISGENERALLY3TO5YEARSISSUECONDITIONSOFBUSINESSWILLGENERALLYBESETINAMOREGENERALCONVERSION,HOLDERSW
23、ILLBEENCOURAGEDTOBONDINTOEQUITYCURRENTPUBLICOFFERINGOFCONVERTIBLEBONDSISONLYAPPLICABLETOLISTEDCOMPANIESORHAVETHELISTINGANDBASICALLYMEETTHELISTINGREQUIREMENTSOFTHEENTERPRISEPRIVATEWITHINTHECONCEPTOFPRIVATEFINANCINGMAINLYREFERSTOTHEDEVELOPMENTOFINSTITUTIONALINVESTORSONCORPORATEPROSPECTSANDMAKEANEQUITY
24、INVESTMENT,ANDTHROUGHTHELISTING,SALEORMERGERANDACQUISITIONINTHECAPITALMARKETSTOEXITCOMPANIESCHOOSETHISFINANCINGPROSPECTSHAVEHIGHSPEED,STANDARDMANAGEMENTSTRUCTURE,ANDTHEBESTLISTINGINASHORTPERIOD,BUSINESSAREASANDMARKETSINWHICHTHEDEVELOPMENTCURVEINTHEINDUSTRIALPERIODOFRAPIDDEVELOPMENTDOMESTICLISTEDCURR
25、ENTLYTHEREISNOHIERARCHYOFPROPERTYRIGHTSTRADINGMARKET,ONLYTWOBOARDMARKETSHANGHAISTOCKEXCHANGEANDSHENZHENSTOCKEXCHANGEUNDERTHE“IPOANDLISTINGMANAGEMENTAPPROACH“PROVIDESTHECONDITIONSFORISSUINGANDLISTINGAREGOINGMORETHAN3YEARS,ANNUALEARNINGSANDACCUMULATEDMORETHAN30MILLIONYUANLASTTHREEFISCALYEARSTHECASHFLO
26、WFROMOPERATINGACTIVITIESNETACCUMULATEDMORETHAN50MILLIONYUANORTHELAST3FISCALYEARREVENUETOTALOFMORETHANRMB300MILLIONDOLLARSISSUEDINACCORDANCEWITHCURRENTMARKETCONDITIONS,LISTEDCOMPANIESATLEAST4YEARSORSOIFTHESYSTEMREGULATETHEOPERATIONOFLIMITEDLIABILITYCOMPANYASAWHOLECHANGEDTOSTOCKCOMPANY,THESHORTESTTIME
27、CANBEREDUCEDTOONEANDAHALFORSOFINANCECOSTSFORTHEFINANCINGOFTHECURRENTAMOUNTOF15TO3,ATLEASTABOUT1000MILLIONALISTEDCOMPANYSANNUALMAINTENANCECOSTOFABOUT200MILLIONYUANTHECURRENTLISTINGPROCEDURESAGENCYEMPLOYEDBYTHEENTERPRISESLISTEDONTHEPROGRAMDEVELOPED,INLINEWITHPUBLICOFFERINGOFSTOCKMARKETCONDITIONSAPPLYT
28、OTHECSRC,CHINASECURITIESREGULATORYCOMMISSIONAPPROVEDTHEPUBLICOFFERINGOFSTOCKTOTHESTOCKAFTERLISTINGOVERSEASLISTINGOVERSEASLISTINGOFDOMESTICENTERPRISES,THEMAINDESTINATIONOFHONGKONG,NASDAQ,NEWYORK,SINGAPORESTOCKEXCHANGE,WHILEASMALLNUMBEROFBUSINESSESINLONDON,FRANKFURT,SOUTHKOREA,CANADA,PUBLICOFFERINGSAN
29、DSTOCKEXCHANGELISTINGOVERSEASLISTINGOFDOMESTICCOMPANIESARELISTEDREDCHIPANDDIRECTLYINTWOWAYSREDCHIPSISOVERSEASUSUALLYINTHECAYMANISLANDS,THEVIRGINISLANDS,HONGKONGANDOTHERPLACESUPTHESHELLCOMPANYFORLISTINGPURPOSES,THESHELLUSEDINTHETERRITORYOFTHEACQUISITIONOFLISTEDCOMPANIESANDASSETSTOTHESEAASTHEMAINBODYS
30、HELLCOMPANIESTOAPPLYLISTEDONOVERSEASSTOCKEXCHANGESWAYOFPRIVATEENTERPRISESLISTEDREDCHIPCHINASECURITIESREGULATORYCOMMISSIONCURRENTLYDOESNOTREQUIRETHEAUDIT,WENOWMOSTLYPRIVATEENTERPRISESLISTEDOVERSEASTOREDCHIPSDIRECTLYREFERSTODOMESTICCOMPANIESLISTEDONOVERSEASSTOCKEXCHANGESTOAPPLYDIRECTLYTOTHELISTINGDOME
31、STICCOMPANIESLISTEDOVERSEASDIRECTLYTHROUGHTHECHINASECURITIESREGULATORYCOMMISSIONSREVIEWNEEDSTOAPPLYTOTHEOVERSEASSTOCKLISTINGSINCESETTINGUPSHELLCOMPANIESOVERSEASSTATEOWNEDENTERPRISESTHEREAREMORELEGALOBSTACLES,ANDREDCHIPS,ANDCANNOTSIGNIFICANTLYREDUCETHESTATEOWNEDENTERPRISESLISTEDOVERSEASAPPROVALPROCED
32、URES,MOSTLYSTATEOWNEDENTERPRISESLISTEDOVERSEASTOTAKEDIRECTMARKETAPPROACHLISTEDONOVERSEASACQUISITIONOVERSEASLISTINGOFDOMESTICENTERPRISESCANALSOTAKEOVERTHEWAYLISTEDCOMPANIESOVERSEASTHISACQUISITIONMEANSINPRACTICEROUGHLYDIVIDEDINTOTWOTYPES,ONEISTHEACQUISITIONOFTHEMAINBOARDANDGEMOVERSEASMARKETLISTEDCOMPA
33、NIESSUCHASHAIERBUILTINDIGITALACQUISITIONINHONGKONGTHEOTHERISTHEACQUISITIONOFOTCBBOTCBB,PINKSHEETSPINKBOARDANDOTHERLISTEDCOMPANIESWITHINTHEMARKETACQUISITIONMODEOFTHEMAINBOARDLISTEDCOMPANYISNOTCURRENTLYOPERATINGINMOSTEXCHANGES,ORASCOMPLICATEDWITHTHEDIRECTLISTINGMOSTEXCHANGESREQUIRELISTEDCOMPANIESTHEAC
34、QUISITIONOFCERTAINCONDITIONS,THEYSTILLLISTEDONTHEDIRECTEXAMINATIONOFPROCEDURESANDCONDITIONS,SOTHEACQUISITIONOFMAINBOARDLISTEDCOMPANYCANNOTSPEEDUPTHELISTING,WECANNOTREDUCETHELISTINGPROCESSANDCONDITIONSOTCBBMARKETISTHENATIONALASSOCIATIONOFSECURITIESDEALERSNASDTOSETUPANDMANAGEMENT,LEDBYTHEMARKETMAKERSQ
35、UOTETHESECURITIESMARKET,ITISTHEMOREPRIMITIVE,MORELOOSELYCOUNTERSECURITIESMARKET,REGULATIONISMORESTRINGENT,THELISTEDCOMPANIESISDIFFICULTTOACHIEVEINTHISMARKETFINANCINGTHEREAREDOZENSOFDOMESTICENTERPRISESINTHEOTCBBMARKETANDLISTEDONTHEPURCHASE,BUTCANGOTOTHEMOTHERBOARDANDTHEACTUALFINANCINGOFTHEFEWFINANCIN
36、GCHANNELSANDCORPORATEINVESTORSLOOKINGFORINVESTMENTOPPORTUNITIESINTHEOTCBBSHOULDBETAKENTOAVOIDPITFALLSENTERPRISESINTHECHOICEOFFINANCING,WESHOULDCONSIDERTHEDEVELOPMENTSTAGEOFCOMPREHENSIVE,COSTAFFORDABILITY,REPAYMENT,CONTROLISSUESANDDIVIDENDCAPACITY,COMBINEDWITHTHECHARACTERISTICSOFDIFFERENTFINANCINGMET
37、HODSTOSELECTTHEAPPROPRIATEMODEOFFINANCINGENTERPRISEDEVELOPMENTLARGEENTERPRISESCANBELOWCOSTDEBTFINANCINGANDEQUITYFINANCINGCOMBINATIONHAVEABETTERECONOMICSTRENGTHANDPROFITABILITY,STANDARDIZEDOPERATIONOFENTERPRISES,CONSIDEREQUITYFINANCINGINTHEMOTHERBOARDMARKETISSUESAREHIGHTECHINDUSTRY,HASGOODPROSPECTSOF
38、MEDIUMSIZEDENTERPRISESCANTAKEINTOACCOUNTTHEISSUEOFGEMEQUITYFINANCINGTHEHIGHTECHSTARTUPOFSMALLBUSINESSES,CONSIDERTHEFINANCINGOFVENTURECAPITALFUNDSOTHERCOMPANIESMAYLOOKFORCOLLATERALASSETSANDRELIABLESECURITY,EFFORTSTOINCREASEITSBANKCREDITTOSECURELOANFINANCINGINADDITIONTOBANKLOANS,THESEFINANCINGTRANSACT
39、IONSINVOLVECOMPLEXSTRUCTURESANDREPORTINGPROCEDURES,SOTHEBEGINNINGOFTHEFINANCINGNECESSARYTOEMPLOYANEXPERIENCEDAGENCYTOASSISTAGENCIESACCORDINGTOTHEIREXPERIENCE,WITHREFERENCETOTHEACTUALSITUATIONOFENTERPRISES,CONSIDERINGTHEPROSPECTSFORBUSINESSDEVELOPMENT,FINANCING,ABILITYTOBEARTHECOST,SELECTTHEAPPROPRIA
40、TEFINANCINGANDHELPENTERPRISESTOFINANCE外文题目ANALYZINGRELEVAFACTORABOUTDEBTOREQUITY出处COPYRIGHTOFTAXADVISER作者STEVENAHANKE译文选着债务或股权融资的相关因素分析企业一般很难抉择是用债权融资还是股权融资。一家企业从开始运营到扩建，或者遇到经济不景气时，通常都需要融资。资金是企业的血液，只有资金正常流动，满足企业经营需要，各种生产要素才能有效配置，企业才能为股东创造利润，为社会创造价值。可以说，企业的发展过程就是一次次“融资投资再融资”的过程。近一年来，多项新的法律法规颁布施行，为企业融资
41、提供了多项新的方式或者新的规范。这些法律法规主要包括公司法、证券法、短期融资券管理办法、信贷资产证券化试点管理办法、证券投资基金投资资产支持证券的有关事项通知、首次公开发行股票并上市管理办法等。其中有些新的规定和融资方式并不为企业所熟悉。对于企业而言，如何选择融资方式，怎样把握各种融资方式的条件、成本和风险，都是企业在融资之前就需要进行认真分析和研究的。融资方式主要分为债权融资和股权融资两大类别。债权融资主要是指企业从外部借款，按期承担还本付息的义务，主要包括银行贷款、信托计划、短期融资券、企业债、可转债、资产支持证券。股权融资主要是指企业通过公开发行股票或者私募的方式增加资本，借以融资，无需
42、还本付息，但需要分配红利，主要包括境内外公开发行股票并上市、私募。债权融资银行贷款（保理、票据贴现、信用证贷款等）银行贷款是企业最经常使用的融资方式，一般要求企业有比较好的商业信誉、稳定的现金流、足够的资产抵押或者可靠的担保。融资成本目前在6左右，期限比较灵活，贷款手续比较简单。保理是指销售商基于购销合同以及相关协议，将符合条件且经银行认可的应收账款债权转让银行，取得短期贸易融资、应收账款回收管理服务。票据贴现指企业（持票人）在商业汇票未到期前，为了取得资金，贴付一定利息将票据权利转让给银行，是银行向持票人融通资金的一种方式。信用证贷款是指出口商以国外开来的信用证作为抵押、向银行申请贷款的一种
43、融资方式。一、短期融资券短期融资券是指我国境内具有法人资格的非金融企业，在银行间债券市场发行并约定在一定期限内还本付息的有价证券。短期融资券由中国人民银行根据短期融资券管理办法进行审批，对银行间债券市场的机构投资人发行，不对社会公众发行，只在银行间债券市场交易。发行短期融资券主要有三个好处短期融资券利率远远低于银行贷款，目前已经发行的短期融资券的利率基本上在29233左右浮动，加上中介机构费用也不过35左右；公司发行短期融资券，运作时间远少于企业上市融资，目前央行为该券设定的审批时间是20天，能够迅速缓解融资难的矛盾；发行短期融资券不需要任何抵押物，比如土地、房屋等，这给许多企业直接融资创造了
44、条件。短期融资券期限较短，一般不超过一年。但是企业可以通过连续发行的方式，解决期限不超过一年的问题。由于发行成本固定，目前我国短期融资券市场上最低发行额也在2亿元以上，发券主体几乎为清一色的大型企业集团，中小型企业难觅踪影。二、资产支持证券即资产证券化，是将非流动性资产转化为具有更高流动性的证券，然后向投资者出售。资产所产生的现金流用于偿付证券本息和交易费用，即有资产支持的证券（ABS）。资产证券化在欧美已经有超过20年的历史，包括金融与非金融资产，例如住房抵押贷款、分期付款及信用卡应收款、不良贷款、飞机融资租赁应收款、未来资金流量和整体企业所产生的任何现有或未来现金流。亚洲最常见的证券化资产
45、类型为住房抵押贷款、贸易应收账款、信用卡贷款组合等。目前已经发行的资产支持证券的收益率在356之间，资产主要有贷款、公路收费权、租赁费、应收账款。由于交易结构复杂，涉及主体较多，目前发行资产证券的企业均为大型企业，中小型企业难以使用这种融资方式。三、信托计划信托计划是指委托人基于对信托投资公司的信任，将自己合法拥有的资金委托给信托投资公司，由信托投资公司按委托人的意愿以自己的名义，为受益人的利益或者特定目的进行管理、运用和处分的行为。信托计划的融资成本大致在511之间，一般期限在13年，融资额为5000万元到数亿元。由于信托计划仅限于私募，且不超过200份，因此募集资金额不会过大，成本也比较高
46、。而且信托计划的投资流动性较差，所以比较其他融资方式难以吸引融资。四、企业债券在我国，发行企业债券的融资成本较低，期限最长可达15年。企业债券的融资成本在5左右。企业债券一般有大型银行担保，可以上市交易，流通性较好，所以比较容易吸引融资。但是由于企业债券的发行须经国家发改委批准，每年额度有限，且对发行企业的要求很高，通常只有一些大型中央企业才能够获准发行，计划色彩浓郁。但是，近两年来国家对企业债券的发行有逐步放宽的趋势。五、可转换公司债券可转换公司债券是指发行人依照法定程序发行、在一定期限内依据约定的条件可以转换成股份的公司债券。可转换公司债兼有债权和股权的双重性质。可转换的公司债券应当记载公
47、司债券转换为公司股份的条件及方法。持有人有权在规定的条件下将公司债券转换为公司股份，由债权人变为公司的股东。可转换公司债券目前由中国证监会审批，属于公募债券，可以上市流通。融资成本较低，约为12左右，期限一般为35年。发行企业一般将转换条件设置得较为宽泛，鼓励债券持有人将债券转为股权。目前公募的可转换公司债券只适用于上市公司或者有上市计划并基本符合上市条件的企业。六、股权融资的私募融资概念内的私募主要是指投资机构对企业的发展前景看好而进行股权投资，并通过上市、转让或并购的方式在资本市场退出。选择这种融资方式的企业要有高速的发展前景，规范的治理结构，最好中短期内有上市计划，企业在所在领域和市场内
48、处于产业发展曲线的高速发展期。七、国内上市目前国内没有分层次的产权交易市场，只有两个主板市场（上海证券交易所和深圳证券交易所）。根据首次公开发行股票并上市管理办法的规定，发行上市的条件主要有持续经营3年以上，每年均盈利且累计超过人民币3000万元；最近3个会计年度经营活动产生的现金流量净额累计超过人民币5000万元；或者最近3个会计年度营业收入累计超过人民币3亿元。按照目前的市场发行状况，企业上市最少要4年左右的时间。如果系规范运作的有限责任公司整体变更为股份公司，时间最短可以减少为一年半左右。目前融资成本为融资额的153，最少大约为1000万元。一个上市公司的每年维持费用约为200万元以上。
49、目前的上市工作流程为企业聘请中介机构制定上市方案，符合公开发行股票上市条件后向中国证监会申请，经中国证监会核准后公开发行股票并向证券交易所申请上市。八、海外上市国内企业海外上市的主要目的地有香港、纳斯达克、纽约、新加坡等证券交易所，另有少量的企业在伦敦、法兰克福、韩国、加拿大等地的证券交易所公开发行股票并上市。国内企业海外上市主要有红筹和直接上市两种方式。红筹是指在海外（一般为开曼群岛、维尔京群岛、香港等地）注册用于上市目的的壳公司，壳公司在境内收购用于上市的企业和资产，以海外壳公司为主体申请在海外的证券交易所挂牌上市。民营企业红筹上市方式目前不需要中国证监会的审核，所以目前民营企业海外上市大都采取红筹方式。直接上市是指国内企业直接向海外的证券交易所申请挂牌上市。国内企业海外直接上市需要经过中国证监会的审核才能向海外证券交易所申请挂牌上市。由于国有企业海外设立壳公司存在较多的法律障碍，而且红筹方式并不能为国有企业海外上市明显减少审批环节，国有企业海外上市大都采取直接上市的方式。九、海外收购上市国内企业海外上市还可以采取收购海外已上市公司的方式。这种收购方式在实践中大致分成两种类型，一种是收购海外主板市场和创业板市场的上市公司（如海尔在香港收购中建数码）；另外一种是收购OTCBB（场外柜台交易市场）、PINKSHEETS（粉板市场）等市场内的挂牌公司。收购主板
