In the era of knowledge economy, the development of enterprise industrialization is very important, and the survival and development of enterprises need capital expansion. Due to the financial environment, most business leaders are accustomed to product operation, and capital operation has become a blind spot in their own knowledge and ability structure, and they often face the embarrassing situation of killing heroes with a penny. In the actual operation of enterprises, enterprises are familiar with stock listing, bank loans and venture capital. However, they are generally unfamiliar with the real capital expansion strategy or innovative financing of enterprises. According to the research on capital market and the practical thinking of enterprise capital expansion, it is believed that enterprises can achieve the purpose of enterprise growth and industrial expansion through the following capital expansion strategies.

First, the capitalization strategy of intangible assets

Enterprise capital operation is to manage the tangible assets and intangible assets, which is one of the important strategic means available to enterprises in the process of capital operation. In the process of enterprise capital operation, the most common use of intangible assets is the brand of the enterprise, that is, capitalizing on the "brand" value of the enterprise. Generally speaking, enterprises with famous brand advantages mainly take the following two ways to capitalize intangible assets: developing enterprise groups led by famous brands. Capitalization operation of intangible assets means that advantageous enterprises should first make full use of their own brand value and develop and expand brand-oriented enterprise groups through capitalization operation. The inevitable trend of brand market share is the mutual linkage between brand name and scale. Throughout the world economy, developed countries have taken the lead in realizing modernization. It can be said that the economic take-off of developed countries largely depends on the scale linkage of a number of brand-name products and enterprise groups to cover the market. The radiation of famous brand products and famous brand enterprises to the market can not only promote the optimal combination of industries with their own advantages, but also effectively promote the economic development of a country. In the world economic structure, the greater the market share, the more famous brand products and enterprise groups. The reason why economic powers can be in a dominant position in the international market is that they have a large number of brand-name products, which makes enterprise groups more competitive in the market. Capitalizing intangible assets such as brands into shares is a basic way of capitalization of intangible assets of enterprises. It means that in the process of seeking group development and large-scale expansion, China's dominant enterprises make full use of "famous brand" capital, buy shares at a discount, and add a small amount of capital investment to obtain controlling rights through mergers and acquisitions or joint ventures. Sometimes, even if you don't have much money, you can use intangible assets such as trademarks and goodwill as a price to bring the target enterprise into your own group. Of course, using intangible assets such as brands to make shares should also pay attention to certain skills. China's "Company Law" stipulates that intangible assets as equity investment can only account for 20%; However, there is no limit to this ratio in Sino-foreign joint ventures or cooperation. This provision is extremely unfavorable to enterprises with high intangible assets in joint ventures and cooperation with domestic enterprises. For this problem, if the brand price of the enterprise is worthwhile, we can take alternative measures to deal with it. There are two options: first, it is stipulated in the articles of association that "one share has more votes", that is, in the voting of shareholders' meeting, the voting right of the party who shares at the brand price is exercised according to the share of the actual value of the brand. If the total share capital of a company is 6,543,800,000 yuan, the actual value of the brand invested by Party A is 4,000,000 yuan. Based on the provisions of the company law, it can only account for 20% of the invested capital, and the price is only 2 million yuan. But speaking of voting. Party A is allowed to exercise the voting right according to the actual value of its brand of 4 million yuan, that is, "two votes for one share".

Second, the franchise financing strategy

Modern franchising has surpassed the catering industry in the first boom period and entered various industries with strong permeability. "Franchising has no restricted area", as long as there are products and services, franchising can be adopted. At the same time, franchising will go beyond this special investment mode or management mode itself and have an immeasurable impact on people's economic and cultural life. In the change of global economy, how to transcend the political, economic, social and cultural differences between countries is an important factor for success. Franchising has great advantages in this respect. Using franchising to enter overseas markets is mainly achieved through local franchisees. Many large-scale franchise systems are well funded, and they have a set of norms in overseas market investigation and analysis and sales staff training, not to mention their extremely high success rate and rich profits. These factors strongly attract potential franchisees in the international market. In particular, those franchise systems that have gained considerable popularity in the domestic market, some well-known brands and a certain popularity in overseas markets have made franchisees in overseas markets salivate. Effectively obtaining the cooperation of local franchisees is the advantage of franchising multinational companies to explore the international market. By virtue of its "insider" advantage, local franchisees can help multinational companies overcome the obstacles caused by various differences in the international market. For example, due to the differences in cultural environment, foreign capital or business methods are likely to be rejected, and local franchisees can effectively promote cross-cultural understanding. Especially in obtaining the understanding and permission of the local government, it can be said that it is absolutely inseparable from the participation of local franchisees. In various ways of equity investment, if combined with the use of franchising, it is actually an increase of a contract bond on the basis of ordinary capital bonds, which will greatly improve the success rate of investment and help alleviate the contradiction between market development and capital shortage. In a word, franchising is indeed a "sharp weapon" in the process of investment across countries, nationalities and cultures. Franchising is a better way to realize capital expansion and market expansion. On the premise of saving capital investment, small and medium-sized enterprises can enter a wide market without investing in establishing or merging distribution institutions, and realize the value of goods or services through expanded peripheral sales institutions. While maintaining their independence, franchisees and franchisees can benefit from franchise cooperation. Franchisees can expand their business smoothly according to their own business model, and gain a bigger market with less investment, while franchisees can reduce the market risks faced by investing in a new field and participate in sharing other people's investments, especially the low-cost benefits brought by intangible assets. Modern franchising mainly has the following types: commodity trademark franchising; Business model franchising. Business model franchising can be divided into three types according to the required funds: working franchising, which only needs a small amount of funds from the franchisee, and usually can carry out business in the franchisee's home without a fixed business place. Commercial franchising requires a relatively large investment in the purchase of goods, equipment and the purchase or lease of business premises, and it also requires the employment of some employees. This kind of business covers a wide range. Investment concession. It needs a lot of investment, and the franchisee's first concern is the return on investment. Conversion of franchise rights. Branch franchise. Authorized franchising is another way, that is, authorizing local companies in a specific region as franchise headquarters to support franchise stores in that region. Authorized local companies are called regional franchise headquarters. Most international franchise systems prefer this method.

Third, the turnkey project strategy

Turnkey project refers to the construction of factories or other engineering projects for the host country by multinational companies. Once the design and construction project is completed, including the smooth installation, debugging and initial operation of the equipment, the "key" of the ownership and management right of the factory or project will be completely "handed over" to the other party according to the contract, and the other party will start operation. Therefore, turnkey project can also be regarded as a special form of management contract. Turnkey project is a non-equity investment method developed by multinational companies in developed countries after investment in developing countries is blocked. For example, in socialist countries before the implementation of reform and opening up, most countries except Yugoslavia and Romania did not allow foreign enterprises to invest, so foreign enterprises could only rely on other ways to invest or operate, and turnkey projects were one of them. In addition, when you have the cutting-edge technology needed by a certain market and want to cover the market quickly and in a large area, and the capital and other factors you can use are insufficient, you can consider adopting turnkey project. In practice, it is difficult to have a consistent standard turnkey project contract, because each turnkey project plan must have its own characteristics. However, no matter how complicated the details of the contract are, both parties should make clear the important matters in the contract, such as plant and equipment, obligations and responsibilities of both parties, the meaning of force majeure, legal liability for breach of contract, dispute settlement procedures, etc. In addition, like general technical authorization, continuous service after project delivery may be an important way for this kind of turnkey project to make profits. A Japanese manufacturer once spared no expense to build a power plant for Indonesia at a price lower than the cost. On the surface, this is a loss-making business, but from the long-term interests, the supply, maintenance and transformation of spare parts needed by power plants in the future will inevitably rely on the support of Japan for a long time, and the accumulated benefits are undoubtedly considerable.

Fourth, the repurchase contract strategy

In essence, international repurchase contract management is a combination of technology authorization, foreign investment, entrusted processing and compensation trade, which is still quite popular at present. Also known as "compensation investment" or "peer-to-peer investment", because it has the characteristics of "barter" in compensation trade. Generally speaking, this kind of economic cooperation means that multinational companies in developed countries export whole plant equipment or patented manufacturing technology to enterprises in developing countries, or both, and multinational companies get a certain proportion of products produced by enterprises as payment methods after they put into production. Under such operating characteristics, as far as technology authorization is concerned, the products of enterprises replace the use fees for obtaining technology; In terms of investment, multinational companies can obtain the ownership of some products produced by enterprises through guarantees without taking investment risks; From the point of view of entrusted processing, enterprises can sell the remaining proportion of products and make profits, although they are not paid for entrusted processing. Due to the above characteristics, repurchase contract management has been widely welcomed by developing countries and has become one of the important ways of international economic cooperation. The typical repurchase contract management is usually provided by multinational companies in developed countries with technology, spare parts or raw materials, machinery and equipment, or even the whole factory, without equity investment; All or a certain proportion of products produced by developing country partners who make use of these investments are sold by multinational companies in other countries or regions. Therefore, investors can get many benefits from the cooperative production of * * *, such as providing machines, equipment, spare parts and other products; It is conducive to establishing a good reputation and image in the local area, thus increasing other investments or business opportunities; Increased the production sources of the best-selling products in the market under their control. In recent years, multinational companies in many developed countries compete with government agencies or enterprises in some developing countries to develop the above contractual economic cooperation relationship, thus realizing non-equity investment in a broad sense, mainly because direct investment or direct export sales are restricted by these developing countries and adapt to the different interests and rights requirements of different countries, industries and enterprises. These methods are gradually improved and popularized in the continuous investment practice. It can be predicted that with the acceleration and deepening of economic globalization, there will be simple and flexible new generalized investment methods created and developed in the future practice.

Verb (abbreviation of verb) bot financing strategy

Bot is a relatively new way of contractual direct investment, but it has been recognized and accepted by many investors and host countries in a short time. With the deepening of practice, the actual operation of bot investment mode is becoming more and more standardized, and its application scope is also expanding. Bot investment projects are usually infrastructure and large-scale construction projects, which have the characteristics of large capital scale and technology-intensive, mainly focusing on municipal administration, roads, transportation, electric power, communication, environmental protection and so on. In addition, bot has some evolution ways, such as boo(build-operate-own), that is, build-operate-own; Boot (build-operate-own-transfer), that is, build-operate-own-transfer, similar to bot. Adopting bot mode has the characteristics of various forms and flexible choices in investment: investors are allowed to invest to create new companies or take over existing enterprises. You can establish joint ventures, cooperative enterprises and joint ventures and cooperative entities. It can obtain legal person status to form an independent business entity, or it can be a relatively independent economic organization without legal person status. According to the starting point requirements of the host country, the investment ratio is determined by the investors themselves, which can be sole proprietorship or joint venture. The meaning of operation in bot is the operation, operation and management of enterprises, and there are many ways to choose from: independent operation. That is, investors operate independently and are responsible for their own profits and losses. For investors, this way enables them to control the operation and management of the project to the maximum extent, enjoy the benefits generated and bear the risks alone. It is beneficial for the host country to learn the advanced technology and management experience of foreign capital, and at the same time, it can increase its income only by using taxes and royalties and providing materials without any economic responsibility. Participate in the action. According to international practice, participation in operation means that investors and host countries set up joint ventures. A joint venture shall set up a board of directors to decide on major issues in accordance with the laws of the host country and the articles of association of the joint venture, and decide to appoint a general manager to be responsible for daily operation and management. Do not participate in the operation. That is, with the consent of both parties, the management is entrusted to the host country or hired by a third party, and the investor does not participate in the operation. This method is generally used to avoid risks and give up the right to operate under the premise of the safety of fixed income. Handover is the key to distinguish bot investment from other investment methods. Bot can be used for sole proprietorship, joint venture and cooperative operation, but after the expiration of the operation period, investors will encounter the problem of how to transfer their property to the host country. Under normal circumstances, in contractual or contractual joint ventures, investors mostly recover their investment through depreciation of fixed assets and profit sharing before the expiration of the operation period. Therefore, most contracts stipulate that after the expiration of the joint venture, all the property of the enterprise will be unconditionally owned by the host country and will not be liquidated separately. In the bot mode of joint venture, the original enterprise is handed over to the host country after the expiration of the operation period, but this is a conditional handover, and the conditions are determined by all parties involved in the preliminary negotiations of the joint venture. The transfer of sole proprietorship also adopts this conditional transfer. Bot investment is a systematic way, which crosses the boundaries of sole proprietorship, joint venture and cooperation, and can adopt various investment methods. For investors, the biggest feature is that they can directly enter the infrastructure projects with long-term development potential in the host country, and thus obtain other business opportunities. In the project construction stage, you can get the job of undertaking the project construction, sell some equipment and promote the export of labor services. On the premise that the project operation must generate sufficient profits, dividend income can be obtained from the project company in the project operation stage. At the expiration of the project operation period, you can also get a return on capital from the shares sold by the project company at a high price.

Financing strategy of intransitive verb project

After the oil crisis in 1970s, due to the shortage of resources, in order to meet the needs of large-scale development of resources, a new financing method-project financing was introduced into the international financial market, which became a new form of financing for large-scale engineering projects. General small and medium-sized engineering projects can also adopt this form of financing. Project financing is an international medium-and long-term loan for a specific project. The main guarantee of the project loan is the expected economic benefits of the project and the obligations of other participants to the project suspension, non-operation, insufficient income and debt repayment risk, while the financial resources and reputation of the organizer are not the main guarantee objects of the loan. The characteristics of project financing are shown in three aspects: the lender does not take the organizer's assets and reputation as the principle of issuing loans, but takes the assets formed by the contractor for the construction of a project and the economic benefits created after the project is completed as the principle of issuing loans; Because the economic benefits created by the project are the basis of repayment. Not one or two companies guarantee loans, but the possible risks of more companies that have interests in the project, so as to ensure that the project is completed and operated as planned and generate enough funds to repay the loans. The sources of funds needed for the project are diversified. In addition to obtaining loans from the usual sources, foreign governments and international organizations also need to provide assistance and participate in financing. There are two main types of project financing: non-recourse project financing, which means that the lending institution has no recourse to the organizer of the project, and can only rely on the income generated by the project as the source of debt service, and can set up security interests on the assets of the project. In addition, the project organizer will no longer provide any credit guarantee. This kind of project financing is risky for lenders and is generally seldom used. At present, the widely used form of project financing in the world is recourse project financing. Lenders can not only rely on the project income as a source of debt repayment, but also set a security interest on the assets of the project unit, and can also require a third party interested in the completion of the project to provide various guarantees. Third parties include equipment suppliers, buyers of project products or users of facilities, contractors, etc. When the project can't be completed or the operation fails, so the assets or income of the project itself are not enough to pay off the debts, the lending institution has the right to recover from the above-mentioned guarantor. Each guarantor shall be liable for the debts of the project to the extent of the amount of guarantee provided by each guarantor or the obligations undertaken according to the relevant agreement. Generally speaking, project financing refers to this category. The start-up of the project should be based on serious, prudent and reasonable feasibility study and planning. This is a prerequisite for putting forward new construction projects. The organizer should invite experts from all sides to conduct high-quality feasibility studies, make a comprehensive plan to ensure the completion of the project, and propose solutions to its existing problems; Carry out construction, management, organization, financing and operation as planned. Lenders should carefully study the feasibility and planning of the project before deciding to provide loans for the project to ensure the safety of the loan. The formulation of feasibility study and planning and the implementation of measures to prevent loan risks have laid a solid foundation for project financing. The first source of funds is equity investment, which is invested by the organizer of the project or the host government and foreign partners in cash or in kind. Organizers and host governments often regard the feasibility study, water rights provided by previous projects, mineral exploitation rights and other substantive assets as physical investments. Another source of funds is borrowing. In modern international project financing, the proportion of borrowing is much higher than that of equity investment. The sources of borrowing can include: bilateral intergovernmental loans, export credits, loans from the World Bank and its affiliated institutions, mixed loans from the World Bank and other credit institutions, donations and assistance from relevant United Nations organizations, loans from commercial banks, issuance of bonds and credit provided by suppliers. It can be seen that there are many financing channels and various forms for the project. According to the different engineering structures, the different completion dates of the main project and the ancillary projects, and the different characteristics of the capital requirements of each component of the project, the organizer can raise funds from the above channels to form a comprehensive whole with funds from different sources, so as to maximize the economic benefits of funds and reduce the project cost. Due to the complicated fundraising procedures, wide contact and strong professional knowledge, organizers often entrust financial agents to be responsible for fundraising and management.