摘要：Concept: A financing method where enterprises directly absorb funds from the state, legal entities, individuals, and foreign inves
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长期筹资方式
Long-term Financing Methods
股权性筹资
Equity Financing
吸收直接投资：
Absorption of Direct Investment:
概念：企业按照“共同投资、共同经营、共担风险、共享利润”的原则，直接吸收国家、法人、个人和外商投入资金的一种筹资方式。
Concept: A financing method where enterprises directly absorb funds from the state, legal entities, individuals, and foreign investors based on the principles of "joint investment, joint operation, shared risks, and shared profits."
种类：按投资主体可分为国家投资、法人投资、个人投资和外商投资；按出资形式可分为以现金出资、以实物出资、以工业产权出资、以土地使用权出资等。
Types: By investment entity, it can be divided into state investment, corporate investment, individual investment, and foreign investment; by form of contribution, it can be divided into cash contribution, physical contribution, industrial property contribution, and land use right contribution, etc.
优点：有利于增强企业信誉，提高企业的资信和借款能力；有利于尽快形成生产能力，尽快开拓市场；有利于降低财务风险，与债务筹资相比，吸收直接投资不存在还本付息的压力。
Advantages: It helps enhance enterprise credibility, improves the enterprise's creditworthiness and borrowing ability; it helps quickly form production capacity and enter the market; it helps reduce financial risk, as there is no principal and interest repayment pressure compared to debt financing.
缺点：资金成本较高，一般而言，采用直接投资方式筹集资金，投资者的投资报酬期望较高；容易分散企业控制权，如果外部投资者的投资比例较大，可能会对企业的经营管理产生较大影响。
Disadvantages: High capital cost, as investors generally expect higher returns; it can easily dilute enterprise control, as significant external investment may greatly impact business management.
发行普通股：
Issuance of Common Stock:
概念：普通股是股份有限公司发行的无特别权利的股份，也是最基本、最标准的股份。发行普通股是股份公司筹集权益资金最常见的方式。
Concept: Common stock is the most basic and standard share issued by a joint-stock company without special rights, and it is the most common way for such companies to raise equity capital.
普通股股东的权利：包括公司管理权，如投票权、查账权等；分享盈余权；出让股份权；优先认股权；剩余财产要求权。
Rights of Common Stock Shareholders: These include company management rights (e.g., voting rights, rights to inspect accounts), profit-sharing rights, share transfer rights, preemptive rights, and claims on residual assets.
优点：筹措的资本具有永久性，无到期日，不需归还；没有固定的股利负担，股利的支付与否和支付多少，视公司有无盈利和经营需要而定，筹资风险较小；能增加公司的信誉，增强公司的举债能力；容易吸收资金，相对吸收直接投资来说，更容易吸引社会公众投资。
Advantages: The raised capital is permanent with no maturity date or repayment requirement; there is no fixed dividend burden, as dividend payment depends on company profits and operational needs, resulting in lower financing risks; it enhances company credibility and debt capacity; it easily attracts public investment compared to direct investment absorption.
缺点：资本成本较高，一方面，投资者要求的投资回报率较高，另一方面，股利不能在税前扣除，不具有抵税作用；容易分散控制权，新股发行会导致股权稀释，可能会使原有股东的控制权减弱；发行成本较高，发行股票需要经过严格的审批手续，发行费用也较高。
Disadvantages: High capital cost due to high investor return expectations and non-deductible dividends; it can dilute control, as new share issuance may weaken existing shareholders' control; high issuance cost with strict approval procedures and significant expenses.
债务性筹资
Debt Financing
长期借款：
Long-term Borrowing:
概念：企业向银行或其他金融机构借入的期限在一年以上（不含一年）的借款。
Concept: Borrowings from banks or other financial institutions with a term exceeding one year.
种类：按用途可分为固定资产投资借款、更新改造借款、科技开发和新产品试制借款等；按提供贷款的机构可分为政策性银行贷款、商业银行贷款和其他金融机构贷款；按有无担保可分为信用贷款和抵押贷款。
Types: By purpose: fixed asset investment loans, renovation and upgrade loans, technology development and new product trial-production loans, etc.; by lending institution: policy bank loans, commercial bank loans, and other financial institution loans; by security: unsecured and secured loans.
优点：筹资速度快，与发行债券等方式相比，借款程序相对简单，所需时间较短，企业可以迅速获得资金；成本较低，长期借款利息可以在税前扣除，具有抵税作用，而且借款利率一般低于债券利率，筹资费用也较少；灵活性较强，企业可以与银行等金融机构协商借款金额、期限、还款方式等条款，根据自身经营和财务状况进行调整。
Advantages: Fast financing, simpler and shorter procedures compared to bond issuance; lower cost due to tax-deductible interest and lower rates; high flexibility in negotiating terms like amount, term, and repayment methods.
缺点：财务风险较大，借款有固定的利息负担和到期日，企业必须按时还本付息，在企业经营不佳时，可能会给企业带来较大的财务压力；限制条款较多，银行等金融机构为了降低贷款风险，会在借款合同中设置一些限制条款，如限制企业的资金用途、要求企业保持一定的流动比率等，这些条款可能会对企业的经营活动产生一定的限制；筹资数额有限，一般不如发行股票、债券那样可以一次筹集到大笔资金，难以满足企业大规模筹资的需要。
Disadvantages: High financial risk due to fixed interest and maturity; many restrictive clauses in contracts; limited financing amount compared to stock or bond issuance.
发行债券：
Bond Issuance:
概念：企业依照法定程序发行，约定在一定期限内还本付息的有价证券，是企业筹集债务资金的重要方式。
Concept: A valuable security issued by enterprises through legal procedures, promising to repay principal and interest within a certain period, and it is an important way to raise debt capital.
债券的种类：按是否记名可分为记名债券和无记名债券；按能否转换为公司股票可分为可转换债券和不可转换债券；按有无抵押担保可分为信用债券、抵押债券和担保债券；按偿还方式可分为一次偿还债券、分期偿还债券、可提前赎回债券和可延期偿还债券等。
Types of Bonds: Registered and bearer bonds; convertible and non-convertible bonds; debentures, mortgage bonds, and guaranteed bonds; bonds with一次性 repayment, installment repayment, early redemption, and deferred repayment.
优点：资金成本较低，债券的利息一般低于股票股利，且债券利息可以在税前支付，具有抵税作用；可利用财务杠杆，当企业投资回报率高于债券利率时，发行债券可以提高股东的收益；不分散企业控制权，债券持有者一般无权参与企业的经营管理，不会像增发股票那样分散股东的控制权。
Advantages: Low capital cost due to lower interest rates and tax-deductible interest; financial leverage can increase shareholder returns when ROI exceeds interest rates; no dilution of control as bondholders have no management rights.
缺点：财务风险较高，债券有固定的到期日和利息支付要求，企业面临较大的还本付息压力，一旦企业经营不善，可能导致财务困境；限制条件多，发行债券的契约条款往往会对企业的经营活动和财务决策有一定的限制，如对资产负债率的限制、对资金用途的限制等；筹资规模受制约，我国对债券发行有严格的规定，企业发行债券的规模会受到自身净资产等因素的限制，一般不能超过 enterprise net assets 的一定比例.
Disadvantages: High financial risk due to fixed repayment and interest requirements; many restrictive covenant; issuance scale is constrained by regulations, generally limited to a certain percentage of enterprise net assets.
混合性筹资
Hybrid Financing
Issuance of Preferred Stock:
概念：优先股是一种兼具普通股和债券特点的混合性证券。它在利润分配及剩余财产分配上优先于普通股，但一般没有投票权。
Concept: Preferred stock is a hybrid security combining features of common stock and bonds. It has priority over common stock in profit and residual asset distribution but usually carries no voting rights.
优先股的种类：按股息是否累积可分为累积优先股和非累积优先股；按能否参与剩余利润分配可分为参与优先股和非参与优先股；按是否可转换为普通股可分为可转换优先股和不可转换优先股；按是否可赎回可分为可赎回优先股和不可赎回优先股。
Types: Cumulative and non-cumulative; participating and non-participating; convertible and non-convertible; redeemable and irredeemable.
优点：与普通股相比，优先股一般没有投票权，不会分散公司的控制权；与债券相比，优先股的股息支付不是固定的义务，当公司盈利不足时，可以不支付股息，不像债券那样会面临到期不能支付本息的财务风险；优先股属于权益资本，能够增强公司的信誉和借款能力。
Advantages: Unlike common stock, it doesn't dilute control as it has no voting rights; unlike bonds, dividend payment is not a fixed obligation, reducing financial risk; as equity capital, it enhances company credibility and borrowing ability.
缺点：成本较高，优先股的股息一般高于债券利息，且不能在税前扣除，不具有抵税作用，因此资金成本相对较高；制约因素多，发行优先股的契约条款可能会对公司的经营活动和财务决策有一定的限制；可能形成较重的财务负担，如果公司盈利状况不佳，优先股股息不能像普通股股利那样灵活调整，可能会给公司带来较大的财务压力。
Disadvantages: High cost due to non-deductible dividends higher than bond interest; many covenant restrictions; potential heavy financial burden as dividends are less flexible than common stock dividends.
发行可转换债券：
Issuance of Convertible Bonds:
概念：可转换债券是一种特殊的债券，它赋予持有者在一定期限内按约定的价格将债券转换为公司普通股股票的权利。
Concept: A special bond granting holders the right to convert into company common stock at a predetermined price within a certain period.
可转换债券的要素：包括标的股票、票面利率、转换价格、转换比率、转换期、赎回条款、回售条款等。
Elements: Underlying stock, coupon rate, conversion price, conversion ratio, conversion period, redemption clause, put clause, etc.
优点：筹资成本较低，可转换债券的票面利率一般低于普通债券，因为投资者因可转换为股票而获得了潜在的收益，所以愿意接受较低的利率；便于筹集资金，可转换债券给予投资者在未来将债券转换为股票的选择权，对投资者有一定的吸引力，有利于企业顺利筹集资金；有利于稳定股票价格和减少对每股收益的稀释，可转换债券的转换价格一般高于发行时的股票价格，当债券转换为股票时，对股票价格的冲击较小，同时也能减少因增发新股而对每股收益的稀释程度；可减少筹资中的利益冲突，可转换债券在转换前是债券，持有者是企业的债权人，转换后成为股东，这种特性在一定程度上减少了股东与债权人之间的利益冲突。
Advantages: Lower financing cost due to lower coupon rates than ordinary bonds; attractive to investors, facilitating smooth fund-raising; stabilizes stock prices and reduces EPS dilution as conversion price is higher than issuance price; reduces conflicts between shareholders and creditors.
缺点：股价上扬风险，如果转换时股票价格大幅上涨，公司只能以较低的固定转换价格换出股票，会降低公司的股权筹资额，对原有股东不利；财务风险，如果公司业绩不佳，股价没有达到转换价格，债券持有者不会行使转换权，公司将面临偿还债券本金的压力，特别是在发行可转换债券的数额较大时，可能会给公司带来较大的财务风险；丧失低息优势，当债券转换为股票后，公司就失去了低息债券的筹资优势，需要承担较高的权益资本成本。
Disadvantages Price rise risk: if stock price surges upon conversion, the company issues shares at a fixed low price, reducing equity financing and disadvantaging original shareholders; financial risk: if poor performance keeps stock price below conversion price, the company must repay bond principal, especially risky with large issuance; loss of low-interest advantage: post-conversion, the company bears higher equity capital costs.
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