第四节：金融危机下中小企业权益融资.ppt

* Session 4: Equity Financing for SMEs in Face of the Financial Crisis 第四节：金融危机下的中小企业权益融资 Dr Chris Hall CEO, Comnami, PECC SME Network LeaderChris.Hall@ Workshop on “SMEs Financing in the Asia-Pacific Region: Crisis and Countermeasures” (June 8-12, 2009, Shanghai National Accounting Institute) Framework profile of equity financing for SMES 中小企业权益融资背景介绍 Trends of VC PE as funding sources for SMEs; and the impact of the 2008 Financial Tsunami on VC sources 中小企业基金（风投、私募）的发展趋势；2008金融海啸对风险资本来源的影响 Issues and challenges 问题与挑战 1. Framework Profile of Equity in SMEs 中小企业权益融资背景介绍 Risk and growth finance requires equity and is important to SMEs 风险和成长型企业需要权益融资，对中小企业非常重要 Fast growth firms need growth finance, which is usually equity (such as VC) 快速成长的公司需要成长资金，通常是权益资金（如风投） Growth oriented SMEs need risk capital as equity 成长型中小企业需要风险资本作为股权 Most small SMEs have equity injected by owners, friends, fools and family 大多数小企业通过所有者、朋友和亲人来注入权益资金 Large public listed Large private 大型上市公司、大型私营企业 Listed: Nasdaq, OTC, GEM, Mother 在纳斯达克、场外市场、香港创业板市场上市 Formal equity: VC and PE, funds 正规权益：风险资本、私募资金 Informal equity (angels, nanyangs private investors, etc) 非正规权益（天使资金、私人投资者等） Micro own-equity, boot strap and sweat equity, often mixed with debt (eg owners credit cards 小额自有权益资金、血汗股权， 通常与债务混合在一起（如企业所有者的信用卡） The Equity Pyramid 权益金字塔 Sharia banking 伊斯兰银行 Large public listed Large private Listed: Nasdaq, OTC, GEM, Mother Formal equity: VC and PE, funds LBO MBO etc Informal equity (angels, nanyangs private investors, etc) Micro own-equity, boot strap and sweat equity, often mixed with debt (eg owners credit cards The Equity Pyramid 权益金字塔 Sharia banking It is really this area where improvements are needed in equity funding 红圈范围内的权益融资需要改进 VC is usually modelled on certain principles... 风险资金的投资原则 VC Investor aims to cap out (exit) within a short period, usually 5 years 风险投资有一个较短的投资期，一般在5年内退出 Most exits are trade sales or to another (mezzanine) V