金融危机下的中小企业权益融资-亚太财经与发展中心

PACIFICECONOMICCOOPERATIONCOUNCILSession4:EquityFinancingforSMEsinFaceoftheFinancialCrisis第四节：金融危机下的中小企业权益融资DrChrisHallCEO,Comnami,[e-mail]“SMEsFinancingintheAsia-PacificRegion:CrisisandCountermeasures”(June8-12,2009,ShanghaiNationalAccountingInstitute)1.FrameworkprofileofequityfinancingforSMES中小企业权益融资背景介绍2.TrendsofVCPEasfundingsourcesforSMEs;andtheimpactofthe2008FinancialTsunamionVCsources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3.Issuesandchallenges问题与挑战1.FrameworkProfileofEquityinSMEs中小企业权益融资背景介绍Largefirmsemployabouthalftheworkforce,butaddrelativelyfewnetjobsSmallfirmschurn,addanddestroyalotofjobs,-netadditionvarieswithcycleandeconomyFastgrowingfirmscontributearound70%ofnetjobgrowthabout1%offirmsabout5%offirmsover90%offirmsabout20%seekgrowthRiskandgrowthfinancerequiresequityandisimportanttoSMEs风险和成长型企业需要权益融资，对中小企业非常重要Fastgrowthfirmsneedgrowthfinance,whichisusuallyequity(suchasVC)快速成长的公司需要成长资金，通常是权益资金（如风投）GrowthorientedSMEsneedriskcapitalasequity成长型中小企业需要风险资本作为股权MostsmallSMEshaveequityinjectedbyowners,friends,foolsandfamily大多数小企业通过所有者、朋友和亲人来注入权益资金LargepubliclistedLargeprivate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Formalequity:VCandPE,funds正规权益：风险资本、私募资金Informalequity(angels,nanyangsprivateinvestors,etc)非正规权益（天使资金、私人投资者等）Microown-equity,bootstrapandsweatequity,oftenmixedwithdebt(egowner'screditcards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）TheEquityPyramid权益金字塔Shariabanking伊斯兰银行nonemploying~55%1to4employees~30%5to19~11%20to500~2%to3%LargepubliclistedLargeprivateListed:Nasdaq,OTC,GEM,MotherFormalequity:VCandPE,fundsLBOMBOetcInformalequity(angels,nanyangsprivateinvestors,etc)Microown-equity,bootstrapandsweatequity,oftenmixedwithdebt(egowner'screditcardsTheEquityPyramid权益金字塔ShariabankingItisreallythisareawhereimprovementsareneededinequityfunding红圈范围内的权益融资需要改进VCisusuallymodelledoncertainprinciples...风险资金的投资原则VCInvestoraimstocapout(exit)withinashortperiod,usually5years风险投资有一个较短的投资期，一般在5年内退出Mostexitsaretradesalesortoanother(mezzanine)VC,nottoIPO大多数退出是通过股票销售，或者转给另一家风投公司，而不是首次公开发行Raisescapitalintoafundwhichlocksinultimateinvestorforaperiod募集到的资金放入一个基金，将最终的投资者锁定一定时期Aimsat20%+ror,butactualmeanreturnsareonlyaround10%目标是20%以上的投资回报率，但是实际平均回报只有10%左右Expects9outof10targetstonotachieveexpectations预计90%的目标都达不到预期Sodependson1in100tobereallysuccessful因此取决于1%的投资目标能获得巨大成功Investsmostlyinpeople,knowledgeandexperience主要投资于人力资源、知识和经验Doesnotwantortakeamajoritystakeintarget,butmaytakevetorights不想成为被投公司的大股东，但是可能具有否决权Activepositioninmanagement,-the1to3hourrule“积极参与被投公司的管理VCinvestsinareaswhereVChasspecialexperience风险资金主要投资于VC有特别经验的领域BenchmarkmodellingofSMEfinanceneedsinAPEC亚太地区中小企业融资需求的基准模型Basedontherebeingabout75millionSMEsinAPEC,andthatfinanceisabletoflowfreely,soisavailabletoallSMEsinAPEC建模基础：亚太地区大约有7500万个中小企业，资金可以自由流动，因此可用于地区内的所有中小企业10%SMEsatmicro$100each50%debt50%equity10%startup$10,000each30%debt70%equity60%operating$50,0000each50%debt50%equity20%growth$100,000each30%debt70%equity.01%VC$1,000,000each30%debt70%equity.0001%IPO$10,000,000each10%debt90%equity-5,000,00010,000,00015,000,00020,000,00025,000,00030,000,00035,000,00040,000,00045,000,000microstartupoperatinggrowthvcipothedistributionofSMEsbystageislikelytobe中小企业在不同的发展阶段的分布BenchmarkpatternofSMEfinanceneedsinAPEC亚太地区中小企业融资需求的基准模式-500,000,000,0001,000,000,000,0001,500,000,000,0002,000,000,000,0002,500,000,000,000microstartupoperatinggrowthvcipoequitydebtsuggeststhatthereisademandforastockofabout$4.5trillionforSMEfinanceinAPECin2010,about60%($2.7t)equity,and40%($1.8t)debt.模式表明，2010年，APEC中小企业的融资需求在4..5万亿美元左右，其中大约60%（2.7万亿美元）为权益融资，40%（1.8万亿美元）为负债融资。VCmakesuponlyabout$USD30to50billionpa风投仅占约300至500亿美元Thereallybigdemandforbetterequityfundingisatthisstage对权益融资的真正的大量需求是在该阶段2.TrendsinVentureCapital;theimpactofthe2008FinancialTsunami风险投资的发展趋势；2008金融海啸的影响GrowthofearlystageandtotalVCinUSAhasslowedsince2001美国早期阶段的风投和总风险资本自2001年以来放缓增长020,000,000,00040,000,000,00060,000,000,00080,000,000,000100,000,000,000120,000,000,0001995?1996?1997?19981999??000200120022003200420052006200720082009TotalVC(allstages)Earlystage+seedVCAsiancrisis亚洲金融危机Techwreck网络泡沫破灭2008FinancialTsunami2008金融危机USAVentureCapitalPlacementsinnominal$US以名义美元计算的美国的风险资本.......andithasslowedevenmorein2008/9……2008/9年更是进一步放缓050000000001000000000015000000000200000000002500000000030000000000350000000004000000000045000000000200120022003200420052006200720082009ChinaVCfiguresarerelativelysmall,butgrowing中国的风险资本额相对较小，但是在增长USDtotalUSVCUSearlystage+seedChinatotalVCbasedonQ109annualised根据09年一季度以年计的数据ThebulkofVCislatestageandexpansion大多数风险资金都投资于公司发展的后期和扩张期0.01.02.03.04.05.06.07.08.020012002200320042005200620072008ChinatotalVCisonlyabout3%ofUStotalVC中国的总风险资本仅占美国总额的3%%oftotalUSAVCmean-2,000,0004,000,0006,000,0008,000,00010,000,00012,000,00020012002200320042005200620072008averagedealsizeismorevolatileinChina中国平均每笔交易规模具有更大的波动性USD$DealSize:TotalVCinUSAandChinadividedbynumberofdeals交易规模：美国和中国的总风投数除以交易数USAPRCanecdotalimpactofthe2008FinancialTsunamionequityfunds2008金融海啸对权益资金史无前例的影响Sharptemporaryde