看懂这三类融资,搞懂企业钱从哪来!

Equity financing refers to a practice where an enterprise sells a portion of its equity in exchange for capital from investors, thereby turning both parties into a community of shared interests. It does not require the repayment of principal or interest, which eases the cash flow pressure on the enterprise. The trade-off, however, is the dilution of the original shareholders’ controlling stake; new shareholders are entitled to participate in corporate decision-making and profit distribution. Equity financing is suitable for high-growth start-ups, such as those in the technology, internet and biopharmaceutical sectors. Such enterprises usually involve large upfront investments and uncertain profitability, making it difficult for them to secure funding through traditional borrowing. Common financing channels include angel investment, venture capital, private equity investment and initial public offering. 股权融资是指企业出让部分股权，换取投资者的资金，双方成为利益共同体。无需偿还本金和利息，企业现金流压力小。代价是会稀释原有股东的控制权，新股东有权参与公司决策和利润分红。股权融资适用于高成长性初创企业，比如科技、互联网、生物医药公司。这类企业前期投入大、盈利不确定，很难通过传统借款获得资金。常见渠道为天使投资、风险投资、私募股权投资、公开上市。

例句：

The biotech startup completed equity financing of $10 million to support its new drug research.这家生物科技初创公司完成了1000万美元的股权融资，用于支持新药研发。

Debt financing refers to a method in which an enterprise obtains funds by borrowing money from banks, financial institutions or investors, and is obligated to repay the principal and interest in accordance with the agreed term and interest rate. This approach does not dilute the controlling stake of the original shareholders, and the financing cost is fixed and measurable. Its disadvantage, however, lies in the fact that it increases the enterprise’s liability scale, and the pressure of principal and interest repayment will put the cash flow to the test. Debt financing is suitable for mature enterprises with stable operations and sufficient cash flow, such as those in the traditional manufacturing and public utility sectors. Such enterprises have steady revenue streams to ensure the timely repayment of debts. Common financing channels include bank loans, corporate bond issuance, financial leasing and trade credit. 债权融资是指企业通过向银行、金融机构或投资者借款获取资金，需按约定的期限和利率偿还本金和利息。不稀释原有股东的控制权，融资成本固定可测算。缺点是会增加企业负债规模，还本付息的压力会对现金流形成考验。适用于经营稳定、现金流充足的成熟企业，比如传统制造业、公用事业企业。这类企业有稳定的收入来源，能够保障按期还款。常见渠道为银行贷款、发行公司债券、融资租赁、商业信用。

例句：

Most traditional manufacturers prefer debt financing because it does not affect the ownership structure of the company. 多数传统制造企业更倾向于债权融资，因为它不会影响公司的所有权结构。

Project financing relies on the future cash flows and revenues of a specific project as the source of repayment, rather than the overall assets and creditworthiness of the enterprise. Lenders focus primarily on the feasibility of the project itself. Risks and returns are highly tied to the project, and the balance sheet of the sponsoring company will not be significantly affected. The financing structure is complex, with lengthy due diligence and negotiation cycles in the early stage. It is suitable for large-scale projects with huge capital demand, long construction cycles and stable returns, such as those in the fields of infrastructure, energy and public utilities. Project financing usually requires the establishment of a separate special purpose vehicle for operation, where the project’s assets, revenues and risks are segregated from those of the parent company. 项目融资以特定项目的未来现金流和收益作为还款来源，而非企业的整体资产和信用。贷款方主要关注项目本身的可行性。风险与收益高度绑定项目本身，发起公司的资产负债表不会受到太大影响。融资结构复杂，前期尽职调查和谈判周期长。适用于资金需求大、建设周期长、收益稳定的大型项目，比如基建、能源、公用事业等领域的项目。项目融资通常需要设立独立的特殊目的载体来运作，项目的资产、收益和风险都与母公司隔离。

例句：

The cross-border railway project adopted project financing mode to reduce the financial pressure of the sponsoring company. 这个跨境铁路项目采用了项目融资模式，减轻了发起公司的财务压力。