Operation Model Research On Equity Financing Of Growth Enterprise

In recent years,with the vigorous development of capital market and the continuous optimization of policy environment,equity financing has become an important financing channel for growth enterprises.However,both sides of equity investment and financing continue to emerge conflicts such as valuation,corporate control power,and principal-agent,which weaken the economic ability of financial services entities and aggravate the chaos of financial capital “financial disengagement entities” and “capital idling”.Therefore,it has become an important proposition in economic development to promote the integration of finance and real economy under the new normal period.Exploring the combination of enterprise value creation and equity financing is an effective way to achieve win-win cooperation between financing companies(including their upstream and downstream)and financial institutions.This paper is based on the enterprise value assessment,needs to be carried out on the basis of enterprise value creation.It avoids the defect of “separation of production and finance”,and explores the issue of equity financing from the perspective of structure.Focusing on the three aspects of supply chain contract(channel)structure,equity investment structure and risk attitude coordination structure,this paper researches the impact of enterprise value creation on equity investment and financing,which not only expands the research scope of supply chain finance,but also provides theoretical support and reference for investment and financing decision.Firstly,this paper discusses the choice of supply chain channel control structure under the equity financing of growth enterprises.Channel control structure reshapes the decision-making power(wholesale price and retail price)of upstream and downstream enterprises in the supply chain,which is the key to promote the organic combination of the equity financing of growing enterprises and the value creation of supply chain.Based on the perspective of enterprise operation,this paper constructs a growth enterprise equity financing model,compares and analyzes the impact of strong(weak)channel control structure under wholesale price lock-in(unlocked)on equity investment and financing and supply chain,and discusses the optimal channel control strategy under wholesale price lock-in and different market growth.It is found that market growth dominates the choice of supply chain channel control strategy after equity financing for growth enterprises,and strong channel control should be avoided when wholesale price is not locked;strong channel control promotes equity financing when wholesale price is locked,while weak channel control promotes equity financing when wholesale price is not locked.Moreover,the optimal supply chain control strategy chosen by the supplier has the phenomenon of “equity financing willingness”.Secondly,this paper investigates the supply chain contract structure selection mechanism under the equity financing of growing enterprises.Supply chain contract structure is the fundamental measure to promote the deep integration of finance and supply chain and prevent the risk of financial system.It is found that the choice of supply chain contract structure depends on the comparison of transaction cost reduction(synergy benefit)and supply chain synergy cost.In addition,equity financing under revenue sharing contract could cooperate with supply chain members and investment institutions to achieve “Pareto improvement” and there is a risk of “upside-down”phenomenon of loan interest rate and effort cost disruption.Thirdly,this paper researches the optimal investment structure under the equity financing of growth companies.Exploring the rational equity investment structure is an important proposition to promote the deep integration of industry and finance to“enhance the ability and willingness of financial services to the real economy”.From the perspective of enterprise operation,this paper describes the new characteristics of investment and financing game supported by supply chain robust risk model,constructs enterprise investment and loan linkage financing model,and discusses the existence of reasonable investment structure.It finds that there exists the “investment and loan linkage interval” and the optimal investment structure and the optimal investment structure is dominated by market growth.Moreover,lower corporate income tax has reduced the debt tax shield effect,there is an investment preference for “anti-pecking order”.Fourthly,this paper considers the cooperative value of equity financing risk attitude from the perspective of enterprise operation.It is an important means to explore the risk attitude cooperation mechanism between the two sides of investment and financing to avoid the defect of “separation of production and finance” and ease the contradiction of mismatched financing resources.Based on the equity financing of growth enterprises,credit financing(bank)is further considered,and the characteristics of bank risk aversion and enterprise risk preference are described,a growth enterprise investment and loan linkage model with risk attitude is constructed,and a multi-cooperation mechanism that could alleviate the asymmetry of enterprise risk attitude is discussed.It finds that the investment and loan linkage could coordinate the supply chain and financial institutions to achieve the “Pareto improvement” range under the cooperation of retailer risk information.There is a cooperative synergy effect in the retailer risk information sharing mechanism to curb “reverse selection”.However,there is the phenomenon of “erosion” of bank profits by growth enterprises under the non-cooperative mechanism.