外部资金约束下的“企业创造企业”--从永利化学看近代中国企业在融资模式上的创新

“Enterprises Create Enterprises” under the Restriction of External Funds:To Understand the Financial Innovation of Modern Chinese Enterprises through Yunlee Chemical

本文通过对永利化学股份公司在不同发展阶段融资结构的分析,探讨了企业在外部资金约束下的金融创新模式。第一,在永利创立的初期阶段,股份筹资举步维艰,资金主要来自久大精盐和金城银行;久大精盐发挥了供应链金融模式中核心企业的作用,承担了信用风险;第二,处于企业发展阶段的永利制碱,虽然资金还依赖于久大精盐和金城银行,但久大精盐以"债转股"的形式化解了对永利制碱的债权,扩大了企业的资本金规模;第三,在永利化学阶段,企业发展方向不得不与国防工业挂钩,在政府支持下成立了由6家银行组成的贷款银团并承购其公司债,开始其特殊的历史使命。因此,可以说永利是由其兄弟企业创造出来的,是"企业创造企业"的典范。

This paper analyzes the financial structure of Yunlee Chemical Co., Ltd. in different development processes and discusses the financial innovation model under the restriction of external funds. First, in the initial stage of enterprise establishment, the financing of shares was floundering. Funds mainly came from Chiuta Refineriesand KinCheng Bank （KCB）. Chiuta Refineries played the role of today＇s core enterprises in the supply chain financial model and assumed the credit risk. Second, in the developing stage of Yunlee Soda Plant, although funds were still dependent on Chiutaand KCB, Chiutaresolved its creditor＇s rights towards Yunlee Soda Plant through ＂debt-to-equity swap,＂ expanding the capital base of the enterprise. Third, in the stage of Yunlee Chemical, the direction of enterprise development had to be linked with the national defense industry. With government support, a loan syndication consisting of six banks underwrote the corporate bonds, embarking on a special historical mission. Therefore, Yunlee was created by its related enterprises, a fine example of ＂Enterprises Create Enterprises. ＂