中小型企業(yè)融資決策外文資料翻譯

1、畢業(yè)設(shè)計(jì)（論文）外文資料翻譯學(xué)專(zhuān)院：業(yè)：會(huì)計(jì)學(xué)姓名：學(xué)號(hào)：外文出處：Facts for You（用外文寫(xiě)）附件：1外文資料翻譯譯文；2外文原文。指導(dǎo)教師評(píng)語(yǔ)：所選文獻(xiàn)與論文題目相關(guān)，翻譯較清楚，格式符合規(guī)范要求。簽名：年月日注：請(qǐng)將該封面與附件裝訂成冊(cè)。附件 1：外文資料翻譯譯文中小型企業(yè)融資決策企業(yè)的產(chǎn)生、生存及發(fā)展均離不開(kāi)投資與融資活動(dòng)。隨著我國(guó)加入WTC組織，市場(chǎng)經(jīng)濟(jì)體制的逐步完善，金融市場(chǎng)的快速發(fā)展，投資與融資效率也越來(lái)越成為企 業(yè)發(fā)展的關(guān)鍵。對(duì)于中小型企業(yè)而言，應(yīng)要根據(jù)自身發(fā)展需求，認(rèn)真考慮如何選擇 自己需要和適合自己發(fā)展階段的融資方式以及各種融資方式的利用時(shí)機(jī)、條件、成 本和風(fēng)險(xiǎn)，

2、確定合適的融資規(guī)模以及制定最佳融資期限等問(wèn)題。要解決這些問(wèn)題， 需要中小型企業(yè)制定適當(dāng)?shù)娜谫Y策略，以作出最優(yōu)化的融資決策。一、企業(yè)融資決策概述（ 一） 企業(yè)融資決策概述企業(yè)融資決策，是企業(yè)根據(jù)其價(jià)值創(chuàng)造目標(biāo)需要，利用一定時(shí)機(jī)與渠道，采取 經(jīng)濟(jì)有效的融資工具，為公司籌集所需資金的一種市場(chǎng)行為。它不僅改變了公司的 資產(chǎn)負(fù)債結(jié)構(gòu)，而且影響了企業(yè)內(nèi)部管理、經(jīng)營(yíng)業(yè)績(jī)、可持續(xù)發(fā)展及價(jià)值增長(zhǎng)。典 型的融資決策包括出售何種債務(wù)和股權(quán)（融資方式）、如何確定所要出售債務(wù)和股 權(quán)的價(jià)值（融資成本）、何時(shí)出售些債務(wù)和股權(quán)（融資時(shí)機(jī)）等等。而其中最主要 的包括融資規(guī)模的決策和融資方式的決策。融資規(guī)模應(yīng)為企業(yè)完成資金使用

3、目的的 最低需要量。而企業(yè)的融資方式則多種多樣，常見(jiàn)的以下幾種：1. 財(cái)政融資。財(cái)政融資方式從融出的角度來(lái)講，可分為：預(yù)算內(nèi)撥款、財(cái)政貸 款、通過(guò)授權(quán)機(jī)構(gòu)的國(guó)有資產(chǎn)投資、政策性銀行貸款、預(yù)算外專(zhuān)項(xiàng)建設(shè)基金、財(cái)政 補(bǔ)貼。2. 銀行融資。 從資金融出角度即銀行的資金運(yùn)用來(lái)說(shuō)， 主要是各種代款， 例如： 信用貸款、抵押貸款、擔(dān)保貸款、貼現(xiàn)貸款、融資租憑、證券投資。3. 商業(yè)融資。其方式也是多種多樣，主要包括商品交易過(guò)程中各企業(yè)間發(fā)生的 賒購(gòu)商品、預(yù)收貨款等形式。4. 政券融資。該方式主要包括股標(biāo)融資和債券融資兩大類(lèi)（ 二 ） 融資決策過(guò)程企業(yè)制定融資決策的過(guò)程，也即確定最優(yōu)資本結(jié)構(gòu)的過(guò)程。具體決策程

4、序是： 首先，當(dāng)一家企業(yè)為籌措一筆資金面臨幾種融資方案時(shí)，企業(yè)可以分別計(jì)算出各個(gè) 融資方案的加權(quán)平均資本成本率，然后選擇其中加權(quán)平均資本成本率最低的一種。 其次，被選中的加權(quán)平均資本成本率最低的那種融資方案只是諸種方案中最佳的， 并不意味著它已經(jīng)形成了最佳資本結(jié)構(gòu)，這時(shí)，企業(yè)要觀察投資者對(duì)貸出款項(xiàng)的要 求、股票市場(chǎng)的價(jià)格波動(dòng)等情況，根據(jù)財(cái)務(wù)判斷分析資本結(jié)構(gòu)的合理性，同時(shí)企業(yè) 財(cái)務(wù)人員可利用一些財(cái)務(wù)分析方法對(duì)資本結(jié)構(gòu)通行更詳盡的分析。最后，根據(jù)分析 結(jié)果，在企業(yè)進(jìn)一步的融資決策中改進(jìn)其資本結(jié)構(gòu)。（ 三 ） 中小企業(yè)融資的總思路中小企業(yè)融資的總體思路應(yīng)是：投資與融資相結(jié)合，以投資帶動(dòng)融資。融資決

5、策在中小企業(yè)財(cái)務(wù)決策中并不具備像大企業(yè)（尤其是股份公司）那樣的獨(dú)立性，它 應(yīng)該是企業(yè)投資決策的一部分，融資必須直接為投資服務(wù)。這也就是說(shuō)，中小企業(yè) 的融資決策必須通過(guò)投資決策這一環(huán)節(jié)才能通向財(cái)務(wù)管理目標(biāo)，而不是像股份公司 那樣，融資決策與財(cái)務(wù)目標(biāo)之間可以建立直接的函數(shù)關(guān)系。這是因?yàn)椋?. 中小企業(yè)財(cái)務(wù)目標(biāo)是利潤(rùn)最大化，只有投資活動(dòng)才能為企業(yè)帶來(lái)利潤(rùn)，即最 優(yōu)的投資決策就是最優(yōu)的籌資決策。2. 中小企業(yè)的資金供需矛盾突出，企業(yè)融資的渠道、數(shù)量、時(shí)間都受到各種 客觀條件的限制。要像大企業(yè)那樣靈活地運(yùn)用多種手段來(lái)自由調(diào)整資本結(jié)構(gòu)，對(duì)中 小企業(yè)來(lái)說(shuō)是不現(xiàn)實(shí)的。因此，對(duì)于有數(shù)十年經(jīng)營(yíng)歷史，由職業(yè)經(jīng)理層管

6、理的中小型企業(yè)而言，融資計(jì) 劃是為投資服務(wù)的，必須與投資需求相匹配，包括融資金額和融資時(shí)間上的匹配。 更重要的，投資項(xiàng)目必須是經(jīng)過(guò)多方面因素考慮的，不是盲目圈錢(qián)的幌子，否則容 易出現(xiàn)投融資決策失效，導(dǎo)致投資失敗、損害企業(yè)權(quán)益的問(wèn)題。在監(jiān)督職能缺乏的 中小型企業(yè)中，進(jìn)行程序化的項(xiàng)目可行性論證是必要的，但只是決策的一個(gè)部分，提供財(cái)務(wù)上的參考，不能對(duì)整個(gè)計(jì)劃是否可行提供意見(jiàn)，更不能作為項(xiàng)目可行的決 定性依據(jù)。戰(zhàn)略和內(nèi)部需要等各種因素綜合考慮是很重要的。二、我國(guó)中小型企業(yè)融資環(huán)境分析企業(yè)是在一定環(huán)境下的各種經(jīng)濟(jì)資源的有機(jī)集合體。企業(yè)運(yùn)營(yíng)只有適應(yīng)和了解 環(huán)境變化的要求，才能立于不敗之地。企業(yè)面臨的環(huán)境是

7、指存在于企業(yè)周?chē)?，影?企業(yè)生存和發(fā)展的各種客觀因素和力量的總稱(chēng)，它是企業(yè)選擇籌資方式的基礎(chǔ)。就 現(xiàn)階段而言，我國(guó)中小企業(yè)的融資環(huán)境現(xiàn)狀主要有以下幾個(gè)方面：（ 一 ） 從中小企業(yè)自身的狀況來(lái)看我國(guó)中小企業(yè)的經(jīng)營(yíng)管理水平和技術(shù)水平往往比較低，企業(yè)內(nèi)部缺乏有效的監(jiān) 督制約機(jī)制，這樣造成的一個(gè)結(jié)果就是資金使用效率不高，風(fēng)險(xiǎn)比較大。因此，銀 行等金融機(jī)構(gòu)對(duì)中小企業(yè)經(jīng)營(yíng)和發(fā)展的信任度很低，所以也不會(huì)輕易地將資金借貸 給中小企業(yè)。（ 二 ） 從銀行等金融機(jī)構(gòu)的經(jīng)營(yíng)原則來(lái)考慮銀行等金融機(jī)構(gòu)的經(jīng)營(yíng)講究資金的“效益性、安全性、流動(dòng)性”，在實(shí)踐中銀 行等金融機(jī)構(gòu)給予客戶(hù)貸款的一個(gè)前提條件就是要求客戶(hù)能夠提供有效的

8、擔(dān)保，中 小企業(yè)自身則因資力有限而無(wú)法提供有效的擔(dān)保，同時(shí)因?yàn)橹行∑髽I(yè)經(jīng)營(yíng)的風(fēng)險(xiǎn) 性，第三人在一般情況下也不會(huì)為中小企業(yè)的債務(wù)提供擔(dān)保。既然不能提供足額有 效的擔(dān)保，銀行等金融機(jī)構(gòu)就不會(huì)給中小企業(yè)發(fā)放貸款。（ 三 ） 從國(guó)家的產(chǎn)業(yè)政策和經(jīng)濟(jì)政策來(lái)看政府對(duì)中小企業(yè)的扶持不足也是造成中小企業(yè)融資難的一個(gè)重要原因。我國(guó)對(duì) 中小企業(yè)雖然也有一些扶持政策， 比如中華人民共和國(guó)鄉(xiāng)鎮(zhèn)企業(yè)法 當(dāng)中也規(guī)定， “國(guó)家運(yùn)用信貸手段，鼓勵(lì)和扶持鄉(xiāng)鎮(zhèn)企業(yè)的發(fā)展”：“縣級(jí)以上人民政府依照國(guó) 家有關(guān)規(guī)定，可以設(shè)立鄉(xiāng)鎮(zhèn)企業(yè)發(fā)展基金”，“鄉(xiāng)鎮(zhèn)企業(yè)發(fā)展基金專(zhuān)門(mén)用于扶持鄉(xiāng) 鎮(zhèn)企業(yè)發(fā)展”等，但是因?yàn)槿狈τ行У闹贫缺Ｕ?，這些規(guī)定很難落

9、到實(shí)處。（ 四 ） 從我國(guó)的金融管制來(lái)看企業(yè)之間不能相互借貸也在一定程度上增加了中小企業(yè)融資的難度。依據(jù)我國(guó) 現(xiàn)行法律，公民之間、企業(yè)與公民之間、企業(yè)或公民與金融機(jī)構(gòu)之間可以發(fā)生合法 的借貸關(guān)系，然而企業(yè)與企業(yè)之間的借貸卻被視為非法借貸關(guān)系而為法律所不允 許。這樣，對(duì)于中小企業(yè)來(lái)說(shuō)，等于少了一條融資的途徑，無(wú)形之中也增加了中小 企業(yè)的融資難度。三、中小型企業(yè)應(yīng)制定合理融資的具體策略因此，對(duì)于在現(xiàn)階段我國(guó)的中小企業(yè)融資環(huán)境對(duì)中小企業(yè)融資不利的情況下而 言，中小企業(yè)在制定具體的融資策略時(shí)，應(yīng)注意以下幾個(gè)方面：（ 一 ） 資金數(shù)量上追求合理性對(duì)以股份公司為代表的大企業(yè)來(lái)講，融資的目的在于實(shí)現(xiàn)最佳資本

10、結(jié)構(gòu)，即追 求資金成本最低和企業(yè)價(jià)值最大；而對(duì)中小企業(yè)來(lái)講，融資的目的是直接確保生產(chǎn) 經(jīng)營(yíng)所需的資金。資金不足會(huì)影響生產(chǎn)發(fā)展，而資金過(guò)剩也會(huì)導(dǎo)致資金使用效果降 低，形成浪費(fèi)。 由于中小企業(yè)融資不易， 所以經(jīng)營(yíng)者在遇到比較寬松的籌資環(huán)境時(shí)， 往往容易犯“韓信點(diǎn)兵，多多益善”的錯(cuò)誤。但如果籌來(lái)的資金用得不合理或者并 非真正需要，那么好事就變成了壞事，企業(yè)反倒可能背負(fù)沉重的債務(wù)負(fù)擔(dān)，進(jìn)一步 影響融資能力和獲利能力。因此，企業(yè)界在進(jìn)行融資決策之初，要根據(jù)企業(yè)對(duì)資金 的需要、企業(yè)自身的實(shí)際條件以及融資決策的難易程度和成本情況下，量力而行， 確定企業(yè)合理的融資規(guī)模。（ 二 ） 資金使用上追求效益性中小企業(yè)

11、在融資渠道和方式上不像大企業(yè)那樣存在較大的選擇余地，但這并不 是說(shuō)中小企業(yè)只能“饑不擇食”，相反，由于中小企業(yè)的抗風(fēng)險(xiǎn)能力弱以及籌資困 難，更應(yīng)該對(duì)每筆資金善加權(quán)衡，綜合考慮經(jīng)營(yíng)需要與資金成本、融資風(fēng)險(xiǎn)及投資 收益等諸多方面的因素，必須把資金的來(lái)源和投向結(jié)合起來(lái)，分析資金成本率與投 資收益串的關(guān)系，避免決策失誤。（ 三 ） 資金結(jié)構(gòu)上追求配比性中小企業(yè)的資金運(yùn)用決定資金籌集的類(lèi)型和數(shù)量。我們知道，企業(yè)總資產(chǎn)由流 動(dòng)資產(chǎn)和非流動(dòng)資產(chǎn)兩部分構(gòu)成。流動(dòng)資產(chǎn)又分為兩種不同性態(tài)：一是其數(shù)量隨生 產(chǎn)經(jīng)營(yíng)的變動(dòng)而波動(dòng)的流動(dòng)資產(chǎn)，即所謂的暫時(shí)性流動(dòng)資產(chǎn)；二是類(lèi)似于固定資產(chǎn) 那樣長(zhǎng)期保持穩(wěn)定水平的流動(dòng)資產(chǎn)，即所

12、謂的永久性流動(dòng)資產(chǎn)。按結(jié)構(gòu)上的配比原 則，中小企業(yè)用于固定資產(chǎn)和永久性流動(dòng)資產(chǎn)上的資金，以中長(zhǎng)期融資方式籌措為 宜；由于季節(jié)性、周期性和隨機(jī)因素造成企業(yè)經(jīng)營(yíng)活動(dòng)變化所需的資金，則主要以 短期融資方式籌措為宜。強(qiáng)調(diào)融資和投資在資金結(jié)構(gòu)上的配比關(guān)系對(duì)中小企業(yè)尤為 重要。（ 四 ） 資金運(yùn)作上，在追求增量籌資的同時(shí)更加注重存量籌資增量籌資指從數(shù)量上增加資金總占用量，以滿(mǎn)足生產(chǎn)經(jīng)營(yíng)需要；存量籌資是指 在不增加資金總占用量的前提下，通過(guò)調(diào)整資金占用結(jié)構(gòu)、加速資金周轉(zhuǎn)，盡量避 免不合理的資金使用，提高單位資金的使用效果，以滿(mǎn)足企業(yè)不斷擴(kuò)大的生產(chǎn)經(jīng)營(yíng) 需要。增量籌資與存量籌資的緊密結(jié)合，也反映出中小企業(yè)的籌

13、資活動(dòng)與投資活動(dòng) 的內(nèi)在必然聯(lián)系， 因?yàn)榇媪炕I資實(shí)際上就是一種資金運(yùn)用， 它屬于投資活動(dòng)的范疇 比如，企業(yè)若能將閑置設(shè)備適時(shí)采用出租、出售轉(zhuǎn)讓等形式進(jìn)行“存量籌資”，則 不但可以避免損失和資金的積壓，而且有助于提高長(zhǎng)期資金的流動(dòng)性，減輕過(guò)于沉 重的融資壓力。（ 五 ） 籌資渠道上，追求以信譽(yù)取勝主動(dòng)與金融機(jī)構(gòu)保持良好關(guān)系，使之了解企業(yè)，看到企業(yè)遠(yuǎn)大的前景，愿意支 持企業(yè)的發(fā)展，這對(duì)每一個(gè)成功的中小企業(yè)經(jīng)營(yíng)者來(lái)說(shuō)都是必修的一課。具體包括 兩個(gè)方面：一方面是對(duì)金融機(jī)構(gòu)的選擇，應(yīng)選擇對(duì)中小企業(yè)立業(yè)與成長(zhǎng)前途感興趣 并愿意對(duì)其投資的金融機(jī)構(gòu)；能給予企業(yè)經(jīng)營(yíng)指導(dǎo)的金融機(jī)構(gòu)；分支機(jī)構(gòu)多、交易 方便的金融機(jī)

14、構(gòu)；資金充足，而且資金費(fèi)用低的金融機(jī)構(gòu)；員工素質(zhì)好、職業(yè)道德 良好的金融機(jī)構(gòu)等。另一方面是中小企業(yè)要主動(dòng)向合作的金融機(jī)構(gòu)溝通企業(yè)的經(jīng)營(yíng) 方針、發(fā)展計(jì)劃、財(cái)務(wù)狀況，說(shuō)明遇到的困難，以實(shí)績(jī)和信譽(yù)贏得金融機(jī)構(gòu)的信任 和支持，而不應(yīng)以各種違法或不正當(dāng)?shù)氖侄翁兹≠Y金。（六）籌資方式上，選擇適合企業(yè)本身規(guī)模、實(shí)力與所處階段在對(duì)融資收益與成本進(jìn)行比較之后，認(rèn)為確有必要融資時(shí)，就需要考慮選擇什 么樣的融資方式。在選擇融資方式時(shí)，通常要考慮企業(yè)自身規(guī)模的大小、實(shí)力強(qiáng)弱 以及企業(yè)所處的發(fā)展階段，同時(shí)結(jié)合不同融資方式的特點(diǎn)，選擇適合本企業(yè)發(fā)展的 融資方式，例如，在中小企業(yè)創(chuàng)業(yè)初期，其融資方式可以上選擇股權(quán)融資，因?yàn)?/p>

15、創(chuàng) 業(yè)初期，風(fēng)險(xiǎn)很大，很少有金融機(jī)構(gòu)等債權(quán)人來(lái)為你融資。而在股權(quán)融資中，企業(yè) 主與其朋友和家庭成員的資金占了絕大多數(shù)。這部分融資是屬于“內(nèi)部人融資”或 “內(nèi)部融資”，也叫企業(yè)“自己投資”。到中小企業(yè)發(fā)展到一定時(shí)期和規(guī)模以后， 就可以選擇債權(quán)融資。債權(quán)融資主要來(lái)自金融機(jī)構(gòu)，包括商業(yè)銀行和財(cái)務(wù)公司等。 屬于高科技行業(yè)的中小企業(yè)，可以考慮到創(chuàng)業(yè)板市場(chǎng)發(fā)行股票融資；不符合上市條 件的中小企業(yè)，則可以考慮銀行貸款融資等。（七）融資方式上，選擇最有利于提高企業(yè)競(jìng)爭(zhēng)力的融資方式中小企業(yè)融資通常會(huì)給企業(yè)帶來(lái)以下直接影響：首先，通過(guò)融資，可以壯大中 小企業(yè)資本實(shí)力，增強(qiáng)中小企業(yè)的支付能力和發(fā)展后勁；其次，通過(guò)融

16、資，可以提 高中小企業(yè)的信譽(yù)，擴(kuò)大企業(yè)產(chǎn)品的市場(chǎng)份額；再次，通過(guò)融資，可以擴(kuò)大中小企 業(yè)規(guī)模，增強(qiáng)企業(yè)獲利能力，從而充分利用規(guī)模經(jīng)濟(jì)優(yōu)勢(shì)提高企業(yè)在市場(chǎng)上的競(jìng)爭(zhēng) 力，加快企業(yè)的發(fā)展。但是企業(yè)競(jìng)爭(zhēng)力的提高程度因企業(yè)融資方式、融資收益的不 同而存在很大差異。比如，股票融資、尤其是初次發(fā)行普通股并上市流通，不僅會(huì) 給企業(yè)帶來(lái)巨大的資金融通，還會(huì)大大提高企業(yè)的知名度和商譽(yù)，使企業(yè)的競(jìng)爭(zhēng)力 獲得提高。因此，在進(jìn)行融資決策時(shí)，中小企業(yè)要先選擇最有利于提高競(jìng)爭(zhēng)力的融 資方式。隨著中國(guó)加入世界貿(mào)易組織，中國(guó)中小企業(yè)的準(zhǔn)入領(lǐng)域?qū)?huì)進(jìn)一步拓展，這為 中小企業(yè)的發(fā)展提供了難得的機(jī)會(huì)，但同時(shí)也向中小企業(yè)提出了挑戰(zhàn)。而中

17、小企業(yè) 在發(fā)展中作出的融資決策，直接關(guān)系著中小企業(yè)的存亡，所以，中小企業(yè)的投融資 決策中應(yīng)在充分考慮企業(yè)自身?xiàng)l件的基礎(chǔ)上，考慮企業(yè)融資策略可行性的各個(gè)方面 和可能會(huì)帶來(lái)的各種問(wèn)題，尋求企業(yè)整體收益的均衡。Small and Medium Enterprises financing decisionBusiness generation, survival and development are inseparable from the inves tment and financing activities. With Chinas accession to WTO organization,

18、 the market economy system, the gradual improvement of the financial markets, rapid development, investment and financing efficiency is increasingly becoming the key to the development of enterprises. For the small and medium enterprises, accord ing to their own development needs should seriously co

19、nsider how to select their own needs and suited to their stage of development financing, as well as a variet y of financing the use of timing, conditions, costs and risks, determine the approp riate size of the financing and the development of the best financing periods. To solve these problems, sma

20、ll and medium enterprises need to develop appropriate financing strategies in order to make the most optimal financing decision.First, an overview of corporate finance decision-making(A) an overview of corporate finance decision-makingCorporate finance decision-making, is the enterprise value creati

21、on objectives in accordance with its needs, the use of a certain timing and channels to take c ost-effective financing tool for companies to raise the funds needed for a market behavior. It not only changed the structure of the companys assets and liabilities, but also affected the internal manageme

22、nt, business performance, sustainable deve lopment and value growth. A typical decision-making including the sale of what kind of financing of debt and equity (financing), how to determine which they want to sell the value of debt and equity (financing costs), when to sell more de bt and equity (fin

23、ancing opportunities) and so on. Which include the financing o f the size of the most important decision-making and financing decisions. Financi ng scale enterprises should be the purpose of completing the minimum requiremen ts for the use of funds. The financing of enterprises are diverse, common t

24、he fol lowing:1. Fiscal financing. Financial financing from a financial point of view out, can be divided into: budget allocation, financial loans, through authorized agencie s of the state-owned assets investments, policy-oriented bank loans, special constru ction of extrabudgetary funds, financial

25、 subsidies.2. Bank financing. From the Chinese-funded financial point of view that is out of the use of bank funds, the main sections of various generation, such as: credit, mortgage loans, secured loan, discounted loans, lease financing, securities i nvestment.3. Commercial financing. Its the way t

26、hey are varied, mainly including trad e transaction process that took place between enterprises on credit products, prepai d loans and other forms.4. G voucher financing. The method includes tendering, financing and bond financing two major categories.(B) the financing decision-making processCorpora

27、te financing decision-making process to develop, that is to determine the optimal capital structure process. The specific decision-making process is: Fi rst, when a sum of money to finance companies faced several financing options, companies can calculate the various financing options respectively,

28、the weighted a verage cost of capital rate, and then select one of the lowest weighted average co st of capital as a. Secondly, selected the lowest weighted average cost of capital is just the kind of financing options best Zhuzhong program does not mean that it has become the best capital structure

29、, this time, enterprises should observe the investors in the loan payment request, the stock market price fluctuations, etc., a ccording to financial analysis to determine the reasonable capital structure, while c orporate finance officers can use some of the financial analysis of capital structur e

30、, access more detailed analysis. Finally, according to results of the analysis in t he corporate financing decision-making to further improve its capital structure.(C) the general idea of the Financing of SMEsSME finance general idea should be: a combination of investment and finan ce in order to fi

31、nance investment-driven. Financial decision-making in small and medium enterprises do not have the financial decision-making as big business (esp ecially stock company), as the independence, it should be a part of business inves tment decisions, financing must be direct investment services. This mea

32、ns that th e SMEs in the decision-making must pass in order to lead to investment decisionmaking in this part of the financial management objectives, rather than as stock c ompanies, finance decision-making and financial objectives to establish a direct fu nctional relationship. This is because:1. S

33、ME financial goal is to maximize profits, only the investment activities in order to bring profits for the enterprise, that is the optimal investment decision s is the optimal financing decision-making.2. The obvious contradiction between supply and demand of funds for SME s, corporate finance chann

34、els, quantity, time is influenced by various objective con ditions. To act like large companies the flexibility to use various means to freely adjust the capital structure, for SMEs is unrealistic.Thus, for decades operating history, layer management by professional mana gers of small and medium ent

35、erprises, financing plan for investment services, and must be matched with investment demand, including financing and financing the amount of time matching. More importantly, the investment projects through a v ariety of factors must be considered, not blind means for misappropriating a cover, other

36、wise easily lead to investment and financing decision-making failures, leadin g to investment failure, damage to corporate rights. In the absence of the oversi ght function of the small and medium enterprises in the conduct of the proceedin gs of a project feasibility study is necessary, but only a

37、part of the decision-maki ng, provide financial information, the feasibility of the whole scheme can not pro vide advice, but can not serve as a viable project a decisive basis. Strategy and internal needs of a variety of factors to consider is very important. Paper Net Www.LunWenNet.ComSecond, our

38、analysis of the financing environment for SMEsEnterprise is in a certain environment, a variety of economic resources, the organic collection. Business operations to adapt and understand the requirements of environmental change, to be invincible. Enterprises are faced with an environ ment is present

39、 in the surrounding businesses, affecting business survival and deve lopment of various objective factors and forces of the general, it is the basis for corporate financing choices. At the moment, the status quo of Chinas financing environment for SMEs mainly in the following areas:(A) From the situ

40、ation of SMEs in view of their ownChinas SME business management and technical levels are relatively low, a lack of effective internal supervision and control mechanisms, such a result is ca used by inefficient use of funds, the risk is relatively large. Thus, banks and oth er financial institutions

41、 and development of SME business confidence is low, so it will not easily borrow funds to SMEs.(B) from banks and other financial institutions operating principles to consid erBanks and other financial institutions pay attention to fund the operation of efficiency, safety, liquidity, in practice, ba

42、nks and other financial institutions to give customers a prerequisite for the loan is to ask customers to provide effective guarantees for SMEs with limited self-financing due to unable to provide effectiv e security, while for SMEs operating risks, the third person in normal circumstanc es would no

43、t provide guarantees for the debt of small and medium enterprises.Since it is impossible to provide full and effective guarantees, banks and other fin ancial institutions will not give loans to small and medium enterprises.(C) from the countrys industrial policies and economic policies are concerne

44、dLack of government support for SMEs, SME financing difficulties also contr ibuted to an important reason. China for SMEs, although there are a number of supportive policies, such as The Peoples Republic of China Township Enterprise Law, which also stipulates that the state to use the credit means,

45、to encourage and support the development of township and village enterprises: peoples gove rnments above the county level in accordance with relevant state regulations, you can the establishment of rural enterprise development fund , township enterprise development fund dedicated to support the deve

46、lopment of township enterprises , etc., but because of the lack of an effective system to protect, these provisions a re difficult to implement.(D) from the view of Chinas financial controlBetween enterprises can not borrow each other to some extent also increase d the difficulty of financing for SM

47、Es. Based on our current law, among the cit izens, businessesand citizen, business or civic and financial institutions can occur between the legitimate lending between enterprises and between enterprises, howe ver, been regarded as illegal loan lending relationships are not by law 允許 . In t his way,

48、 for SMEs, he would lose a means of financing, intangible into the finan cing of SMEs has also increased the difficulty.Third, small and medium enterprises should develop specific strategies and r easonable financingTherefore, at this stage of Chinas SME financing environment for SMEs in terms of fi

49、nancing of adverse circumstances, the financing of SMEs in the devel opment of specific strategies should pay attention to the following aspects:(A) the amount of funding the pursuit of rationalityRight to shares of companies on behalf of large enterprises in terms of fina ncing aimed at achieving o

50、ptimal capital structure, namely, the pursuit of cost of capital, the minimum and maximum business value; while for SMEs is concerned, the purpose of financing directly to ensure that the necessary production and ope ration of funds. Lack of funds will affect the development of production, but ex ce

51、ss can lead to the use of funds of funds, diminish the effect, resulting in a wa ste. As the SME financing is not easy, so operators are more relaxed in the fac e of the funding environment, they often accuse me of Han Xin point soldiers, t he more the better error. However, if the money raised is u

52、nreasonable or not with the real needs, then a good thing becomes a bad thing, companies hand, ma y carry a heavy debt burden, further affect the financing capability and profitabilit y. Therefore, the business community during the beginning of financing decision, according to the needs of enterpris

53、es for capital, corporate finance their own actu al conditions and the ease and cost of decision-making circumstances, what one c an determine the size of corporate finance and reasonable.(B) the pursuit of effectiveness of the use of fundsThe financing channels for SMEs and large enterprises do not

54、 like the way there is a big choice, but that does not mean that SMEs can only be beggars On the contrary, due to weak risk-resisting ability of SMEs, as well as funding d ifficulties, but also should each fund to make good trade-off, considering the oper ating needs and capital costs, financing ris

55、k and investment income, and many oth er factors, must be the source of funds and to invest in combined analysis of thecost of capital rate of return on investment the relationship between the strings t o avoid making mistakes .(C) the pursuit of the ratio of capital structureThe use of funds for SM

56、Es decide the type and quantity of funding. We know that the total assets of enterprises and non-current assets by current assets o f two parts. Current assets are divided into two distinct behavior: First, their nu mber changes with fluctuations in production and management of liquid assets, na mel

57、y, the so-called transient liquid assets; 2 is similar to the level of fixed assets, as long-term stability of liquid assets, namely, The so-called permanent current a ssets. According to the structure of the matching principle, small and medium en terprises for fixed assets and permanent current as

58、sets on the financial resources t o the financing of medium and long term financing is appropriate; due to seasona l, cyclical and random factors contribute to changes in business activities, the fun ds required are mainly the financing of short-term financing is appropriate. Emph asizes financing a

59、nd investment in the capital structure ratio on the relationship be tween pairs of small and medium enterprises is particularly important.(D) capital operation, in the pursuit of incremental funding at the same time pay more attention to financing of stockIncremental funding means a quantitative increase in the total occupation of the amount of funds to meet