中小企業(yè)融資問題與對策外文資料翻譯

Word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)展均離不開投資與融資活動。隨著我國加入WTO組織，市場經(jīng)濟體制的逐步完善，金融市場的快速發(fā)展，投資與融資效率也越來越成為企業(yè)發(fā)展的關鍵。對于中小型企業(yè)而言，應要根據(jù)自身發(fā)展需求，認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機、條件、成本和風險，確定合適的融資規(guī)模以及制定最佳融資期限等問題。要解決這些問題，需要中小型企業(yè)制定適當?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)其價值創(chuàng)造目標需要，利用一定時機與渠道，采取經(jīng)濟有效的融資工具，為公司籌集所需資金的一種市場行為。它不僅改變了公司的資產(chǎn)負債結(jié)構，而且影響了企業(yè)內(nèi)部管理、經(jīng)營業(yè)績、可持續(xù)發(fā)展及價值增長。典型的融資決策包括出售何種債務和股權（融資方式）、如何確定所要出售債務和股權的價值（融資成本）、何時出售些債務和股權（融資時機）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)模應為企業(yè)完成資金使用目的的最低需要量。而企業(yè)的融資方式則多種多樣，常見的以下幾種：1.財政融資。財政融資方式從融出的角度來講，可分為：預算內(nèi)撥款、財政貸款、通過授權機構的國有資產(chǎn)投資、政策性銀行貸款、預算外專項建設基金、財政補貼。2.銀行融資。從資金融出角度即銀行的資金運用來說，主要是各種代款，例如：信用貸款、抵押貸款、擔保貸款、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程中各企業(yè)間發(fā)生的賒購商品、預收貨款等形式。4.政券融資。該方式主要包括股標融資和債券融資兩大類。(二)融資決策過程企業(yè)制定融資決策的過程，也即確定最優(yōu)資本結(jié)構的過程。具體決策程序是：首先，當一家企業(yè)為籌措一筆資金面臨幾種融資方案時，企業(yè)可以分別計算出各個融資方案的加權平均資本成本率，然后選擇其中加權平均資本成本率最低的一種。其次，被選中的加權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，這時，企業(yè)要觀察投資者對貸出款項的要求、股票市場的價格波動等情況，根據(jù)財務判斷分析資本結(jié)構的合理性，同時企業(yè)財務人員可利用一些財務分析方法對資本結(jié)構通行更詳盡的分析。最后，根據(jù)分析結(jié)果，在企業(yè)進一步的融資決策中改進其資本結(jié)構。(三)中小企業(yè)融資的總思路中小企業(yè)融資的總體思路應是：投資與融資相結(jié)合，以投資帶動融資。融資決策在中小企業(yè)財務決策中并不具備像大企業(yè)（尤其是股份公司）那樣的獨立性，它應該是企業(yè)投資決策的一部分，融資必須直接為投資服務。這也就是說，中小企業(yè)的融資決策必須通過投資決策這一環(huán)節(jié)才能通向財務管理目標，而不是像股份公司那樣，融資決策與財務目標之間可以建立直接的函數(shù)關系。這是因為：1.中小企業(yè)財務目標是利潤最大化，只有投資活動才能為企業(yè)帶來利潤，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)那樣靈活地運用多種手段來自由調(diào)整資本結(jié)構，對中小企業(yè)來說是不現(xiàn)實的。因此，對于有數(shù)十年經(jīng)營歷史，由職業(yè)經(jīng)理層管理的中小型企業(yè)而言，融資計劃是為投資服務的，必須與投資需求相匹配，包括融資金額和融資時間上的匹配。更重要的，投資項目必須是經(jīng)過多方面因素考慮的，不是盲目圈錢的幌子，否則容易出現(xiàn)投融資決策失效，導致投資失敗、損害企業(yè)權益的問題。在監(jiān)督職能缺乏的中小型企業(yè)中，進行程序化的項目可行性論證是必要的，但只是決策的一個部分，提供財務上的參考，不能對整個計劃是否可行提供意見，更不能作為項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)濟資源的有機集合體。企業(yè)運營只有適應和了解環(huán)境變化的要求，才能立于不敗之地。企業(yè)面臨的環(huán)境是指存在于企業(yè)周圍，影響企業(yè)生存和發(fā)展的各種客觀因素和力量的總稱，它是企業(yè)選擇籌資方式的基礎。就現(xiàn)階段而言，我國中小企業(yè)的融資環(huán)境現(xiàn)狀主要有以下幾個方面：(一)從中小企業(yè)自身的狀況來看我國中小企業(yè)的經(jīng)營管理水平和技術水平往往比較低，企業(yè)內(nèi)部缺乏有效的監(jiān)督制約機制，這樣造成的一個結(jié)果就是資金使用效率不高，風險比較大。因此，銀行等金融機構對中小企業(yè)經(jīng)營和發(fā)展的信任度很低，所以也不會輕易地將資金借貸給中小企業(yè)。(二)從銀行等金融機構的經(jīng)營原則來考慮銀行等金融機構的經(jīng)營講究資金的“效益性、安全性、流動性”，在實踐中銀行等金融機構給予客戶貸款的一個前提條件就是要求客戶能夠提供有效的擔保，中小企業(yè)自身則因資力有限而無法提供有效的擔保，同時因為中小企業(yè)經(jīng)營的風險性，第三人在一般情況下也不會為中小企業(yè)的債務提供擔保。既然不能提供足額有效的擔保，銀行等金融機構就不會給中小企業(yè)發(fā)放貸款。(三)從國家的產(chǎn)業(yè)政策和經(jīng)濟政策來看政府對中小企業(yè)的扶持不足也是造成中小企業(yè)融資難的一個重要原因。我國對中小企業(yè)雖然也有一些扶持政策，比如《中華人民共和國鄉(xiāng)鎮(zhèn)企業(yè)法》當中也規(guī)定，“國家運用信貸手段，鼓勵和扶持鄉(xiāng)鎮(zhèn)企業(yè)的發(fā)展”：“縣級以上人民政府依照國家有關規(guī)定，可以設立鄉(xiāng)鎮(zhèn)企業(yè)發(fā)展基金”，“鄉(xiāng)鎮(zhèn)企業(yè)發(fā)展基金專門用于扶持鄉(xiāng)鎮(zhèn)企業(yè)發(fā)展”等，但是因為缺乏有效的制度保障，這些規(guī)定很難落到實處。(四)從我國的金融管制來看企業(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)或公民與金融機構之間可以發(fā)生合法的借貸關系，然而企業(yè)與企業(yè)之間的借貸卻被視為非法借貸關系而為法律所不允許。這樣，對于中小企業(yè)來說，等于少了一條融資的途徑，無形之中也增加了中小企業(yè)的融資難度。三、中小型企業(yè)應制定合理融資的具體策略因此，對于在現(xiàn)階段我國的中小企業(yè)融資環(huán)境對中小企業(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，應注意以下幾個方面：(一)資金數(shù)量上追求合理性對以股份公司為代表的大企業(yè)來講，融資的目的在于實現(xiàn)最佳資本結(jié)構，即追求資金成本最低和企業(yè)價值最大；而對中小企業(yè)來講，融資的目的是直接確保生產(chǎn)經(jīng)營所需的資金。資金不足會影響生產(chǎn)發(fā)展，而資金過剩也會導致資金使用效果降低，形成浪費。由于中小企業(yè)融資不易，所以經(jīng)營者在遇到比較寬松的籌資環(huán)境時，往往容易犯“韓信點兵，多多益善”的錯誤。但如果籌來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)反倒可能背負沉重的債務負擔，進一步影響融資能力和獲利能力。因此，企業(yè)界在進行融資決策之初，要根據(jù)企業(yè)對資金的需要、企業(yè)自身的實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)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，但這并不是說中小企業(yè)只能“饑不擇食”，相反，由于中小企業(yè)的抗風險能力弱以及籌資困難，更應該對每筆資金善加權衡，綜合考慮經(jīng)營需要與資金成本、融資風險及投資收益等諸多方面的因素，必須把資金的來源和投向結(jié)合起來，分析資金成本率與投資收益串的關系，避免決策失誤。(三)資金結(jié)構上追求配比性中小企業(yè)的資金運用決定資金籌集的類型和數(shù)量。我們知道，企業(yè)總資產(chǎn)由流動資產(chǎn)和非流動資產(chǎn)兩部分構成。流動資產(chǎn)又分為兩種不同性態(tài)：一是其數(shù)量隨生產(chǎn)經(jīng)營的變動而波動的流動資產(chǎn)，即所謂的暫時性流動資產(chǎn)；二是類似于固定資產(chǎn)那樣長期保持穩(wěn)定水平的流動資產(chǎn)，即所謂的永久性流動資產(chǎn)。按結(jié)構上的配比原則，中小企業(yè)用于固定資產(chǎn)和永久性流動資產(chǎn)上的資金，以中長期融資方式籌措為宜；由于季節(jié)性、周期性和隨機因素造成企業(yè)經(jīng)營活動變化所需的資金，則主要以短期融資方式籌措為宜。強調(diào)融資和投資在資金結(jié)構上的配比關系對中小企業(yè)尤為重要。(四)資金運作上，在追求增量籌資的同時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，以滿足生產(chǎn)經(jīng)營需要；存量籌資是指在不增加資金總占用量的前提下，通過調(diào)整資金占用結(jié)構、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，以滿足企業(yè)不斷擴大的生產(chǎn)經(jīng)營需要。增量籌資與存量籌資的緊密結(jié)合，也反映出中小企業(yè)的籌資活動與投資活動的內(nèi)在必然聯(lián)系，因為存量籌資實際上就是一種資金運用，它屬于投資活動的范疇。比如，企業(yè)若能將閑置設備適時采用出租、出售轉(zhuǎn)讓等形式進行“存量籌資”，則不但可以避免損失和資金的積壓，而且有助于提高長期資金的流動性，減輕過于沉重的融資壓力。(五)籌資渠道上，追求以信譽取勝主動與金融機構保持良好關系，使之了解企業(yè)，看到企業(yè)遠大的前景，愿意支持企業(yè)的發(fā)展，這對每一個成功的中小企業(yè)經(jīng)營者來說都是必修的一課。具體包括兩個方面：一方面是對金融機構的選擇，應選擇對中小企業(yè)立業(yè)與成長前途感興趣并愿意對其投資的金融機構；能給予企業(yè)經(jīng)營指導的金融機構；分支機構多、交易方便的金融機構；資金充足，而且資金費用低的金融機構；員工素質(zhì)好、職業(yè)道德良好的金融機構等。另一方面是中小企業(yè)要主動向合作的金融機構溝通企業(yè)的經(jīng)營方針、發(fā)展計劃、財務狀況，說明遇到的困難，以實績和信譽贏得金融機構的信任和支持，而不應以各種違法或不正當?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、實力與所處階段在對融資收益與成本進行比較之后，認為確有必要融資時，就需要考慮選擇什么樣的融資方式。在選擇融資方式時，通常要考慮企業(yè)自身規(guī)模的大小、實力強弱以及企業(yè)所處的發(fā)展階段，同時結(jié)合不同融資方式的特點，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融資，因為創(chuàng)業(yè)初期，風險很大，很少有金融機構等債權人來為你融資。而在股權融資中，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)展到一定時期和規(guī)模以后，就可以選擇債權融資。債權融資主要來自金融機構，包括商業(yè)銀行和財務公司等。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)競爭力的融資方式中小企業(yè)融資通常會給企業(yè)帶來以下直接影響：首先，通過融資，可以壯大中小企業(yè)資本實力，增強中小企業(yè)的支付能力和發(fā)展后勁；其次，通過融資，可以提高中小企業(yè)的信譽，擴大企業(yè)產(chǎn)品的市場份額；再次，通過融資，可以擴大中小企業(yè)規(guī)模，增強企業(yè)獲利能力，從而充分利用規(guī)模經(jīng)濟優(yōu)勢提高企業(yè)在市場上的競爭力，加快企業(yè)的發(fā)展。但是企業(yè)競爭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，不僅會給企業(yè)帶來巨大的資金融通，還會大大提高企業(yè)的知名度和商譽，使企業(yè)的競爭力獲得提高。因此，在進行融資決策時，中小企業(yè)要先選擇最有利于提高競爭力的融資方式。隨著中國加入世界貿(mào)易組織，中國中小企業(yè)的準入領域?qū)M一步拓展，這為中小企業(yè)的發(fā)展提供了難得的機會，但同時也向中小企業(yè)提出了挑戰(zhàn)。而中小企業(yè)在發(fā)展中作出的融資決策，直接關系著中小企業(yè)的存亡，所以，中小企業(yè)的投融資決策中應在充分考慮企業(yè)自身條件的基礎上，考慮企業(yè)融資策略可行性的各個方面和可能會帶來的各種問題，尋求企業(yè)整體收益的均衡。SmallandMediumEnterprisesfinancingdecisionBusinessgeneration,survivalanddevelopmentareinseparablefromtheinvestmentandfinancingactivities.WithChina'saccessiontoWTOorganization,themarketeconomysystem,thegradualimprovementofthefinancialmarkets,rapiddevelopment,investmentandfinancingefficiencyisincreasinglybecomingthekeytothedevelopmentofenterprises.Forthesmallandmediumenterprises,accordingtotheirowndevelopmentneedsshouldseriouslyconsiderhowtoselecttheirownneedsandsuitedtotheirstageofdevelopmentfinancing,aswellasavarietyoffinancingtheuseoftiming,conditions,costsandrisks,determinetheappropriatesizeofthefinancingandthedevelopmentofthebestfinancingperiods.Tosolvetheseproblems,smallandmediumenterprisesneedtodevelopappropriatefinancingstrategiesinordertomakethemostoptimalfinancingdecision.First,anoverviewofcorporatefinancedecision-making(A)anoverviewofcorporatefinancedecision-makingCorporatefinancedecision-making,istheenterprisevaluecreationobjectivesinaccordancewithitsneeds,theuseofacertaintimingandchannelstotakecost-effectivefinancingtoolforcompaniestoraisethefundsneededforamarketbehavior.Itnotonlychangedthestructureofthecompany'sassetsandliabilities,butalsoaffectedtheinternalmanagement,businessperformance,sustainabledevelopmentandvaluegrowth.Atypicaldecision-makingincludingthesaleofwhatkindoffinancingofdebtandequity(financing),howtodeterminewhichtheywanttosellthevalueofdebtandequity(financingcosts),whentosellmoredebtandequity(financingopportunities)andsoon.Whichincludethefinancingofthesizeofthemostimportantdecision-makingandfinancingdecisions.Financingscaleenterprisesshouldbethepurposeofcompletingtheminimumrequirementsfortheuseoffunds.Thefinancingofenterprisesarediverse,commonthefollowing:1.Fiscalfinancing.Financialfinancingfromafinancialpointofviewout,canbedividedinto:budgetallocation,financialloans,throughauthorizedagenciesofthestate-ownedassetsinvestments,policy-orientedbankloans,specialconstructionofextrabudgetaryfunds,financialsubsidies.2.Bankfinancing.FromtheChinese-fundedfinancialpointofviewthatisoutoftheuseofbankfunds,themainsectionsofvariousgeneration,suchas:credit,mortgageloans,securedloan,discountedloans,leasefinancing,securitiesinvestment.3.Commercialfinancing.Itsthewaytheyarevaried,mainlyincludingtradetransactionprocessthattookplacebetweenenterprisesoncreditproducts,prepaidloansandotherforms.4.Gvoucherfinancing.Themethodincludestendering,financingandbondfinancingtwomajorcategories.(B)thefinancingdecision-makingprocessCorporatefinancingdecision-makingprocesstodevelop,thatistodeterminetheoptimalcapitalstructureprocess.Thespecificdecision-makingprocessis:First,whenasumofmoneytofinancecompaniesfacedseveralfinancingoptions,companiescancalculatethevariousfinancingoptionsrespectively,theweightedaveragecostofcapitalrate,andthenselectoneofthelowestweightedaveragecostofcapitalasa.Secondly,selectedthelowestweightedaveragecostofcapitalisjustthekindoffinancingoptionsbestZhuzhongprogramdoesnotmeanthatithasbecomethebestcapitalstructure,thistime,enterprisesshouldobservetheinvestorsintheloanpaymentrequest,thestockmarketpricefluctuations,etc.,accordingtofinancialanalysistodeterminethereasonablecapitalstructure,whilecorporatefinanceofficerscanusesomeofthefinancialanalysisofcapitalstructure,accessmoredetailedanalysis.Finally,accordingtoresultsoftheanalysisinthecorporatefinancingdecision-makingtofurtherimproveitscapitalstructure.(C)thegeneralideaoftheFinancingofSMEsSMEfinancegeneralideashouldbe:acombinationofinvestmentandfinanceinordertofinanceinvestment-driven.Financialdecision-makinginsmallandmediumenterprisesdonothavethefinancialdecision-makingasbigbusiness(especiallystockcompany),astheindependence,itshouldbeapartofbusinessinvestmentdecisions,financingmustbedirectinvestmentservices.ThismeansthattheSMEsinthedecision-makingmustpassinordertoleadtoinvestmentdecision-makinginthispartofthefinancialmanagementobjectives,ratherthanasstockcompanies,financedecision-makingandfinancialobjectivestoestablishadirectfunctionalrelationship.Thisisbecause:1.SMEfinancialgoalistomaximizeprofits,onlytheinvestmentactivitiesinordertobringprofitsfortheenterprise,thatistheoptimalinvestmentdecisionsistheoptimalfinancingdecision-making.2.TheobviouscontradictionbetweensupplyanddemandoffundsforSMEs,corporatefinancechannels,quantity,timeisinfluencedbyvariousobjectiveconditions.Toactlikelargecompaniestheflexibilitytousevariousmeanstofreelyadjustthecapitalstructure,forSMEsisunrealistic.Thus,fordecadesoperatinghistory,layermanagementbyprofessionalmanagersofsmallandmediumenterprises,financingplanforinvestmentservices,andmustbematchedwithinvestmentdemand,includingfinancingandfinancingtheamountoftimematching.Moreimportantly,theinvestmentprojectsthroughavarietyoffactorsmustbeconsidered,notblindmeansformisappropriatingacover,otherwiseeasilyleadtoinvestmentandfinancingdecision-makingfailures,leadingtoinvestmentfailure,damagetocorporaterights.Intheabsenceoftheoversightfunctionofthesmallandmediumenterprisesintheconductoftheproceedingsofaprojectfeasibilitystudyisnecessary,butonlyapartofthedecision-making,providefinancialinformation,thefeasibilityofthewholeschemecannotprovideadvice,butcannotserveasaviableprojectadecisivebasis.Strategyandinternalneedsofavarietyoffactorstoconsiderisveryimportant.[PaperNetWww.LunWenNet.Com]Second,ouranalysisofthefinancingenvironmentforSMEsEnterpriseisinacertainenvironment,avarietyofeconomicresources,theorganiccollection.Businessoperationstoadaptandunderstandtherequirementsofenvironmentalchange,tobeinvincible.Enterprisesarefacedwithanenvironmentispresentinthesurroundingbusinesses,affectingbusinesssurvivalanddevelopmentofvariousobjectivefactorsandforcesofthegeneral,itisthebasisforcorporatefinancingchoices.Atthemoment,thestatusquoofChina'sfinancingenvironmentforSMEsmainlyinthefollowingareas:(A)FromthesituationofSMEsinviewoftheirownChina'sSMEbusinessmanagementandtechnicallevelsarerelativelylow,alackofeffectiveinternalsupervisionandcontrolmechanisms,sucharesultiscausedbyinefficientuseoffunds,theriskisrelativelylarge.Thus,banksandotherfinancialinstitutionsanddevelopmentofSMEbusinessconfidenceislow,soitwillnoteasilyborrowfundstoSMEs.(B)frombanksandotherfinancialinstitutionsoperatingprinciplestoconsiderBanksandotherfinancialinstitutionspayattentiontofundtheoperationof"efficiency,safety,liquidity",inpractice,banksandotherfinancialinstitutionstogivecustomersaprerequisitefortheloanistoaskcustomerstoprovideeffectiveguaranteesforSMEswithlimitedself-financingduetounabletoprovideeffectivesecurity,whileforSMEsoperatingrisks,thethirdpersoninnormalcircumstanceswouldnotprovideguaranteesforthedebtofsmallandmediumenterprises.Sinceitisimpossibletoprovidefullandeffectiveguarantees,banksandotherfinancialinstitutionswillnotgiveloanstosmallandmediumenterprises.(C)fromthecountry'sindustrialpoliciesandeconomicpoliciesareconcernedLackofgovernmentsupportforSMEs,SMEfinancingdifficultiesalsocontributedtoanimportantreason.ChinaforSMEs,althoughthereareanumberofsupportivepolicies,suchas"ThePeople'sRepublicofChinaTownshipEnterpriseLaw,"whichalsostipulatesthat"thestatetousethecreditmeans,toencourageandsupportthedevelopmentoftownshipandvillageenterprises":"people'sgovernmentsabovethecountylevelinaccordancewithrelevantstateregulations,youcantheestablishmentofruralenterprisedevelopmentfund","townshipenterprisedevelopmentfunddedicatedtosupportthedevelopmentoftownshipenterprises",etc.,butbecauseofthelackofaneffectivesystemtoprotect,theseprovisionsaredifficulttoimplement.(D)fromtheviewofChina'sfinancialcontrolBetweenenterprisescannotborroweachothertosomeextentalsoincreasedthedifficultyoffinancingforSMEs.Basedonourcurrentlaw,amongthecitizens,businessesandcitizen,businessorcivicandfinancialinstitutionscanoccurbetweenthelegitimatelendingbetweenenterprisesandbetweenenterprises,however,beenregardedasillegalloanlendingrelationshipsarenotbylaw允許.Inthisway,forSMEs,hewouldloseameansoffinancing,intangibleintothefinancingofSMEshasalsoincreasedthedifficulty.Third,smallandmediumenterprisesshoulddevelopspecificstrategiesandreasonablefinancingTherefore,atthisstageofChina'sSMEfinancingenvironmentforSMEsintermsoffinancingofadversecircumstances,thefinancingofSMEsinthedevelopmentofspecificstrategiesshouldpayattentiontothefollowingaspects:(A)theamountoffundingthepursuitofrationalityRighttosharesofcompaniesonbehalfoflargeenterprisesintermsoffinancingaimedatachievingoptimalcapitalstructure,namely,thepursuitofcostofcapital,theminimumandmaximumbusinessvalue;whileforSMEsisconcerned,thepurposeoffinancingdirectlytoensurethatthenecessaryproductionandoperationoffunds.Lackoffundswillaffectthedevelopmentofproduction,butexcesscanleadtotheuseoffundsoffunds,diminishtheeffect,resultinginawaste.AstheSMEfinancingisnoteasy,sooperatorsaremorerelaxedinthefaceofthefundingenvironment,theyoftenaccusemeof"HanXinpointsoldiers,themorethebetter"error.However,ifthemoneyraisedisunreasonableornotwiththerealneeds,thenagoodthingbecomesabadthing,companieshand,maycarryaheavydebtburden,furtheraffectthefinancingcapabilityandprofitability.Therefore,thebusinesscommunityduringthebeginningoffinancingdecision,accordingtotheneedsofenterprisesforcapital,corporatefinancetheirownactualconditionsandtheeaseandcostofdecision-makingcircumstances,whatonecandeterminethesizeofcorporatefinanceandreasonable.(B)thepursuitofeffectivenessoftheuseoffundsThefinancingchannelsforSMEsandlargeenterprisesdonotlikethewaythereisabigchoice,butthatdoesnotmeanthatSMEscanonlybe"beggars"Onthecontrary,duetoweakrisk-resistingabilityofSMEs,aswellasfundingdifficulties,butalsoshouldeachfundtomakegoodtrade-off,consideringtheoperatingneedsandcapitalcosts,financingriskandinvestmentincome,andmanyotherfactors,mustbethesourceoffundsandtoinvestincombinedanalysisofthecostofcapitalrateofreturnoninvestmenttherelationshipbetweenthestringstoavoidmakingmistakes.(C)thepursuitoftheratioofcapitalstructureTheuseoffundsforSMEsdecidethetypeandquantityoffunding.Weknowthatthetotalassetsofenterprisesandnon-currentassetsbycurrentassetsoftwoparts.Currentassetsaredividedintotwodistinctbehavior:First,theirnumberchangeswithfluctuationsinproductionandmanagementofliquidassets,namely,theso-calledtransientliquidassets;2issimilartotheleveloffixedassets,aslong-termstabilityofliquidassets,namely,Theso-calledpermanentcurrentassets.Accordingtothestructureofthematchingprinciple,smallandmediumenterprisesforfixedassetsandpermanentcurrentassetsonthefinancialresourcestothefinancingofmediumandlongtermfinancingisappropriate;duetoseasonal,cyclicalandrandomfactorscontributetochangesinbusinessactivities,thefundsrequiredaremainlythefinancingofshort-termfinancingisappropriate.Emphasizesfinancingandinvestmentinthecapitalstructureratioontherelationshipbetweenpairsofsmallandmediumenterprisesisparticularlyimportant.(D)capitaloperation,inthepursuitofincrementalfundingatthesametimepaymoreattentiontofinancingofstockIncrementalfundingmeansaquantitativeincreaseinthetotaloccupationoftheamountoffundstomeettheproductionandoperationneeds;stockfinancingisdefinedasthetotaloccupiedwithoutincreasingtheamountoffundsunderthepremiseofthestructurebyadjustingtheamountoffundsusedtoacceleratecapitalturnover,andtrytoavoidunreasonabletheuseoffundstoimprovetheuseoffundseffectsunitstomeetthebusinessneedsoftheexpandingproductionandoperation.IncrementfinancingandthestockoftheclosecombinationoffundingalsoreflectsthefinancingofSMEsandinvestmentactivities,theinherentconnectionbetweenthestockoffinancingbecauseitisactuallyakindofutilizationofcapitalanditbelongstothescopeofinvestmentactivities.Forexample,companieswouldbethetimelyuseofidleequipment,rent,selltransfertheformof"inventoryfinancing",itwillnotpreventlossesandcapitalbacklog,butalsohelpimprovelong-termcapitalmobility,relievepressureonthefinancingtooheavy.(E)sourcesoffunding,thepursuitofcredibilitytowinTaketheinitiativetomaintaingoodrelationswithfinancialinstitutionstomakeitunderstandthebusinessandseegreatprospectsforcompanieswillingtosupportthedevelopmentofenterprises,whicheverysuccessfulSMEoperatorswhoarecompulsorylesson.Includingitstwoaspects:oneisthechoiceoffinancialinstitutions,shouldbechosencareerandgrowthofSMEsinthefuturefortheirinterestandwillingnesstoinvestinfinancialinstitutions;canprovidebusinessguidancetofinancialinstitutions;branchesandmoreconvenienttransactionsoffinancialinstitutions;well-funded,andthelowcostoffundsoffinancialinstitutions;staffquality,professionalethicssoundfinancialinstitutions.Theotherhand,cooperationbetweenSMEstotaketheinitiativetocommunicatewithfinancialinstitutions,corporatebusinesspolicy,developmentplans,financialposition,indicatingthedifficultiesencounteredinordertowintheperformanceandcredibilityoffinancialinstitutions,trustandsupport,ratherthanavarietyofillegalorimpropermeansoftakingmoney.(Vi)financing,selecttheappropriatesizeoftheenterpriseitself,thestrengthandthestageofFinanceincomeandcostsonacomparisonthatreallynecessaryfinancing,weneedtoconsiderwhatkindoffinancingoptions.Inthechoiceoffinancing,usuallyontheirowntoconsiderthesize,strength,strongorweak,andcorporatestageofdevelopment,combinedwiththecharacteristicsofthedifferentmeansoffinancing,selecttheappropriatemeansoffinancingofthisenterprisedevelopment,forexample,intheearlydaysofSMEs,itsfinancingmethodsyoucanchooseequityfinancing,becausetheearlystart,highrisk,veryfewfinancialinstitutionsandothercreditorstothefinancingforyou.Inequityfinancing,businessownersandtheirfriendsandfamilymembersaccountedforthevas