(外文文献)中小型企业融资决策.doc

《(外文文献)中小型企业融资决策.doc》由会员分享，可在线阅读，更多相关《(外文文献)中小型企业融资决策.doc（29页珍藏版）》请在得力文库 - 分享文档赚钱的网站上搜索。

1、_ 中小型企业融资决策 企业的产生、生存及发展均离不开投资与融资活动。随着我国加入 WTO 组织， 市场经济体制的逐步完善，金融市场的快速发展，投资与融资效率也越来越成为企 业发展的关键。对于中小型企业而言，应要根据自身发展需求，认真考虑如何选择 自己需要和适合自己发展阶段的融资方式以及各种融资方式的利用时机、条件、成 本和风险，确定合适的融资规模以及制定最佳融资期限等问题。要解决这些问题， 需要中小型企业制定适当的融资策略，以作出最优化的融资决策。 一、企业融资决策概述 (一) 企业融资决策概述 企业融资决策，是企业根据其价值创造目标需要，利用一定时机与渠道，采取 经济有效的融资工具，为公司

2、筹集所需资金的一种市场行为。它不仅改变了公司的 资产负债结构，而且影响了企业内部管理、经营业绩、可持续发展及价值增长。典 型的融资决策包括出售何种债务和股权（融资方式）、如何确定所要出售债务和股 权的价值（融资成本）、何时出售些债务和股权（融资时机）等等。而其中最主要 的包括融资规模的决策和融资方式的决策。融资规模应为企业完成资金使用目的的 最低需要量。而企业的融资方式则多种多样，常见的以下几种： 1权机构的国有资产投资、政策性银行贷款、预算外专项建设基金、财政 补贴。 2银行融资。 从资金融出角度即银行的资金运用来说，主要是各种代款，例如： 信用贷款、抵押贷款、担保贷款、贴现贷款、融资租凭、

3、证券投资。 3商业融资。其方式也是多种多样，主要包括商品交易过程中各企业间发生的 赊购商品、预收货款等形式。 4政券融资。该方式主要包括股标融资和债券融资两大类。 (二)融资决策过程 企业制定融资决策的过程，也即确定最优资本结构的过程。具体决策程序是： 首先，当一家企业为筹措一笔资金面临几种融资方案时，企业可以分别计算出各个 融资方案的加权平均资本成本率，然后选择其中加权平均资本成本率最低的一种。 其次，被选中的加权平均资本成本率最低的那种融资方案只是诸种方案中最佳的， 并不意味着它已经形成了最佳资本结构，这时，企业要观察投资者对贷出款项的要 求、股票市场的价格波动等情况，根据财务判断分析资本

4、结构的合理性，同时企业 财务人员可利用一些财务分析方法对资本结构通行更详尽的分析。最后，根据分析 结果，在企业进一步的融资决策中改进其资本结构。 (三)中小企业融资的总思路 中小企业融资的总体思路应是：投资与融资相结合，以投资带动融资。融资决 策在中小企业财务决策中并不具备像大企业（尤其是股份公司）那样的独立性，它 应该是企业投资决策的一部分，融资必须直接为投资服务。这也就是说，中小企业 的融资决策必须通过投资决策这一环节才能通向财务管理目标，而不是像股份公司 那样，融资决策与财务目标之间可以建立直接的函数关系。这是因为： 1.中小企业财务目标是利润最大化，只有投资活动才能为企业带来利润，即最

5、 优的投资决策就是最优的筹资决策。 2. 中小企业的资金供需矛盾突出，企业融资的渠道、数量、时间都受到各种 客观条件的限制。要像大企业那样灵活地运用多种手段来自由调整资本结构，对中 小企业来说是不现实的。 因此，对于有数十年经营历史，由职业经理层管理的中小型企业而言，融资计 划是为投资服务的，必须与投资需求相匹配，包括融资金额和融资时间上的匹配。 更重要的，投资项目必须是经过多方面因素考虑的，不是盲目圈钱的幌子，否则容 易出现投融资决策失效，导致投资失败、损害企业权益的问题。在监督职能缺乏的 中小型企业中，进行程序化的项目可行性论证是必要的，但只是决策的一个部分， 提供财务上的参考，不能对整个

6、计划是否可行提供意见，更不能作为项目可行的决 定性依据。战略和内部需要等各种因素综合考虑是很重要的。 二、 我国中小型企业融资环境分析 企业是在一定环境下的各种经济资源的有机集合体。企业运营只有适应和了解 环境变化的要求，才能立于不败之地。企业面临的环境是指存在于企业周围，影响 企业生存和发展的各种客观因素和力量的总称，它是企业选择筹资方式的基础。就 现阶段而言，我国中小企业的融资环境现状主要有以下几个方面： (一)从中小企业自身的状况来看 我国中小企业的经营管理水平和技术水平往往比较低，企业内部缺乏有效的监 督制约机制，这样造成的一个结果就是资金使用效率不高，风险比较大。因此，银 行等金融机

7、构对中小企业经营和发展的信任度很低，所以也不会轻易地将资金借贷 给中小企业。 (二)从银行等金融机构的经营原则来考虑 银行等金融机构的经营讲究资金的“效益性、安全性、流动性”，在实践中银 行等金融机构给予客户贷款的一个前提条件就是要求客户能够提供有效的担保，中 小企业自身则因资力有限而无法提供有效的担保，同时因为中小企业经营的风险 性，第三人在一般情况下也不会为中小企业的债务提供担保。既然不能提供足额有 效的担保，银行等金融机构就不会给中小企业发放贷款。 (三)从国家的产业政策和经济政策来看 政府对中小企业的扶持不足也是造成中小企业融资难的一个重要原因。我国对 中小企业虽然也有一些扶持政策，比

8、如中华人民共和国乡镇企业法当中也规定， “国家运用信贷手段，鼓励和扶持乡镇企业的发展”：“县级以上人民政府依照国 家有关规定，可以设立乡镇企业发展基金”，“乡镇企业发展基金专门用于扶持乡 镇企业发展”等，但是因为缺乏有效的制度保障，这些规定很难落到实处。 (四)从我国的金融管制来看 企业之间不能相互借贷也在一定程度上增加了中小企业融资的难度。依据我国 现行法律，公民之间、企业与公民之间、企业或公民与金融机构之间可以发生合法 的借贷关系，然而企业与企业之间的借贷却被视为非法借贷关系而为法律所不允 许。这样，对于中小企业来说，等于少了一条融资的途径，无形之中也增加了中小 企业的融资难度。 三、中小

9、型企业应制定合理融资的具体策略 因此，对于在现阶段我国的中小企业融资环境对中小企业融资不利的情况下而 言，中小企业在制定具体的融资策略时，应注意以下几个方面： (一)资金数量上追求合理性 对以股份公司为代表的大企业来讲，融资的目的在于实现最佳资本结构，即追 求资金成本最低和企业价值最大；而对中小企业来讲，融资的目的是直接确保生产 经营所需的资金。资金不足会影响生产发展，而资金过剩也会导致资金使用效果降 低， 形成浪费。 由于中小企业融资不易，所以经营者在遇到比较宽松的筹资环境时， 往往容易犯“韩信点兵，多多益善”的错误。但如果筹来的资金用得不合理或者并 非真正需要，那么好事就变成了坏事，企业反

10、倒可能背负沉重的债务负担，进一步 影响融资能力和获利能力。因此，企业界在进行融资决策之初，要根据企业对资金 的需要、企业自身的实际条件以及融资决策的难易程度和成本情况下，量力而行， 确定企业合理的融资规模。 (二)资金使用上追求效益性 中小企业在融资渠道和方式上不像大企业那样存在较大的选择余地，但这并不 是说中小企业只能“饥不择食”，相反，由于中小企业的抗风险能力弱以及筹资困 难，更应该对每笔资金善加权衡，综合考虑经营需要与资金成本、融资风险及投资 收益等诸多方面的因素，必须把资金的来源和投向结合起来，分析资金成本率与投 资收益串的关系，避免决策失误。 (三)资金结构上追求配比性 中小企业的资

11、金运用决定资金筹集的类型和数量。我们知道，企业总资产由流 动资产和非流动资产两部分构成。流动资产又分为两种不同性态：一是其数量随生 产经营的变动而波动的流动资产，即所谓的暂时性流动资产；二是类似于固定资产 那样长期保持稳定水平的流动资产，即所谓的永久性流动资产。按结构上的配比原 则，中小企业用于固定资产和永久性流动资产上的资金，以中长期融资方式筹措为 宜；由于季节性、周期性和随机因素造成企业经营活动变化所需的资金，则主要以 短期融资方式筹措为宜。强调融资和投资在资金结构上的配比关系对中小企业尤为 重要。 (四)资金运作上，在追求增量筹资的同时更加注重存量筹资 增量筹资指从数量上增加资金总占用量

12、，以满足生产经营需要；存量筹资是指 在不增加资金总占用量的前提下，通过调整资金占用结构、加速资金周转，尽量避 免不合理的资金使用，提高单位资金的使用效果，以满足企业不断扩大的生产经营 需要。增量筹资与存量筹资的紧密结合，也反映出中小企业的筹资活动与投资活动 的内在必然联系， 因为存量筹资实际上就是一种资金运用， 它属于投资活动的范畴。 比如，企业若能将闲置设备适时采用出租、出售转让等形式进行“存量筹资”，则 不但可以避免损失和资金的积压，而且有助于提高长期资金的流动性，减轻过于沉 重的融资压力。 (五)筹资渠道上，追求以信誉取胜 主动与金融机构保持良好关系，使之了解企业，看到企业远大的前景，愿

13、意支 持企业的发展，这对每一个成功的中小企业经营者来说都是必修的一课。具体包括 两个方面：一方面是对金融机构的选择，应选择对中小企业立业与成长前途感兴趣 并愿意对其投资的金融机构；能给予企业经营指导的金融机构；分支机构多、交易 方便的金融机构；资金充足，而且资金费用低的金融机构；员工素质好、职业道德 良好的金融机构等。另一方面是中小企业要主动向合作的金融机构沟通企业的经营 方针、发展计划、财务状况，说明遇到的困难，以实绩和信誉赢得金融机构的信任 和支持，而不应以各种违法或不正当的手段套取资金。 (六)筹资方式上，选择适合企业本身规模、实力与所处阶段 在对融资收益与成本进行比较之后，认为确有必要

14、融资时，就需要考虑选择什 么样的融资方式。在选择融资方式时，通常要考虑企业自身规模的大小、实力强弱 以及企业所处的发展阶段，同时结合不同融资方式的特点，选择适合本企业发展的 融资方式，例如，在中小企业创业初期，其融资方式可以上选择股权融资，因为创 业初期，风险很大，很少有金融机构等债权人来为你融资。而在股权融资中，企业 主与其朋友和家庭成员的资金占了绝大多数。这部分融资是属于“内部人融资”或 “内部融资”，也叫企业“自己投资”。到中小企业发展到一定时期和规模以后， 就可以选择债权融资。债权融资主要来自金融机构，包括商业银行和财务公司等。 属于高科技行业的中小企业，可以考虑到创业板市场发行股票融

15、资；不符合上市条 件的中小企业，则可以考虑银行贷款融资等。 (七) 融资方式上，选择最有利于提高企业竞争力的融资方式 中小企业融资通常会给企业带来以下直接影响：首先，通过融资，可以壮大中 小企业资本实力，增强中小企业的支付能力和发展后劲；其次，通过融资，可以提 高中小企业的信誉，扩大企业产品的市场份额；再次，通过融资，可以扩大中小企 业规模，增强企业获利能力，从而充分利用规模经济优势提高企业在市场上的竞争 力，加快企业的发展。但是企业竞争力的提高程度因企业融资方式、融资收益的不 同而存在很大差异。比如，股票融资、尤其是初次发行普通股并上市流通，不仅会 给企业带来巨大的资金融通，还会大大提高企业

16、的知名度和商誉，使企业的竞争力 获得提高。因此，在进行融资决策时，中小企业要先选择最有利于提高竞争力的融 资方式。 随着中国加入世界贸易组织，中国中小企业的准入领域将会进一步拓展，这为 中小企业的发展提供了难得的机会，但同时也向中小企业提出了挑战。而中小企业 在发展中作出的融资决策，直接关系着中小企业的存亡，所以，中小企业的投融资 决策中应在充分考虑企业自身条件的基础上，考虑企业融资策略可行性的各个方面 和可能会带来的各种问题，寻求企业整体收益的均衡。 Small and Medium Enterprises financing decision Business generation, su

17、rvival and development are inseparable from the inves tment and financing activities. With Chinas accession to WTO organization, the market economy system, the gradual improvement of the financial markets, rapid development, investment and financing efficiency is increasingly becoming the key to the

18、 development of enterprises. For the small and medium enterprises, accord ing to their own development needs should seriously consider 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,

19、determine the approp riate size of the financing and the development of the best financing periods. To solve these problems, small and medium enterprises need to develop appropriate financing strategies in order to make the most optimal financing decision. First, an overview of corporate finance dec

20、ision-making (A) an overview of corporate finance decision-making Corporate finance decision-making, is the enterprise value creation 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

21、 market behavior. It not only changed the structure of the companys assets and liabilities, but also affected the internal management, 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

22、), how to determine which they want to sell the value of debt and equity (financing costs), when to sell more de bt and equity (financing opportunities) and so on. Which include the financing o Financi f the size of the most important decision-making and financing decisions. ng scale enterprises sho

23、uld be the purpose of completing the minimum requiremen ts for the use of funds. lowing: The financing of enterprises are diverse, common the fol 1. Fiscal financing. Financial financing from a financial point of view out, can be divided into: budget allocation, financial loans, through authorized a

24、gencie s of the state-owned assets investments, policy-oriented bank loans, special constru ction of extrabudgetary funds, financial 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: c

25、redit, mortgage loans, secured loan, discounted loans, lease financing, securities i nvestment. 3. Commercial financing. Its the way they 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 finan

26、cing. The method includes tendering, financing and bond financing two major categories. (B) the financing decision-making process Corporate financing decision-making process to develop, that is to determine the optimal capital structure process. The specific decision-making process is: Fi rst, when

27、a sum of money to finance companies faced several financing options, companies can calculate the various financing options respectively, 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 averag

28、e cost of capital is just the kind of financing options best Zhuzhong program does not mean that it has become the best capital structure, this time, enterprises should observe the investors in the loan payment request, the stock market price fluctuations, etc., a ccording to financial analysis to d

29、etermine the reasonable capital structure, while c orporate finance officers can use some of the financial analysis of capital structur e, access more detailed analysis. Finally, according to results of the analysis in t he corporate financing decision-making to further improve its capital structure

30、. (C) the general idea of the Financing of SMEs SME finance general idea should be: a combination of investment and finan ce in order to finance investment-driven. Financial decision-making in small and medium enterprises do not have the financial decision-making as big business (esp ecially stock c

31、ompany), as the independence, it should be a part of business inves tment decisions, financing must be direct investment services. This means 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

32、 as stock c ompanies, finance decision-making and financial objectives to establish a direct fu nctional relationship. This is because: 1. SME 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

33、 is the optimal financing decision-making.2. The obvious contradiction between supply and demand of funds for SME s, corporate finance channels, quantity, time is influenced by various objective con ditions. To act like large companies the flexibility to use various means to freely adjust the capita

34、l structure, for SMEs is unrealistic. Thus, for decades operating history, layer management by professional mana gers of small and medium enterprises, financing plan for investment services, and must be matched with investment demand, including financing and financing the amount of time matching. Mo

35、re importantly, the investment projects through a v ariety of factors must be considered, not blind means for misappropriating a cover, otherwise easily lead to investment and financing decision-making failures, leadin g to investment failure, damage to corporate rights. In the absence of the oversi

36、 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 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

37、 a decisive basis. internal needs of a variety of factors to consider is very important. Www.LunWenNet.Com Second, our analysis of the financing environment for SMEs Strategy and Paper Net Enterprise is in a certain environment, a variety of economic resources, the organic collection. Business opera

38、tions to adapt and understand the requirements Enterprises are faced with an environ of environmental change, to be invincible. ment is present in the surrounding businesses, affecting business survival and deve lopment of various objective factors and forces of the general, it is the basis for corp

39、orate financing choices. At the moment, the status quo of Chinas financing environment for SMEs mainly in the following areas: (A) From the situation of SMEs in view of their own Chinas SME business management and technical levels are relatively low, a lack of effective internal supervision and cont

40、rol mechanisms, such a result is ca used by inefficient use of funds, the risk is relatively large. Thus, banks and oth er financial institutions 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 p

41、rinciples to consid er Banks and other financial institutions pay attention to fund the operation of efficiency, safety, liquidity, in practice, banks and other financial institutions to give customers a prerequisite for the loan is to ask customers to provide effective guarantees for SMEs with limi

42、ted self-financing due to unable to provide effectiv e security, while for SMEs operating risks, the third person in normal circumstanc es would not provide guarantees for the debt of small and medium enterprises. Since it is impossible to provide full and effective guarantees, banks and other fin a

43、ncial institutions will not give loans to small and medium enterprises. (C) from the countrys industrial policies and economic policies are concerne d Lack of government support for SMEs, SME financing difficulties also contr ibuted to an important reason. China for SMEs, although there are a number

44、 of supportive policies, such as The Peoples Republic of China Township Enterprise Law, which also stipulates that the state to use the credit means, to encourage and support the development of township and village enterprises: peoples gove rnments above the county level in accordance with relevant

45、state regulations, you can the establishment of rural enterprise development fund , township enterprise development fund dedicated to support the development of township enterprises , etc., but because of the lack of an effective system to protect, these provisions a re difficult to implement. (D) f

46、rom the view of Chinas financial control Between enterprises can not borrow each other to some extent also increase d the difficulty of financing for SMEs. Based on our current law, among the cit izens, businesses and citizen, business or civic and financial institutions can occur between the legiti

47、mate lending between enterprises and between enterprises, howe ver, been regarded as illegal loan lending relationships are not by law 允许. In t his way, 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 ent

48、erprises should develop specific strategies and r easonable financing Therefore, at this stage of Chinas SME financing environment for SMEs in terms of financing 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 rationality Right to shares of companies on behalf of large enterprises in terms of fina ncing aimed at achieving optimal capital structure, namely, the pursuit of cost of capital, the minimum and maximum business value; while for SMEs is concer