中小企業(yè)融資問(wèn)題與對(duì)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(dòng)。隨著我國(guó)加入WTO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)，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。(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(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)給予客戶貸款的一個(gè)前提條件就是要求客戶能夠提供有效的擔(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)展基金專門用于扶持鄉(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)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)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)閯?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。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