中小民营企业融资对策探讨

                        中文摘要
    融资是企业经营管理的基础工作，任何一个企业的创立、生存、发展都需要资金的融通和运作。当前，我国中小民营企业在发展中遇到的融资问题更为突出和复杂，在很大程度上已成为中小民营企业成长的“瓶颈”。本文以昌达公司为研究对象，对中小民营企业融资问题进行了探讨。
    中小民营企业融资难的原因既有政策体制方面的原因，也有中小民营企业自身的原因，解决融资难的关键在于中小民营企业自身。在现实情况下，中小民营企业融资决策必须立足实际，找出适合自己的融资渠道和方式。
    融资渠道是指企业取得资金来源的方向和通道，融资方式是指取得资金的具体形式和手段。企业运用各种方式筹集的资金，从性质上，可以分为两大类:权益性资本和负债性资本。筹集权益性资本的方式主要有:吸收直接投资、股票筹资、企业内部积累等;负债性资本的筹集方式主要有银行借款、发生债券、融资租赁筹资、贸易性融资等。融资渠道和方式的正确选择，有利于企业合理确定资本结构，降低筹资成本和风险。
    由于企业财务管理要与整个公司的经营管理紧密协调并保持一致，因此，企业的融资就必须服从于企业总体的经营目标，企业的治理结构、规模、内部管理水平、生产技术水平、市场地位、投资决策、诚信度等因素都会对企业的融资产生重要的影响。
    中小民营企业的性质以及每个企业所处的成长阶段、规模大小、生产技术水平、销售情况、盈利能力及竞争能力等所具有的个性特征决定了其对融资渠道、方式、资本结构和成本选择能力。对中小民营企业而言，由于其融资能力较弱，一般融资渠道和方式是向银行借贷、内部集资、企业间借贷等为基本方式。随着企业规模的扩大，权益性融资、债务融资、租赁融资、价值链融资及项目融资等方式也是企业融资的重要渠道。
    本文从我国当前中小民营企业所处的实际环境出发，从企业自身角度研究中小民营企业融资决策问题，找出符合国情的融资方式、渠道以及提高企业管理水平的思路来解决融资难问题，并结合昌达公司的实际，为该企业制定了融资方案。

    关键词:中小民营企业融资渠道融资方式昌达公司融资方案

                                Abstract
    Fund-circulation is foundation of the enterprise's management, and any business
enterprise which wants to exist, develop need the funds circulation and operation.
nowadays,  the  small  and medium-sized  enterprises  in   our  country  meet  more
outstanding and complicated problems ,which have become the”bottleneck" that prevent
them growing up .This essay ,used ChangDa company as for research object, researches
on the countermeasure of fund-circulation for small and medium-sized enterprises.
    The reason of the current fund-circulation problems for small and meduim-sized
enterprises include policy and themselves .The key to the solution is that they should
cope with the difficulty by themselves. Under the realistic circumstance, the decision
must have a foothold actual, ways of fund-circulation must be fit for themselves.
    The find-raising outlet the direction of the passage for business enterprise acquisition
funds and the method is a concrete form to point to obtain the funds. The kinds of
enterprises raising funds can be divided into the two major type: Rights capital and
liabilities capital. The main ways of raising funds in rights to have:Absorption direct
invest, the stock, internal backlog in business enterprise etc. The liabilities raises capitally
way primarily contain bank borrow funds, take place the bond, margin leases money
raising, trade  margin etc. The right choice reasonable to make sure  the capital
construction, lowering the money raising cost and the risk.
    Because the business enterprise finance management must be in accordance with the
whole management the company and  can't exsit  independently, therefore ,it must obey
in the total the target of the management in business enterprise, the business enterprise
manages the construction, scale, inner part management level, produce the technique level
market position, investment the decision, trustworthiness an etc. factor will produce the
important influence to the fund raising of the business enterprise.
    The quality of medium-sized and small private enterprises, together with their
developing processes, scales, production technique levels, sales, profit probability and
competitive ability have a deep effect on their passages and ways of fund- raising，their
ways of fund- raising ,capital structures and selection of cost accounting. For the
enterprises of this kind, because of their weakness of financing ability, their financing
channels and financing ways often turn to bank loan, capital-collection within enterprises,
and financial transferring among enterprises. And when their scales become larger,
financing with rights and interests, financing through debt, financial lease, value-oriented
financing and project financing and so on will become the important financing channels
to themselves.
    This essay researches on the practical countermeasures of fund-circulation for small
and medium-sized enterprises from the enterprise's own viewpoints ,trying to find a
suitable ways and passage to raise funds in order to improve the management for solving
the financial  problems ,and especially gives ChangDa  company a countermeasure for
fund-raising according  to its reality.
Key words: Private SMEs  The  Passage of Fund-raising The Way of Fund-raising ChangDa company
The Project for Fund-raising