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1、英文原文Facts for YouSmall and Medium Enterprises financing decisionRobert C. MertonAbstractBusiness generation, survival and development are inseparable from the investment and financing activities. With Chinas accession to WTO organization, the market economy system, the gradual improvement of the fin
2、ancial markets, rapid development, investment and financing efficiency is increasingly becoming the key to the development of enterprises. For the small and medium enterprises, according to their own development needs should seriously consider how to select their own needs and suited to their stage
3、of development financing, as well as a variety of financing the use of timing, conditions, costs and risks, determine the appropriate 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 s
4、trategies in order to make the most optimal financing decision.1. an overview of corporate finance decision-making 1.1 an overview of corporate finance decision-makingCorporate finance decision-making, is the enterprise value creation objectives in accordance with its needs, the use of a certain tim
5、ing and channels to take cost-effective financing tool for companies to raise the funds needed for a market behavior. 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。 It not only changed the structure of the companys assets and liabilities, but also affected the internal management, business performanc
6、e, sustainable development and value growth. 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。 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 cos
7、ts), when to sell more debt and equity (financing opportunities) and so on. 而其中最主要的包括融资规模的决策和融资方式的决策。 Which include the financing of the size of the most important decision-making and financing decisions. 融资规模应为企业完成资金使用目的的最低需要量。 Financing scale enterprises should be the purpose of completing the min
8、imum requirements for the use of funds. 而企业的融资方式则多种多样，常见的以下几种： The financing of enterprises are diverse, common the following: 1. Fiscal financing. 财政融资方式从融出的角度来讲，可分为：预算内拨款、财政贷款、通过授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。 Financial financing from a financial point of view out, can be divided into: budget
9、allocation, financial loans, through authorized agencies of the state-owned assets investments, policy-oriented bank loans, special construction of extra budgetary funds, financial subsidies. 2. Bank financing. 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、 证券投资。 From the Chinese-funded fina
10、ncial 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 investment. 3. 商业融资。Commercial financing. 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。 Its the way they are var
11、ied, mainly including trade transaction process that took place between enterprises on credit products, prepaid loans and other forms. 4. 政券融资。 G voucher financing. 该方式主要包括股标融资和债券融资两大类。 The method includes tendering, financing and bond financing two major categories. 1.2 The financing decision-makin
12、g processCorporate financing decision-making process to develop, that is to determine the optimal capital structure process.The specific decision-making process is: First, when a sum of money to finance companies faced several financing options, companies can calculate the various financing options
13、respectively, the weighted average cost of capital rate, and then select one of the lowest weighted average cost 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 capita
14、l structure, this time, enterprises should observe the investors in the loan payment request, the stock market price fluctuations, etc., according to financial analysis to determine the reasonable capital structure, while corporate finance officers can use some of the financial analysis of capital s
15、tructure, access more detailed analysis.Finally, according to results of the analysis in the corporate financing decision-making to further improve its capital structure.1.3 The general idea of the Financing of SMEs SME finance general idea should be: a combination of investment and finance in order
16、 to finance investment-driven. 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。 Financial decision-making in small and medium enterprises do not have the financial decision-making as big business (especially stock company), as the independence, it should be a part of business invest
17、ment decisions, financing must be direct investment services. 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。 This means that the SMEs in the decision-making must pass in order to lead to investment decision-making in this part of the financial management objectives, rather
18、than as stock companies, finance decision-making and financial objectives to establish a direct functional relationship. 这是因为： This is because: 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，即最优的投资决策就是最优的筹资决策。 1. SME financial goal is to maximize profits, only the investment activities in order to bring profits f
19、or the enterprise, that is the optimal investment decisions is the optimal financing decision-making. 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。 2. The obvious contradiction between supply and demand of funds for SMEs, corporate finance channels, quantity, time is influenced by various objective co
20、nditions. 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。 To act like large companies the flexibility to use various means to freely adjust the capital structure, for SMEs is unrealistic. 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。 Thus, for decades operating history, layer manag
21、ement by professional managers 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. 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。 More importantly, the in
22、vestment projects through a variety of factors must be considered, not blind means for misappropriating a cover, otherwise easily lead to investment and financing decision-making failures, leading to investment failure, damage to corporate rights. 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
23、，不能对整个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。 In the absence of the oversight function of the small and medium enterprises in the conduct of the proceedings of a project feasibility study is necessary, but only a part of the decision-making, provide financial information, the feasibility of the whole scheme can
24、 not provide advice, but can not serve as a viable project a decisive basis. 战略和内部需要等各种因素综合考虑是很重要的。 Strategy and internal needs of a variety of factors to consider is very important.Paper Net Www.LunWenNet.Com 2. Our analysis of the financing environment for SMEs Enterprise is in a certain environme
25、nt, 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 environment is present in the surrounding businesses, affecting business survival and development of variou
26、s 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: 2.1 From the situation of SMEs in view of their own 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
27、资金使用效率不高，风险比较大。 Chinas SME business management and technical levels are relatively low, a lack of effective internal supervision and control mechanisms, such a result is caused by inefficient use of funds, the risk is relatively large. 因此，银行等金融机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。 Thus, banks and o
28、ther financial institutions and development of SME business confidence is low, so it will not easily borrow funds to SMEs. 2.2 From banks and other financial institutions operating principles to consider Banks and other financial institutions pay attention to fund the operation of efficiency, safety
29、, 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 limited self-financing due to unable to provide effective security, while for SMEs operating risks, the third person in nor
30、mal circumstances would not provide guarantees for the debt of small and medium enterprises. 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。 Since it is impossible to provide full and effective guarantees, banks and other financial institutions will not give loans to small and medium enterprises. (三)从国家的产业政策和经济政
31、策来看 2.3 From the countrys industrial policies and economic policies are concerned 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。 Lack of government support for SMEs, SME financing difficulties also contributed to an important reason. 我国对中小企业虽然也有一些扶持政策，比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
32、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。 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, to encourage and support the development of
33、township and village enterprises: peoples governments 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 development of township enterprises , etc., but b
34、ecause of the lack of an effective system to protect, these provisions are difficult to implement. (四)从我国的金融管制来看 2.4 From the view of Chinas financial control 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。 Between enterprises can not borrow each other to some extent also increased the difficulty of financing for SM
35、Es. 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。 Based on our current law, among the citizens, businesses and citizen, business or civic and financial institutions can occur between the legitimate lending between enterprises and between enterprises, however, been reg
36、arded as illegal loan lending relationships are not by law. In this way, for SMEs, he would lose a means of financing, intangible into the financing of SMEs has also increased the difficulty. 3. Small and medium enterprises should develop specific strategies and reasonable financingTherefore, at thi
37、s stage of Chinas SME financing environment for SMEs in terms of financing of adverse circumstances, the financing of SMEs in the development of specific strategies should pay attention to the following aspects: 3.1 The amount of funding the pursuit of rationality Right to shares of companies on beh
38、alf of large enterprises in terms of financing aimed at achieving optimal 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 operation of funds.
39、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。 Lack of funds will affect the development of production, but excess can lead to the use of funds of funds, diminish the effect, resulting in a waste. 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。 As the SME financing is not easy, so operators are more relaxed
40、 in the face of the funding environment, they often accuse me of Han Xin point soldiers, the more the better error. 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。 However, if the money raised is unreasonable or not with the real needs, then a good thing becomes a bad thing, compani
41、es hand, may carry a heavy debt burden, further affect the financing capability and profitability. 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。 Therefore, the business community during the beginning of financing decision, according to the needs of enterprises for capital,
42、 corporate finance their own actual conditions and the ease and cost of decision-making circumstances, what one can determine the size of corporate finance and reasonable. (二)资金使用上追求效益性 3.2 The pursuit of effectiveness of the use of funds 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
43、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。 The financing channels for SMEs and large enterprises do not 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 o
44、f SMEs, as well as funding difficulties, but also should each fund to make good trade-off, considering the operating needs and capital costs, financing risk and investment income, and many other factors, must be the source of funds and to invest in combined analysis of the cost of capital rate of re
45、turn on investment the relationship between the strings to avoid making mistakes . (三)资金结构上追求配比性 3.3 The pursuit of the ratio of capital structure 中小企业的资金运用决定资金筹集的类型和数量。 The use of funds for SMEs decide the type and quantity of funding. 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。 We know that the total assets of en
46、terprises and non-current assets by current assets of two parts. 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。 Current assets are divided into two distinct behavior: First, their number changes with fluctuations in production and management of liquid assets, n
47、amely, 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 assets. 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。 According to the structure of
48、the matching principle, small and medium enterprises for fixed assets and permanent current assets on the financial resources to the financing of medium and long term financing is appropriate; due to seasonal, cyclical and random factors contribute to changes in business activities, the funds requir
49、ed are mainly the financing of short-term financing is appropriate. 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。 Emphasizes financing and investment in the capital structure ratio on the relationship between pairs of small and medium enterprises is particularly important. 3.4 Capital operation, in the pursuit of incremental funding at the same time pay more attention to financing of stock Incremental funding means a quantitative increase in the total occupatio