中小企业成长过程融资探讨

【作者】 蒲英；

【导师】 孙利琼；

【作者基本信息】 电子科技大学 ， 工商管理， 2006， 硕士

【副题名】浙江QW公司融资案例分析

【摘要】 中小企业作为一国经济结构中重要的组成部分,以其生产经营分散化、专门化、小型化等竞争优势,在推动经济稳步增长、创造就业机会、技术与机制创新、扩大对外贸易规模等方面起着十分重要的作用,为一国经济增长率和社会就业水平的提高做出了不可磨灭的贡献。然而小企业所获得的金融资源与其对整个国民经济的贡献极不相称,融资结构不合理、资金短缺、融资困难一直是阻碍我国小企业健康发展的主要瓶颈之一。本文以现代财务管理的基本理论为指导,结合浙江中小企业发展的现状和国内出现的融资方式(票据融资、企业间担保、银行借款、中小企业上市融资、中小企业基金融资),分析现阶段浙江中小企业在融资方式和渠道的现状和存在的问题,并探讨在激烈的市场竞争环境下进行融资的具体途径和方式。在理论分析的基础上,采用定性与定量相结合的研究方法,运用经济管理、金融财务方面的相关理论,借助模糊综合评价模型等数学工具完成了本文的撰写工作,我们结合了浙江QW实业有限公司,进行案例分析,说明了目前加强我国中小企业融资管理的必要性,并明确中小企业在不同成长阶段的融资管理如何操作和融资策略选择,为中小企业的融资管理从定性管理进入定量分析指明了方向。本文的主要研究内容有:(1)分析了中小企业融资现状及其产生的深层次原因;及中小企业的成长规律和在不同成长阶段应采取的融资策略。(2)分析了中小企业的融资结构和融资管理的关系,并明确了加强中小企业融资管理的重要性。(3)通过以浙江QW所处的成长阶段、融资管理和策略为案例,具体分析了中小企业的融资渠道、融资方式的比较分析和资金需求量的预测,探讨了中小企业如何在不同发展阶段中的融资结构特点和不同发展阶段下小企业在选择融资方式时表现出的不同倾向性,及如何在各种融资方式中进行选择。(4)针对加强中小企业融资管理和目前融资现状不协调的矛盾情况下,探索中小企业融资方式的主要途径——一方面是加强企业的融资意识,积极开拓融资渠道和融资方式,另一方面是外部融资环境的逐步建立和完善,为各中小企业选择其适合的融资方式和渠道提供好的融资环境。更多还原

【Abstract】 Small and medium enterprises form an important part of the economic composition of a country. They possess competitive edge due to their specialization, decentralization and small production scale, etc. which play an important role in stimulating stable economic growth, creating job opportunity, innovating technology and system, enlarging the size of foreign trade and so on. Thus they have contributed in raising the rate of economic growth and employment of a society for a country. However, small enterprises encounter inequality in securing financial resources as compared to their economic contribution to the country. The main bottleneck that obstructs the healthy growth of small enterprises in our country is attributable to the difficulty in securing financing, shortage of cash and unreasonable capital structure. This thesis is using modern financial management as a basic theory for guidance which incorporates the current development of small and medium enterprises in Zhejiang and new domestic financing methods (financing for small and medium enterprises via listing, trust financing for small and medium enterprises, fund financing for small and medium enterprises), analysis of the present situation on the financing methods and channels for small and medium enterprises in Zhejiang and existing problems, and also exploring new specific way and method on financing innovation under this intensive market competition environment.Based on the theoretical analysis, adopting a combination of qualitative and quantitative study methods, applying economic management and relevant theories of financial aspect of financing and with the aid of ambiguous integrated appraising model, etc. of mathematical tools to complete the work of this thesis. We refer to Zhejiang QW Comapany Limited for case study and elaboration on the necessity to reinforce the current financing management of domestic small and medium enterprises. At the same time to determine how to operate financing management and selection of financing strategy at the various growing stages of small and medium enterprises so as to indicate the directional analysis of financing management from qualitative to quantitative.The main study content of this thesis is(1) analysis of present financing and its generated deep cause, growth system and the necessary financing strategy to be taken at the various growing stages of small and medium enterprises;(2) analysis of relationship between capital structure and financing management and determination on the importance of financing management of small and medium enterprises;(3) using the growing stage, financing management and strategy of Zhejiang QW as reference case, specifically analyses the financing channels, comparison of financing methods, forecast of cash requirement, exploring the characteristics on how the financing of small and medium enterprises is being structured at different更多还原