【正文】 lates that the state to use the credit means, to encourage and support the development of township and village enterprises: people39。 can provide business guidance to financial institutions。 again, through the financing, small and medium enterprises can expand the scale, enhance profitability, and thus take advantage of economies of scale improve enterprise petitiveness in the market and accelerate the development of enterprises. But the degree of petitiveness of enterprises due to the improvement of corporate financing, financing the differences in ine there is a big difference. For example, equity financing, especially the first listing of ordinary shares in issue and circulation, not only impose an enormous financial intermediation, but also greatly enhance the visibility of businesses and goodwill, so that the petitiveness of enterprises could be boosted. Therefore, when financing decisions, first select the most beneficial to small and medium enterprises to improve petitive mode of financing. With China39。 due to seasonal, cyclical and random factors contribute to changes in business activities, the funds required are mainly the financing of shortterm financing is appropriate. Emphasizes financing and investment in the capital structure ratio on the relationship between pairs of small and medium enterprises is particularly important. (D) 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 occupation of the amount of funds to meet the production and operation needs。s 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. Thus, banks and other 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 principles to consider 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 limited selffinancing due to unable to provide effective security, while for SMEs operating risks, the third person in normal circumstances 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 financial institutions will not give loans to small and medium enterprises. (C) from the country39。比如，股票融資、尤其是初次發(fā)行普通股并上市流通，不僅會給企業(yè)帶來巨大的資金融通，還會大大提高企業(yè)的知名度和商譽，使企業(yè)的競爭力獲得提高。在選擇融資方式時，通常要考慮企業(yè)自身規(guī)模的大小、實力強弱以及企業(yè)所處的發(fā)展階段，同時結合不同融資方式的特點，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融資，因為創(chuàng)業(yè)初期，風險很大，很少有金融機構等債權人來為你融資。強調融資和投資在資金結構上的配比關系對中小企業(yè)尤為重要。由于中小企業(yè)融資不易，所以經營者在遇到比較寬松的籌資環(huán)境時，往往容易犯 “ 韓信點兵，多多益善 ” 的錯誤。既然不能提供足額有效的擔保，銀行等金融機構就不會給中小企業(yè)發(fā)放貸款。在監(jiān)督職能缺乏的中小型企業(yè)中，進行程序化的項目 可行性論證是必要的，但只是決策的一個部分，提供財務上的參考，不能對整個計劃是否可行提供意見，更不能作為項目可行的決定性依據(jù)。 (三 )中小企業(yè)融資的總思路 中小企業(yè)融資的總體思路應是：投資與融資相結合，以投資帶動融資。 。它不僅改變了公司的資產負債結構，而且影響了企業(yè)內部 管理 、經營業(yè)績、可持續(xù)發(fā)展及價值增長。 淮 陰 工 學 院 畢業(yè)設計 (論文 )外文資料翻譯 學 院 ： 江淮 學院 專 業(yè)： 會計學 姓 名： 楊歡 學 號： 3082113331 外文出處： Facts for You ( 用外文寫 ) 附 件： ； 。 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)其價值 創(chuàng)造目標需要，利用一定時機與渠道，采取經濟有效的融資工具，為 公司 籌集所需資金的一種市場行為。從資金融出角度即銀行的資金運用來說，主要是各種代款，例如：信用貸款、抵押貸款、擔保貸款、貼現(xiàn)貸款、融資租憑、 證券 投資。最后，根據(jù)分析結果，在企業(yè)進一步的融資決策中改進其資本結構。更重要的，投資項目必須是經過多方面因素考慮的，不是盲目圈錢的幌子，否則容易出現(xiàn)投融資決策失效，導致投資失敗、損害企業(yè)權益的問題。 (二 )從銀行等金融機構的經營原則來考慮 銀行等金融機構的經營講究資金的 “ 效益性、安全性、流動性 ” ，在實踐中銀行等金融機構給予客戶貸款的一個前提條件就是要求客戶能夠提供有效的擔保，中小企業(yè)自身則因資力有限而無法提供有效的擔保，同時因為中小企業(yè)經營的風險性，第三人在一般情況下也不會為中小企業(yè)的債 務提供擔保。資金不足會影響生產發(fā)展，而資金過剩也會導致資金使用效果降低，形成浪費。按結構上的配比原則，中小企業(yè)用于固定資產和永久性流動資產上的資金，以中長期融資方式籌措為宜；由于季節(jié)性、周期性和隨機因素造成企業(yè)經營活動變化所需的資金，則主要以短期融資方式籌措為宜。 (六 )籌資方式上，選擇適合企業(yè)本身規(guī)模、實力與所處階段 在對融資收益與成本進行比較之后，認為確有必要融資時，就需要考慮選擇什么樣的融資方式。但是企業(yè)競爭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。s financing environment for SMEs mainly in the following areas: (A) From the situation of SMEs in view of their own China39。 2 is similar to the level of fixed assets, as longterm stability of liquid assets, namely, The socalled permanent current assets. According to the structure of 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。 secondly, through the financing, can increase the credibility of small and medium enterprises to expand the enterprise product market