【正文】 強(qiáng)中小企業(yè)股權(quán)和產(chǎn)權(quán)的流動(dòng)性，解決只有通過(guò)上市才能進(jìn)行股權(quán)融資的局面。再次，適度舉債經(jīng)營(yíng)，降低財(cái)務(wù)風(fēng)險(xiǎn)，企業(yè)應(yīng)從經(jīng)營(yíng)規(guī)模的大小、經(jīng)營(yíng)收入的穩(wěn)定、盈利的高低、獲取現(xiàn)金能力的強(qiáng)弱、資本結(jié)構(gòu)的合理、財(cái)務(wù)拮據(jù)的可能、代理成本的提高等七個(gè)方面來(lái)確定負(fù)債經(jīng)營(yíng)的度，以避免過(guò)度舉債經(jīng)營(yíng)而給企業(yè)帶來(lái)的財(cái)務(wù)危機(jī)。企業(yè)的管理人員應(yīng)以有充足的資金、合理的資本結(jié)構(gòu)為理財(cái)?shù)哪繕?biāo)，運(yùn)用各種籌資方式，結(jié)合企業(yè)自身的條件，把握適當(dāng)?shù)脑瓌t,以最經(jīng)濟(jì)最有效的方法為企業(yè)籌集到所需的資金，以保證企業(yè)正常的生產(chǎn)經(jīng)營(yíng)活動(dòng)，樹(shù)立正確的資金成本觀念，綜合分析各種籌資方式的資金成本。如果說(shuō)要為四年學(xué)習(xí)生涯致謝的話，首先就要感謝每一位教導(dǎo)過(guò)和幫助過(guò)我的老師，謝謝你們。參考文獻(xiàn)[1] 樓士明.《企業(yè)籌資實(shí)務(wù)》.，(7)：177~191[2] 廉清勤.《企業(yè)籌資方式探討》.，(5)：78~90[3] 周建仁.《關(guān)于企業(yè)籌資決策的探討》.，(6)：35[4] 陳榮奎.《現(xiàn)代企業(yè)籌資方式的比較與選擇》.，(8)：125[5] 張智楠.《市場(chǎng)經(jīng)濟(jì)條件下企業(yè)籌資方式的研究》.，(3)：56~70[6] 倪忠森.《企業(yè)籌資方式的比較與選擇》《企業(yè)家天地》.2005，(10)：66~78[7] 劉東軍.《淺談企業(yè)籌資方式的選擇》. ，(6)：20~25[8] 張正環(huán).《試分析我國(guó)企業(yè)現(xiàn)行八種籌資方式》.，(3)：20 [9] 林淑玲.《企業(yè)籌資方式的比較》.遼寧稅務(wù)專(zhuān)科學(xué)校學(xué)報(bào) .2006,12,(6)：5[10] 魯愛(ài)民.《財(cái)務(wù)分析》.[M].，(12)：78~88[11] Review of Quantitative Finance and Accounting,Volume 20,Number 3/2005Appendix The Financing Problems of Small and Meditmsized Companies By Sharon Whitley and Robert Fulghum Funding is the key weapon to survival in the fierce petition to beat the opponents. A sound development of enterprises can make full use of not only internal funds, but also an effective integration of capital from the outside. With the further development of economic reform, the foundation and development of market economy system,enterprises increasingly diversify sources of funding. For their own survival and development, Enterprises will make a varietyof financing options to solve their own problem of insufficient funds. However,in the process of fundraising,it often occurs some problems such as untimely funding, inappropriate scale capital, large financing risks, poor capital structure,highly financing costs and the neglected issues like tax planning fundraising due to various reasons. Therefore, it has bee an extremely important sector of the basic activities for erterprises to how to effectively finance.Fundraising is the beginning point of running an enterprise, and is crucial to its survival, which witnesses its birth, growth and the market economy, the impersonal fundraising risks of an enterprise are inevitable to affect the enterprise’s financial affairs and to lead to uncertainties of the financial results. Therefore, it will be helpful to increase the prehensive economic benefits by dwindling the fundraising risks, exploring risking factors and their causes, recognizing the sorts of risks and putting forward the suggestions for controlling and preventing risks. This article begins its study with the causes of the fundraising risks, which can, accordingly, help us find the manifestations of these risks exactly and probe their effective prevention measures. Thise moment,economics is developing at quite fast speed, medium and smallsized enterprises are playing important role. Though the several methods have been taken to help medium and smallsized enterprises’ development, as information between bank and enterprises isn’t symmetrical, credit guarantee system is imperfect, financing channel is sole, the government support isn’t enough, individual power need enhancement, financing shortage bee the most serious and important difficulty. So, medium and smallsized enterprises should analyze the internal advantages, own corepetitiveness, form distinct characteristics. This article takes medium and smallsized enterprises’ financing problem as object of study, takes “AnShun station” in Shifang of Sichuan Province for example, from the view of financing environment, financing methods, and financing decision, introduced the challenges faced by domestic medium and smallsized enterprises. Based on Chinese reality, studying foreign experiences, making several studies and surveys, I reached some suggestions for transportation enterprises, intending to afford some references when making financing decision From some information of themedium and smallsized enterprises,we know:China39。一個(gè)健康發(fā)展的企業(yè)不但能充分地利用好內(nèi)部資金來(lái)源,還能有效的從外部融入資金。詳細(xì)分析自己的資源優(yōu)勢(shì)，擁有核心競(jìng)爭(zhēng)力，形成企業(yè)的鮮明特色，才是企業(yè)生存的唯一生存之道。二是中小企業(yè)易受經(jīng)營(yíng)環(huán)境的影響，變數(shù)大、風(fēng)險(xiǎn)大。首先，中國(guó)缺乏一個(gè)活躍的私人資本市場(chǎng)。財(cái)務(wù)目標(biāo)的整體性和增值性,不僅需要我們有正確的納稅觀和理財(cái)觀,而且還要能熟練掌握財(cái)經(jīng)法規(guī)政策和企業(yè)管理技巧。直接籌資渠道狹窄是中小企業(yè)籌資難問(wèn)題的關(guān)鍵所在。還有就是資本市場(chǎng)上缺乏中小企業(yè)籌資的渠道。由于固定資產(chǎn)較少，資債率較高，負(fù)債能力低，一般缺少足夠的不動(dòng)產(chǎn)作為信貸抵押，也很難找到有實(shí)力的大企業(yè)作為擔(dān)保人，大多不符合銀行貸款條件。所以，加強(qiáng)企業(yè)籌費(fèi)風(fēng)險(xiǎn)管理，研究企業(yè)籌資過(guò)程中的因素及其成因、把握籌資方式的種類(lèi)、加強(qiáng)控制和防范籌資風(fēng)險(xiǎn)的對(duì)策，其中中小型企業(yè)起到了舉足輕重的作用。s capital market, has not formed a multilevel market system, the direct financing channels for SMEs impeded. First, China39。真的是非常感謝隋老師對(duì)我的幫助。致 謝在這篇論文最終完成之際，回顧四年的學(xué)習(xí)生活，感觸良多。因此,企業(yè)在不同的時(shí)間段要選擇不同有效的籌資方式與之配合，在資金需求的時(shí)間性上靈活運(yùn)用，適當(dāng)?shù)幕I資方式應(yīng)用于適當(dāng)?shù)臅r(shí)點(diǎn)上。其次，加強(qiáng)企業(yè)經(jīng)營(yíng)管理，提高企業(yè)的盈利能力和現(xiàn)金獲取能力，確保到期償還債務(wù)。應(yīng)完善三板市場(chǎng)，切實(shí)保證退市企業(yè)的流通，減小投資人的風(fēng)險(xiǎn)。因此，企業(yè)應(yīng)認(rèn)真研究資金來(lái)源渠道和資金市場(chǎng)既籌資方向，合理選擇資金來(lái)源，從而提高籌資效益。企業(yè)要想真正解決融資難的問(wèn)題，首先就要過(guò)信用關(guān)，要以信取資。： 二種籌資備選方案籌資方式甲方案乙方案籌資額(萬(wàn)元)資本成本（%）籌資額(萬(wàn)元)資本成本（%）長(zhǎng)期借款20091009債券3001040010合計(jì)500500 綜合資本成本計(jì)算公式為：……………………………………（）注：—綜合資本成本； —第種資本的個(gè)別資本成本； —第種個(gè)別資本占全部資本的比重（權(quán)數(shù)）），則： 甲方案綜合資本成本==+= 乙方案綜合資本成本==+= 因?yàn)榧追桨傅木C合資本成本小于乙方案綜合資本成本，所以甲方案的資本結(jié)構(gòu)最佳。3 關(guān)于沈陽(yáng)美味食品技術(shù)推廣公司籌資方式選擇的改善建議 企業(yè)籌資方式的選擇應(yīng)該是每位企業(yè)決策人比較頭疼的問(wèn)題,通過(guò)分析各種因素,每個(gè)企業(yè)只能是根據(jù)自身的條件來(lái)抉擇籌資策略。通常,期限越長(zhǎng),手續(xù)越復(fù)雜的籌款方式,其籌款時(shí)效越差，相比較而言吸收直接投資、銀行借款、商業(yè)信用三種籌資方式的籌資速度比較快比較便利。籌資風(fēng)險(xiǎn)不是企業(yè)本身固有的,當(dāng)企業(yè)全部資金均為自有資金時(shí),企業(yè)的籌資風(fēng)險(xiǎn)就為零。籌資者和投資者是資本市場(chǎng)的主要參與者，加上中介機(jī)構(gòu)