【正文】 xternal equity capital not to enter or not to introduce. Third, it is a onetime funding needs of SMEs small amount of high frequency, increased financing costs and costs. SMEs operate a smaller scale, the scale and diversification and the number of small quantities of the year, onetime funding needs of small, highfrequency corresponding to the requirements of a small amount of funding, a wide range, by the short duration, and has a strong Aging , frequent acts of borrowing. Many of the mercial banks, especially the stateowned mercial banks still lag behind the concept development and changes in the economic situation the needs of the SMEs lack the necessary and sufficient understanding of the importance it attaches to SME venture capital investment, high costs, heavy workload and ineffective, leaving many SMEs access to credit from stateowned banks greater financial difficulties. Generally high cost loans to SMEs overburdened. 2, a lack of capital market financing channels for SMEs. SMEs to raise capital market is an important place for the funds, but insufficient development of China39。s capital market, has not formed a multilevel market system, the direct financing channels for SMEs impeded. First, China39。s lack of a vibrant private capital markets. Practice shows that the private capital market is essential for SME financing one of the sites, but our lack of financial policies to protect private capital markets, the mobilization of private capital into the financial sector or by the very limit. Secondly, the lack of services for SMEs equity markets. SME financing include not only bank loans, should also include equity investments and bond investments. The securities market is a market economy an important ponent of the funding is to the munity, and promote property flows, optimize the allocation of resources, such as role. However, the current market financing, the issuance of bonds laws, regulations, and policy guidance for SMEs negative, the lack of small and medium enterprises listed on environmental conditions and policies support to the stock market through financing, through the bond and equity financing difficult to obtain funds channels. Direct financing channels for SME financing is difficult to narrow the crux of the problem lies.In a summary, the success of the funding decisionmaking should be leveraged to take full advantage of a role in the need to ensure that funds under the premise of the capital structure to pursue the best lowest cost of funds and services to maximize business value in a financial management behavior. The overall and valueadded disposition of financial objectives need us not only to have a correct view of the tax and fiscal outlook, but also to master the financial regulations and policies and business management skills. Given careful thought, careful planning, we will make the best financing decision[11]. 附 錄中小企業(yè)籌資存在的問(wèn)題 作者：Sharon Fulghum 資金是企業(yè)生存的關(guān)鍵,是在激烈的競(jìng)爭(zhēng)中擊敗對(duì)手的有利武器。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。隨著我國(guó)經(jīng)濟(jì)體制改革的進(jìn)一步深入,市場(chǎng)經(jīng)濟(jì)體制的建立和發(fā)展, 企業(yè)資金來(lái)源日益多樣化。企業(yè)為了自身的生存和發(fā)展,就會(huì)選擇各種不同的籌資方式來(lái)解決自身資金不足的問(wèn)題,但往往在資金籌集的過(guò)程中會(huì)因種種原因而出現(xiàn)籌資不及時(shí)、資金規(guī)模不適當(dāng)、籌資風(fēng)險(xiǎn)過(guò)大、資本結(jié)構(gòu)欠佳、籌資成本過(guò)高以及忽略籌資稅務(wù)籌劃等問(wèn)題。因此, 如何有效地進(jìn)行融資就成為企業(yè)財(cái)務(wù)管理部門一項(xiàng)極其重要的基本活動(dòng)。 籌資活動(dòng)是一個(gè)企業(yè)生產(chǎn)經(jīng)營(yíng)活動(dòng)的起點(diǎn)，籌資對(duì)于一個(gè)企業(yè)也是至關(guān)重要的，特別是中小企業(yè)，它將伴隨企業(yè)從產(chǎn)生到發(fā)展到衰落的整個(gè)生命周期過(guò)程。在市場(chǎng)經(jīng)濟(jì)條件下，企業(yè)的籌資風(fēng)險(xiǎn)是客觀存在的，它不可避免地影響企業(yè)的整個(gè)財(cái)務(wù)活動(dòng)，造成企業(yè)財(cái)務(wù)結(jié)果的不確定性。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、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。雖然近年來(lái)我國(guó)為支持中小企業(yè)發(fā)展采取了一系列措施，但是，由于受到銀企信息不對(duì)稱，信用擔(dān)保體系不夠完善，籌資渠道單一，政府扶持力度不夠，中小企業(yè)自身競(jìng)爭(zhēng)力不強(qiáng)等因素的制約，資金緊缺仍然成為中小型企業(yè)生產(chǎn)經(jīng)營(yíng)中最主要和最難解決的問(wèn)題。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。以中小企業(yè)籌資難為出發(fā)點(diǎn)，從企業(yè)籌資困境、企業(yè)籌資方式、籌資決策這三個(gè)角度，深入淺出地探討了我國(guó)中小型企業(yè)所面臨的籌資環(huán)境與挑戰(zhàn)。在此基礎(chǔ)上，立足于我國(guó)實(shí)際，通過(guò)調(diào)查研究提出解決企業(yè)籌資困境的建議，例如重視完善信用體系，拓寬籌資渠道，實(shí)行融資租賃，加大政府扶持力度等。通過(guò)種種途徑，相信可以使我國(guó)中小企業(yè)的籌資困境得到一定程度的改善。 一些數(shù)據(jù)我們可以看得出：我國(guó)中小企業(yè)融資的基本狀況：（1）中小企業(yè)融資渠道狹窄，其目前發(fā)展主要依靠自身內(nèi)部積累，即中小企業(yè)內(nèi)源融資比重過(guò)高，外源融資比重過(guò)低；（2）銀行貸款是中小企業(yè)最重要的外部融資渠道，但銀行主要提供的是流動(dòng)資金以及固定資產(chǎn)更新資金，而很少提供長(zhǎng)期信貸；（3）親友借貸、職工內(nèi)部集資以及民間借貸等非正規(guī)金融在中小企業(yè)融資中發(fā)揮了重要作用，但由于各地經(jīng)濟(jì)發(fā)展水平以及民間信用體系建設(shè)的差異，非正規(guī)金融在江浙、中西部地區(qū)發(fā)育程度差異極大；（4）中小企業(yè)普遍缺乏長(zhǎng)期穩(wěn)定的資金來(lái)源—不僅權(quán)益資金的來(lái)源極為有限，而且很難獲得長(zhǎng)期債務(wù)的支持；（5）資產(chǎn)規(guī)模是決定企業(yè)能否獲得銀行借貸以及長(zhǎng)期債務(wù)資金的決定性因素 對(duì)于以上問(wèn)題從中小企業(yè)本身來(lái)說(shuō)，存在著一些缺陷和不足,影響了籌資活動(dòng)。一是中小企業(yè)資產(chǎn)少，負(fù)債能力有限，信用等級(jí)不高。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。加之中小企業(yè)經(jīng)營(yíng)機(jī)制比較靈活，財(cái)務(wù)管理制度不健全，財(cái)務(wù)報(bào)告的隨意性大、真實(shí)性差、透明度不高，銀行要掌握中小企業(yè)的市場(chǎng)信息力不從心，而且現(xiàn)實(shí)中大量存在的中小企業(yè)不守信用行為，影響了對(duì)中小企業(yè)的信用評(píng)估。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。中小企業(yè)的準(zhǔn)入門檻較低，一般存在治理結(jié)構(gòu)不規(guī)范，管理粗放，技術(shù)水平較落后等“硬傷”，雖然其面向市場(chǎng)經(jīng)營(yíng)的靈活性很高，但經(jīng)營(yíng)穩(wěn)定性較差，抵御風(fēng)險(xiǎn)能力較弱，難以吸引投資者的注意，使外部的股權(quán)資本不敢進(jìn)入或無(wú)法引入。三是中小企業(yè)資金需求一次性量小、頻率高，增加了籌資成本和代價(jià)。中小企業(yè)經(jīng)營(yíng)規(guī)模較小，以規(guī)模和數(shù)量的多樣化和小批量著稱，資金的需求一次性量小、頻率高，相應(yīng)的對(duì)籌資的要求量小、面廣、借期短、具有很強(qiáng)的時(shí)效性，借貸行為頻繁。而許多商業(yè)銀行，特別是國(guó)有商業(yè)銀行觀念還跟不上經(jīng)濟(jì)形勢(shì)發(fā)展變化的需要，對(duì)中小企業(yè)缺乏必要的了解和足夠的重視，認(rèn)為將資金投向中小企業(yè)風(fēng)險(xiǎn)高、成本高、工作量大且收效不大，致使許多中小企業(yè)從國(guó)有銀行獲得信貸資金困難較大。貸款成本普遍過(guò)高，使中小企業(yè)不堪重負(fù)。還有就是資本市場(chǎng)上缺乏中小企業(yè)籌資的渠道。資本市場(chǎng)是中小企業(yè)籌集資金的重要場(chǎng)所，但我國(guó)資本市場(chǎng)發(fā)展不足，沒(méi)有形成多層次的市場(chǎng)體系，中小企業(yè)直接融資渠道不暢。首先，中國(guó)缺乏一個(gè)活躍的私人資本市場(chǎng)。實(shí)踐證明，私人資本市場(chǎng)是中小企業(yè)籌資必不可少的場(chǎng)所之一，但是我國(guó)金融政策缺乏對(duì)私人資本市場(chǎng)保護(hù)，私人資本的籌集或進(jìn)入金融領(lǐng)域受到非常大的限制。其次，缺乏為中小企業(yè)服務(wù)的股權(quán)市場(chǎng)。中小企業(yè)籌資不僅包括銀行借貸，還應(yīng)包括股權(quán)投資、債券投資。證券市場(chǎng)是市場(chǎng)經(jīng)濟(jì)的重要組成部分，具有向社會(huì)籌資，促進(jìn)產(chǎn)權(quán)流動(dòng)，優(yōu)化資源配置等作用。但是目前上市籌資、發(fā)行債券的法律法規(guī)和政策導(dǎo)向?qū)χ行∑髽I(yè)不利中小企業(yè)缺乏上市的條件和政策環(huán)境支持，難以通過(guò)證券市場(chǎng)籌資，通過(guò)債券和股權(quán)融資的渠道獲得資金不易。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。 綜上所述,成功的籌資決策,應(yīng)是一項(xiàng)能充分利用杠桿作用, 在確保資金需要的前提下,追求資本結(jié)構(gòu)最佳,資金成本最低,并服務(wù)于企業(yè)價(jià)值最大化的理財(cái)行為。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。只有慎重思考, 周密規(guī)劃,才能使籌資決策最佳。