外文资料翻译---中小型企业融资决策-企业融资(编辑修改稿)

外文资料翻译---中小型企业融资决策-企业融资(编辑修改稿)内容摘要：

making in small and medium enterprises do not have the financial decisionmaking as big business (especially stock pany), as the independence, it should be a part of business investment decisions, financing must be direct investment services. This means that the SMEs in the decisionmaking must pass in order to lead to investment decisionmaking in this part of the financial management objectives, rather than as stock companies, finance decisionmaking and financial objectives to establish a direct functional relationship. This is because: 1. SME financial goal is to maximize profits, only the investment activities in order to bring profits for the enterprise, that is the optimal investment decisions is the optimal financing decisionmaking. 2. The obvious contradiction between supply and demand of funds for SMEs, corporate finance channels, quantity, time is influenced by various objective conditions. To act like large panies the flexibility to use various means to freely adjust the capital structure, for SMEs is unrealistic. Thus, for decades operating history, layer management 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. More importantly, the investment projects through a variety of factors must be considered, not blind means for misappropriating a cover, otherwise easily lead to investment and financing decisionmaking failures, leading to investment failure, damage to corporate rights. 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 decisionmaking, provide financial information, the feasibility of the whole scheme can not provide advice, but can not serve as a viable project a decisive basis. Strategy and internal needs of a variety of factors to consider is very important. [Paper Net ] Second, our analysis of the financing environment for SMEs Enterprise is in a certain environment, 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 various objective factors and forces of the general, it is the basis for corporate financing choices. At the moment, the status quo of China39。 s financing environment for SMEs mainly in the following areas: (A) From the situation of SMEs in view of their own China39。 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。 s industrial policies and economic policies are concerned Lack of government support for SMEs, SME financing difficulties also contributed to an important reason. China for SMEs, although there are a number of supportive policies, such as The People39。 s Republic of China Township Enterprise Law, which also stipulates that the state to use the credit means, to encourage and support the development of township and village enterprises: people39。 s 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 because of the lack of an effective system to protect, these provisions are difficult to implement. (D) from the view of China39。 s financial control Between enterprises can not bor。