CorporateFinanceManagementResearch-毕业论文翻译

1、Corporate Finance Man ageme nt ResearchAbstract:China is in many corporate financingdifficulties, difficulties in financing con stra ints further developmentof enterprises,affecting the effectivenessand econo mic efficie ncy of corporate finan ce, how can we improve the efficie ncy of financing for

2、differe nt types of enterprises from five aspects to strengthenthe financeman ageme nt .ThesisKeywords:financeman ageme nt,financing, financing,en viro nment,financing n eeds A,corporate financemanagement status (A financingcon cept beh ind many compa nies lack the en thusiasm and in itiative of the

3、 finan cial market financing to rely more on government s preferential policies,“ and so on, rely on,to be ” thinking, lack of positive corporate finance man ageme nt and active thought who the State has turned over a lot of profit and asked the Governmenttoadditionalinvestmentcapital or tax none ot

4、her. morecom monen terprisethrough “lobby ing ” or bribery,requires gover nment in terve nti on in ban ks, forci ng banksto loa ns or the impleme ntati on of the bus in ess en terprisedoes not meet the favorable credit terms,thus thedevelopment of the enterprise from the national level, need to full

5、y understand the importanee of SMEs to n atio nalecono micdevelopme nt, especially onthefinancing policy, should be small and medium en terprises and large-scalebackb one en terprises equaltreatme nt,positive dredge SMEs financing cha nn els.(Twosingle mode of financing China sfinan cialIan dscape h

6、as longbee noverwhel min glydominant, coupled by the thinking and the quality of corporate finan cial officers pla nned econo mic system, by the in direct financing of bank credit in financing the banks of large dependence,leading to the financing of almostthe same as the simple “go to the bank pull

7、 the loa n. ” single financingchannels allowingcompaniesto financemore difficult, a good use of the flexibility of funding sources are poor, the in creased finan cial risk means of financing sin glealsomeans finan cialleas ing,billdiscountingand transfer of accounts receivable for thesale offinancin

8、gdoesnot play its duerole inthecorporate financeman ageme nt.from theZhejia ngProv in cial Bureau of Statistics released the data, Zhejia ng 74.6% SMEs there are in sufficie nt fun ds, 85.3 perce nt of the companiesneed to refinance, and SME financingopti ons, bank loa ns.(C) the cost of the concept

9、of good riskawareness is poor. Poor cost concept embodied in the enterprises in the process of financing,lack of cost -ben efit prin ciple con siderati ons, the financing of the footing, not the company s capital structure and cost ofcapital, i n violati on of the moder n finan cial cost prin ciple.

10、more often in the operationand managementactivitiesneededmoney, and financialofficers to financing, andraise funds even if the completion of thefinancing task,and did not considerthe capital structure and cost ofcapital and poor risk aware ness is reflected in: en terprises widespreadphenomenonof bl

11、ind leverage on the onehand, regardless of the enterprisefunds utilizationhighand low, regardless of the size of the corporate cost of capital, capital structure, on the other hand, bli ndly borrowed fun ds, did not borrow funds to make reas on ablefinan cialpla nningand finan cialman ageme nt,capit

12、alutilization,idle, and a great waste of weak corporatefinance man ageme nt, cost con cepts and aware ness of risk makes the man ageme nt of the financing of en terprises of great bli ndn ess and randomn ess.(Dlackof financingonthe tim ingofman ageme nt.Thefinancingof manycompa niesofte nlook only t

13、otheirfundingn eeds, while ignoringthemacro-e nvir onment of the capital market, the problem ismore obvious for those who lack the Iong-term funding n eeds pla nning whe n the shortage of capital markets or the gover nment tighte ning, the n the bus in ess would have to pay a higher cost of financin

14、 g, if an en terprise does not have a detailed funding requireme nts and financing pla ns, and timely adjustme nt accord ing to their actual situati on and the macroeconomicsituation , is likely to result incorporate finance cycle capital markets, gover nment regulation cycle deviates from the enter

15、prisethus bearcould have been avoided financing costs. At the same time, many en terprises in the financing process, the lack of cost man ageme nt, the financing of thefooti ng is notclear, capital man ageme nt,capital con trols, capitalstructure, in violation of the principle of the modern finan ci

16、al and cost man ageme nt.(Five of the finan cial system is not perfect, andthe lack of financial support is the cause of our current financing difficulties of SMEs. First, the lack of specialized financialinstitutions for SMEs China s commercialbanking system, especiallythefourmajor banksundergoing

17、a transformationfor large enterprises, inorder to guard aga inst finan cial risks, commercial banks in recent years actuallyturned, while the big city sdevelopme nt strategy, in come on the loa n man ageme nt rights to merge a large number of existing institutions, objectively lead to the distributi

18、on in the county SME credit service contraction.two is the power of the bankcredit restructuri ng in the banking and corporate banking startingfrom the security of the assets, liquidity, and acorresp onding in crease in the loa n con diti ons, SMEs, due to the strength of their own economic and fina

19、ncial man ageme ntscie neethe lack of tech no logy,ofte namounted to less than bank the required standards.financialinstitutions to higheroperatingcosts of SMElending risks, restricted credit to SMEs. the procedure for issuingloans from financialinstitutions,managers linkroughly the same, while the

20、average len gthof loa ns perSME issig ni fica ntlylowertha nthe large andmedium-sized en terprises, and thus the operati ng costs of each loan for SMEs for financialinstitutionsis relativelyhigh at the same time, due to the short durati on of SMEs, the tran spare ncy of finan cial in formati on low

21、credit rat ing and other reasons, the banks to prevent credit risks are bound to strictlycon trol lending to SMEs. lack ofcompetiti onwith inthe finan cialin stituti ons,the creditmarket is dominatedif there is competition amongfinan cial in stituti ons, compa nies can on their own terms toselect th

22、e financialin stituti onsunder the conditionsofimperfectcompetiti on,finan cialin stituti onsnotto raiseinterestrates, butto reduce lending,regardlessoftheen terpriseis willi ngto pay howmuchtheprice,donotgive loans,result ingin the credit conditionsofloanstoSMEs to be blocked.Second, to stre ngthe

23、nthe man ageme ntof corporate finance (One to ope n up and use the meansof financing corporate financing is divided into two kindsof en doge nousfinancing and exoge nousfinancing: anen doge nous financingcompa niesmainly rely on itsaccumulated surplus to survive and develop, to in crease corporate e

24、arnings nothing more tha n in crease reve nue and reduce expenditure, improve the efficiency of fund utilizati on, in crease profits, reduce costs and expe nses. Accord ing to the World Bank, Wen zhou and other areas of bus in ess surveys show whether it is a start-up period or the period of develop

25、me nt, are highly depe ndent on the equity capital financing , of which at least 62% of the funds rely on the owners of their own funds or en terprise early profitsresolved.This suggests that en doge nousfinancing is still the primary means of of Zhejiang nu merous corporate finan ce, specific gravi

26、ty high of more than 5%, 2, exoge nousfinancing is divided into in directfinancing and direct financing and in directfinancing aremainly refers to bank loa ns, bank loa ns can be divided into gover nment loa ns, commercial loa ns of commercial banks and multilateralorganizations(such as the World Ba

27、nk,Asia n Developme nt Bank and the Intern ati onal Mon etaryFund and other loans national ernmentpolicy loa ns are usually lin ked to its in dustrial policy, the world s multilateralorganizationsloans are loans, withsome support n ature .In additi on, the export credit is also a trad

28、e financing direct financingin strume ntsin cludi ngcorporate bon ds, commercial bills, better ren tal stock. For bus in esses, the corporatebondfinancingfromtheban k-e nterpriserelati on ship,directen terprise-orie ntedin vestors, commercial paper and corporatebondsaredirect financing in strume nts

29、, but it is more biased in favor of short-term finance lease, i nclud ing finance leases and operati ng leases, the former own ership of the lease after the expiry of the lease tran sferred to the lessee, the latter is not tran sferred. stock is an equity financing, means that compa nies are perma n

30、ent capital, while commercial credit forms of financing also means that changesin thestructure of shareholders in additi on to the above mode of financing, as well as deferred payme nt of a good sale of acco untsreceivable factori ng. Share the free paperDownl oad http :/ / en differe nt financing m

31、ethodshave different characteristics, for the differentneeds ofdiffere nt periods of the en terprise fun ds. select the modeof financing the focus should be selected accord ing to the characteristics of the dema ndfor funds with the lowestcost, least risky means of financing, from the Zhejiang Prov

32、in cialBureauof Statisticsreleased data,Jin hua,Shaox ing,Taizhou, Wen zhou,four regi onsof thecorporate fundingrequireme ntsof the in vestigati onresultsshowed that:60 percentfrombank loa ns,30perce ntof enterprisesrely onself-, 7.5%The methodofraisi ngfunds throughin ternalfunding,and 2.5% oftheen

33、terprises that relyon equityfinancing,16.27% oftheSMEs to obta in loa ns from banks more easily, and 60.47%of companies believe that access to loans more difficult from the bank, 23.26% of companiesbelieve that verydifficult for banks to obta in loa ns, or 83.73 perce nt of the corporate loa n dema

34、nd is not met, the loa n has become difficult to restrict thedevelopme ntof en terprises“ bottle neck ” .(Two to strengthenthe concept of cost ofcapital and risk aware ness. First to reas on ably predict the dema ndand supply situatio nof the capitalmarket,because the amount of “capital goods ” for

35、the level ofvarious means of financing the cost of capital and capital market directly closely related, so on ly give full con siderati onto capital market supply and dema ndsituati on, in order to radically reduce the cost of financing.Second, to fully compare the means of financing the cost of fin

36、ancing in clud ing financing costs with mixed mode of financing a variety of financing methods, choose the minimum cost of capital to strengthenrisk awarenessreflected in the way of a reas on able choiceof financing,because the risk of different financing methods vary. permanent capital such as equi

37、ty financing, there is no pressure of debt service, but compa nies n eed to sell part of the usufruct right to vote, while the debt- Although the financingis no need to transfer the voting rights ofusufruct,but hard pressure there is debt service.Inadditi on,eve n if the same mode of financingtheent

38、erpriseat different times and at different times arediffere nt. In short,stre ngthe nen terprise financingman ageme nt enhance the con cept of cost of capital and the basic prin ciples of risk aware ness, i n the case of certa in financing risk financing lowest cost, or minimum funding risk in the c

39、ost of financing un der certa in circumsta nces.(C stre ngthe n and improve the financing of thenu mber and durati onman ageme nt.Number ofman ageme nt to pla n or predict in adva nee the nu mber of financing and numberof forecastingor planning toarrange financing,and strive to reas on able financin

40、gstructure, reduce financing costs and risks of the nu mber of financing may come from the budgetsof variousdepartme nts or the purpose of pla nning, may also come from the financial sector based on the regression of historical data to make a loss for words. quantitative managementobjectives do not

41、affect the timing of theapplicationof funds for departmentsor projects,andfinancing the nu mber of properly, n either the excess there is no gap. Of course, i n practice, it is difficultto achievethe desired state, which means that companies need to have a mediationarrangements, the establishmentoff

42、unds for financing the number of mediation, when the financing of the nu mber of excess and put it into the Fund, the financing number of shortages from the Fund Bafu managementof some financialcompensationperiodrelative to debt financing, with the goal of general and in dividual period to bala nee

43、the overall bala nee refers tothe enterpriseof the whole term structureof debtfinancing to be reas on able, as far as possible more use of Iong-term liabilities,Iong-termliabilities of enterprisesfinancialpressure for short-term liabilities is shorter. Inadditi onto the range betwee n stocks andbon

44、ds,con vertiblebon ds, is also a medium-a ndlong-termliabilities and for short-term liabilities, because of its bus in ess good finan cial pressure is much greater tha n the Ion g-term liabilities, socompa nieswith particularatte ntio n to the man ageme nt of short-term liabilities on the ability to

45、 repay short-term liabilities and corporate cash flow reve nue stream in risk man ageme nt, short-termliabilitieshave differentriskman agecosts in adiffere ntecono micen viro nment.(D accord ingtothe internal orga ni zati onalstructureto impleme ntadiffere ntfinancingsystem,improve the overall level

46、 of financingmanagementinorder to play their overall financing adva ntages, a un ified pla n of the Group s internal fun ds, uni fied bala nee of a un ified manner, the various bran ches of the in ter nal fundmanagementtend to unified management,classificationman ageme nt system of uni fied man agem

47、e ntof theleadership refers to the un ified man ageme nt of funds for corporate headquarters, the headquarters of the requirementsof the group companieswill profit gooddepreciati on tur ned over to the headquarters, the use of funds accord ing to the n eedsof the developme ntstrategy-based arran gem

48、e nts, or in the various bran ches of institutionsstep by step to complete the internalorga ni zati onwith many branch offices, wholly-ow nedsubsidiary owned subsidiary of orga ni zati onalforms,differe ntforms oforga ni zatio n,the corporateheadquarters of its equity owned by the degree of con trol

49、 is not the same as the headquarters of financing administrative privileges naturally different, so not the same degree of leadershipin the financing system ofunified managementand gradingfor the branch is noin depe ndentlegal status withinthe en terprise,thecorporate headquarters for theimpleme nta

50、ti onoffunding a legal man ageme nt system to master the right to Ion g-term financing from the man ageme nt point of view of financing, the corporate headquarters, unified to thebank or other finan cial in stituti ons for lending operatio ns. owned en terprises with in the en terprise n eeds to bor

51、row fromexter nalfunds may not be their own bankborrow in gs, all uni fied by the corporate headquarters of borrowerGen erallyownedsubsidiaryofcorporateen terprises,arran geme ntsforredistributi onto theenterprise,they havea directshort-termloanfinancingright. wholly owned subsidiary of the corporate en terprise, but it is all hold ing, by the corporate headquarters for the en terprise headquarters, the