The Medium And Small Scientific And Technological Enterprise's Financing Tactics Studying

Enter 21st century, China is it is it can rank among scientific and technological big enterprise of forest of 500 tops of the world while being a number of to train to want, and should develop medium and small scientific and technological enterprises in a more cost-effective manner with the strategic eyes. However, while studying medium and small scientific and technological enterprise's development, we have realized the existing problem soberly. Large quantities of good rudiment have appeared in the course of developing in many medium and small scientific and technological enterprises, it is actually few but can really develop. Its main reason is that medium and small scientific and technological enterprises face the financing difficulty, and the fund is the important condition of development of small and medium-sized enterprises. But medium and small scientific and technological enterprises are because of some one's own characteristics, if the risk in embryonic stage is relatively high, one's own assets are relatively small in scale, the management system is imperfect, profit ability is bad, etc. In addition, our country lacks the restrictions of essential credit assurance system, etc. again at the present stage, make it obtain fund extremely difficultly. At present, the most outstanding problem in medium and small scientific and technological enterprises of our country develop, is the shortage of the fund, problem not smooth of the financing channel. This text to our country medium and small scientific and technological enterprise current situation of financing, reason and financing tactics, etc. problem of financing difficulty carry on research. Its content includes mainly: I. The financing difficulties and reasons of medium and small scientific and technological enterprises There are endogenous financing and other source to finance two big classes in the medium and small scientific and technological enterprise's existing financing way. These two major kinds of financing ways have provided the essential financing way for medium and small scientific and technological enterprise's financing. But there are a great deal of difficulties in our country's medium and small scientific and technological enterprise's financing. Medium and small scientific and technological enterprise's financing also faces the comparatively unfavorable external environment, the institution ensures such as lacking, lack the laws and regulations to ensure, lack the support of perfect financial service system etc. by investors. All these will cause unfavorable influence on medium and small scientific and technological enterprise's financing. The reasons of the medium and small scientific and technological enterprise's financing difficulty are ,in the fierce market competition, the inferior position of medium and small scientific and technological enterprises is very obvious, if the technician is scarce, will lack funds, the equipment is insufficient, utilize ability relatively low grade of external information. The characteristic is the high development of medium and small scientific and technological enterprises, risky, city input, characteristic of the high income. Make the shortage of the fund extremely serious. The reasons of financing difficulty are shortage of government's special management organization; The laws and regulations are imperfect in construction; Financial service system is not perfect; etc.. These factors are all important factors in medium and small scientific and technological enterprise's financing. Medium and small scientific and technological enterprises should fully consider these factors while choosing the financing tactics. II. Medium and small scientific and technological enterprise's growth stages and financing characteristics Study the financing tactics of medium and small scientific and technological enterprises, at first, should study the growth characteristics and financing characteristics of medium and small scientific and technological enterprises. There are six growth stages medium and small scientific and technological enterprises: Research and developing stage; the stage of starting an undertaking; the stage of growing up in early days; the stage of growing up with higher speed; the stage of growing up steadily; the stage of ripe. III. Medium and small scientific and technological enterprise's financing tactics To the characteristic at different stages and financing characteristic, have it to making different financing tactics. There are the following several optional financing tactics: 1. The tactics of endogenous financingEndogenous financing is established in course beginning capital accumulation and operation course of Central Plains by enterprises surplus value is capitalized, namely the own capital and rights and interests on the financial affairs . Endogenous financing has independence, low cost, such characteristics as the low risk, etc., it stems from the individual deposit mainly, friend and relative borrowed money, etc.. The cost of inside financing is that the cost is the lowest in various kinds of financing ways, use the most effective one. So, are at studying the developing stage, the inside financing of financing first-selection starting an undertaking in medium and small scientific and technological enterprises at stage. 2. The financing tactics of the debt The loans of such financial institutions as the commercial bank, etc. are the most important other source financing source of small and medium-sized enterprises, it's the same to medium and small scientific and technological enterprise. In recent years, the financing channels of medium and small scientific and technological enterprises have demonstrated the pluralistic trend, but the loans of such financial institutions as the bank, etc. still take most proportion of its other source financing. Debt financing has relatively low cost, it is better to supervise the result, the market handles the advantage such as being greater of the degree of difficulty. There are commercial bank loans mainly in the debt financing ways of medium and small scientific and technological enterprises, commercial instruments financing, issue bond financing, government's guaranteed loan, discount loan and export credit and small-scale business administration association grant the loan etc.. After medium and small scientific and technological enterprises enter stage and stability stage of growing up with higher speed, all kinds of risks of enterprises reduce gradually, enterprises are relatively large in quantity of assets of the mortgage available, is exactly the ideal choices of such financial institutions as the commercial bank, so, at this stage, debt financing is its main capital source. 3. The tactics of stock financing The listing financing tactics of medium and small scientific and technological enterprises refer to the financing of issuance of stocks. Carrying on financing through the capital market mainly, in inland market financing, can be in overseas market financing.There are two main ways of utilizing the stock market to carry on financing: Listing financing and indirect listing financing directly. Carry on the financing way of stocks and issue A-shares and B-share financing on the capital market of our country, but not very suitable for medium and small scientific and technological enterprise of the initial stage of pioneering, just suitable for entering the stage of growing up with higher speed, grow up in medium and small scientific and technological enterprises at stage steadily. Financing will be the best choice of medium and small scientific and technological enterprises to issue stocks on GEM that will put out soon. 4. Absorb risk investment Because during the course of starting an undertaking in medium and small scientific and technological enterprises, the stage of growing up in early days, the stage of growing up with higher speed, a great deal of risk factors exist, and enterprises make profits relatively bad, the credit state is unstable. So the financing difficulty of medium and small scientific and technological enterprises, is not merely a level question of the debt financing cost, but nobody would like to offer. Make profits good record in the past, carry on listing financing possible even in main board market. Practice has proved, have chosen to be risk investors in financing tactics at this moment. To risky from risk investor, with high repayment partiality and new high-tech enterprise risky to is it think to come with the characteristic of reciprocating, risk investment and new high-tech enterprise have natural connections. 5. Other financing ways Medium and small scientific and technological enterprises adopt the main reason for leasing way financing to lie in : Can receive different tax revenue advantages while leasing both sides; In sharing the bankrupt income, the lesser is superior to the guarantor of debts; The lesser can offer the professional service that chooses and maintaining the respect of the equipment to medium and small scientific and technological enterprises. Dividend financing is the stage of growing up in early days of medium and small scientific and technological enterprise, the stage of growing up with higher speed, the stage of growing up steadily, a kind of commonly used financing ways of ripe stage, is an important component of financing inside medium and small...