| Financing is an important content that modern business enterprise makespolicy. Financing is not only the beginning of the capital movement, but also thebasis of the allocation of the revenues[1].The enough capital scale can assure theinvestment in business enterprise and reasonable capital construction, can reduceand avoid financing risk. If we match the financing methods reasonably, we canreduce the capital cost. The study of this thesis justified that the main factor ofhindering financing efficiency of Jilin Qifeng Chemical Fibers Co., Ltd is thesingle financing structure. So we should settle the single financing structure toresolve the low financing efficiency, then we can increase the financing efficiencyof the business enterprise.The financing mode of business enterprise in our country is single, themethod of lend money from bank is the main method, lending money from bankis obligation financing, In the nearly ten years issuing stock is gradually adopted,it is the method of proprietary financing. Though our financing method is thesame as the developed country, the financing structure is different from thedeveloped country, even is clearly contrary. At present, in the financing structureof the developed country, initial financing occupies sizable proportion, while inthe external financing, issuing bond is progressively enhanced, offering stock iswakened. However, current situation of our country is that 90 percent long-termfund is settled by indirect financing channel. The statistics indicate that theproportion of offering stock and issuing bond occupy loan descends from 12.17%in 2000 to 4.27% in 2003 which is lower than 50% of the developed country. Theproportion of direct financing and indirect financing in our country is seriouslyunbalanced, which restricts the coordinative develop of the economy. The studyobject in this paper has the typical characteristic of large-scale national enterprise,so the study of this thesis will has positive significance to our enterprise'sfinancing. This paper aims at financing of the 40000 tons/year of Acrylic Fiber ProjectAlternatives of Jilin Chemical Fibers Group Jilin Qifeng Chemical Fibers Co., Ltd.We will find out the financing method that fit with the item by analysis thebackground of financing,the main factors that affect financing,the fund offinancing,the design of financing project and the analysis & selection offinancing. First of all, from the factor that affects the business enterprise item financingto proceed the analysis. We proceed the analysis on internal factors and externalfactors in mainly, the most important factor that will affect the business enterpriseitem financing in external factors is policy factors. The changing of macroscopicpolicy will create tremendous influence, These macroscopic policies include theestablishment and practice of law about stock market,the adjustment of interestrate etc; The internal factors include the industry's factor and the businessenterprise's factor, for example, the business enterprise's scale and growth, allthese factors affect the business enterprise's financing. Secondly,we proceed the analysis to the fund source of the businessenterprise financing , the fund source of the business enterprise financing is mainfrom the initial financing with outside source financing. Initial financing is thebehavior that it converts the retained earnings and depreciation into theinvestment and reproduce it. While the outside source financing is the process thatit absorb other economic corpus'save. Then it converts it into the investment. Theexternal financing includes the loan from bank,offering stock and offering bond.There kinds of method of the external financing has its own advantage andshortcomings, in this paper, we will put forward a few kinds of financing projectthrough the concrete analysis of the advantage and shortcoming of the method.The common of the different financing project is that one part fund of thetechnique reform item is settled by company, so the following financing projectaims at the rest of the fund. The financing project in this paper only aims at thelong-term fund except the current fund. Project one will adopt the loan from thebank to proceed financing; Project two will adopt offering stock to proceedfinancing; Project three will adopt issuing bond to proceed financing; Project fourwill adopt the combination to make use of above two kinds of method—loan frombank and issuing bond to proceed financing. Its financing composing is: loan fromthe bank: 75%; issuing bond: 25%. Thirdly, we will proceed the analysis of the four projects from difficulty,riskand cost. The realization of financing project analysis the sustenance andlimitation of the policy,the demand of law and the situation of enterprise of allkinds of project; the risk of financing project analysis the change of policy how toaffect practice of the project,the risk of the change of interest rate,the risk ofinflation and the risk of item operating; the economical reasonableness offinancing project analysis the quantity of financing cost, the calculate method ofall kinds of financing project's financing cost is different, through correctlycalculate, we can draw to the cost of different financing project, so we cananalysis them. Finally, we will use AHP to carry on comparative analysis to the above fourkinds of project, thus we will draw the optimum project. From AHP, we draw onthe optimum project is combining financing project. The composing of the...
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