Studies On Financing Plight And Optimal Measures In Small And Medium Sized Private Enterprises

Small and medium sized private enterprises are the main components of private economy in China, which act important function in the development of Chinese economy, such as enlarge job positions, optimize market environment, increase income of our country and enhance the efficiency of economy behavior. However, in the restriction of financial organ, the government and the enterprise own internal and external environment, our country small and medium private enterprises has the bottleneck in financing aspect, thus has limited enterprise's performance and vigor, and further which has restricted our country national economy advance step.In view of the fact of financing bottleneck question happened on small and medium-sized enterprise in China, and taking the MM theorem, superior foreword financing theory, balance theory, the enterprise finance cycle theory and the financing cost analysis and the financing decision-making theory as the research foundation, the financing environment of private small-middle sized enterprises in China were studied in this paper in comprising to quantitive and qualitative methods. The financing environment present situation and the origin in small and middle sized private enterprises were analyzed and influence factors were identified in this paper. This article thorough system analysis on the small and medium private enterprises financing present situation and the origin, the influence factors are identified in this paper. By using the DEMATEL method, the primary factors are identified. The financing system of small and medium sized private enterprises is constructed, including the financing channel environment system, the enterprise internal environment system and the financing safeguard environment system. According to between each system the mutual action mechanism to determine the financing channel environment was the key, the enterprise internal environment is the foundation and the financing safeguard environment is the support.According to the existing small and medium sized private enterprises' financing bottleneck and the question, this article proposed the financing way optimization, which proposed the small and medium sized private enterprises' financing concrete strategy, financing opportunity choice, financing scale decision-making, financing deadline structure choice and financing structure optimization. Finally, take Na-Wei-Shi, Audio/Visual science and technology Co. Ltd, as a case study. The financing optimization of Na-Wei-Shi, Audio/Visual science and technology Co. Ltd, is analyzed in this paper.In the thesis, we draw the following conclusions from our research:(1) Throughout our study and analysis on the difficult financial positions for the medium and small scale private enterprises in our country, we focus on the key influencing factors such as financing organization, government function and the enterprise interior capability for seeking financial resource separately; the research shows that the corresponding legal laws and regulation construction, the local financing scale and the social infrastructure are the key influential factors. Moreover, the credibility and scale of the enterprise are the main interior factors. The small number of financial products, small scale of the commercial banks as well as the single mode for the capital market development are among the important factors for the financial organization.(2) According to the degree of importance, we identify the financial system for the medium and small scale private enterprises, which includes the enterprise interior environment, the financing channel environment and the financing safeguard environment. Through the mutual interaction among different environment, we illustrate that the keys is to optimize the financing environments. The enterprise interior environment is the foundation and the financing safeguard environment is the support.(3) From the perspective of the medium and small scale private enterprise financing system, we propose 3 ways to optimize the financing systems from 3 aspects, the enterprise interior environment, the financing channel environment and the financing safeguard environment. The effective way for financing the medium and small scale private enterprise is the joint optimization for the three environments. Considering their own characteristics of development and life cycles, this thesis propose one way to optimize the financing choice.(4) We use the "Na-Wei-Shi, Audio/Visual science and technology Co. Ltd," in Huizhou for the case study. The different financing data for different stages of the company's development are used for our proposed research in the thesis. This data illustrate that at different development stage we should use different financing methods. In such way, the medium and small scale private enterprise is able to realize its financing need.In the thesis, we use DEMATEL method to study the important factors of the financing system for medium and small scale private enterprise quantitatively. We use system theory to analyze the real financing data. The research is innovative and important extension for the current state of art. The research provides important theoretical and practical guidance for the breakthrough of the difficult financing situation for medium and small scale private company.