| Facing to the challenges of the knowledge-based economy era, the study on High-tech SME financing is particularly important. In this article, author analysis of the problems of the CAYA Company's existing financing channels - bank borrowings, and explore other various financing channels that suitable for the actual situation of the company, the aim is to provide useful exploration program to set up a complete financing channels for High-tech SME, with a view to promoting the healthy development of high-tech SME.CAYA is a company of High-tech SME, the main businesses are the development and sales of education management software platform, the company currently employs about 120 people, is still in the development stage of enterprise creation period. The further development of the products, the opening of sales channels, as well as production equipment acquisition, all these factors leads to a huge demand for funds. And in the entire process development of High-tech SME, the company is in the key important stage of from a "sample" to the "reality merchandise ", it is also in the stage of the biggest investment risks, the funding gap is largest.The company solves the existing funding gap through bank borrowings. The borrowing is a year short-term liquidity loans, JILIN Province Credit Guarantee Investment Company provide joint-guarantee obligation, the company's counter-guarantee security measures is An office building and land, provided by a partner company. The bank borrowing started in 2006, the amount is at the level of 10 million Yuan, deducted the Part that have been used, the shortfall in funds is 4 million Yuan before the company's products enter the market.However, as the own enterprise features in High-tech SME - the establishment of the time is short, small-scale, less funds owned, lack of adequate collateral; companies needs "radical, frequency, less, risk, high" of the funds contrast to the banks principle of persisting "safety, liquidity, profitability "and lowered the management cost of the loan, CAYA company is facing some problems about its current condition of financing. In terms of the overall amount of the financing, it has yet to meet the needs of the enterprise development, the funds gap exists; In terms of the existing bank borrowing, on the one hand the company must recourse to the business partner for the assistance of Collateral, on the other hand the amount of borrowing must balance the costs and benefits of banks, which resulted in an uncertainty factor of the stability of financing, sometimes the company has to make appropriate concessions to the business partner, and furthermore both of these areas would increase the financing costs and management costs directly and indirectly, it is very unfavorable for the company. So this article insists that it is imperative of looking for new financing channels, otherwise the further development of the company will be hindered.Considering the actual situation of the company, and combining the characteristics and advantages of the company, we can choose the following financing channels, to supply and perfect the existing financing channels. 1. Applications for the government financial support. The government fund is the primary task of financing for the current company, the works we should begin immediately include, to apply for the Science and Technology Innovation Fund for SME with the Education Management Platform "education security and emergency systems", to apply for the information industry government fund support with education and management platform "interactive video system resources", to apply for the financial funding of education development through Provincial Office of Education.2. Through the SME guarantee agencies to improve the existing way of security. We should consider Contacting to SME credit guarantee companies, compared to the provincial security company that adopted by us currently, the advantages concludes, the security costs are more concessions, they can provide long-term security, and be able to do commissioned loan business against quality enterprises, so that the company's temporary and urgent need for money can be solved.3. Financial leasing should be adopted to solve the part of the shortage in funds when the company needs equipment purchasing. And in addition to professional leasing companies, the company should also make more effort in business negotiations, to gain the manner payment of installments from the manufacturers.4. Recourse to risk investors and achieve the funds injecting. It is worth mentioning that, we should absorb not only the funds, but also the software intangibles which we need for Product development and the fixed assets such as housing and land which can be used as collateral.5. Establish contacts with local financing institutions as supplementary methods against bank borrowing, in order to enjoy a more convenient than the average bank treatment. The one hand, urgent short-term funds can be achieved through this kind of institutions, the other hand, local financing institutions request a lower standard to mortgage assets compared with banks, so when the company has its own collateral assets that banks would not like to achieve, Cooperation with the local financing institution can realize the direct collateral, then reduce Central festivals and cost savings.6. Planning operation and development of the company on the goal of GEM listed. Although GEM listed unable to open up as the reality financing channel, but we should take this channel for the direction of the company's financing, so can we grape the first round of the opportunities before others when macroeconomic conditions are ripe.This article also raised at the same time, the company should focus on different options and portfolios of financing channels in different stages of development. This stage CAYA company is still at its time of the creation, the first and foremost issue is the supply of funds, to ensure the sources of financing adequate, sustainable and stable for the company's developing, then in this premise the issue is saving financing costs as much as possible, and at the ultimate stage our issue is how to build the best capital structure for the company through the channels of financing. It is worth noticing that at the time when we choose the variety of financing channels for financing, the best capital structure of the company should be based on actual demand for funds, it's certainly not the blind opinion of funds "the more, the better", so choose a variety of financing channels for the company, we should implement step-by-step, and must in accordance with our own specific circumstances, it is a gradual process. |
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