Sichuan Hd Corporate Finance Issues And Strategy Analysis

In recent years, the medium and small-sized technological enterprises have acquired rapid development. They played very important roles in driving the constant economic increase, adjusting the industrial structure, technological innovation, advocating cooperation, enlarging employment and quickening the formation of market economy. However, most of them still face a lot of problems, in which the shortage of capital is even worse, as it has become the bottle neck in their development.HD company, which is a typical technological small-sized enterprise registered in Chengdu, is mainly involved in the research, development and production for sensors. It has strong technological innovation power and possesses many patents. Its main product, automotive oxygenic sensor, is the outcome of the high technology. But the company doesn't have enough production ability to meet the market, it is not big enough and lack of capital for industrialization. So the privilege is put on how to solve its problem of capital, which is also the significance of this thesis.The thesis puts forward three alternatives for strategic financing. The strategies, which are based on the analysis of the finance theory for medium and small-sized technological enterprises, focus on solving the financing problems of HD Company. And finally the supportive outer environment for financing is roughly discussed. The whole thesis is divided into four sections, that is, the financing urgency, financing dilemma, financing strategy and the outer environment.In the section of financing urgency, the issues, the constant development of automotive oxygenic sensor and the cultivation of ability for continuous development, are discussed to show the importance. Financing is not only the sole way to gain the economy of scale of production, but also the premise for the development of the company's other projects.The thesis puts the one of its focuses on the financing dilemma, which is discussed in the second section. The problem is discussed from the three aspects: inner financing, indirect outer financing and direct outer financing. HD company is small in size and profit, so the ability for inner financing is limited. And it has not mortgage for loan either. As a result, the financial institutions are not willing to give loan to it. Also, it cannot to finance in the secondary market of securities overseas.The financing strategy is another focus of the thesis. In this section, the followings are put forward: development of relational loan, project financing, and keeping the strong other than weak projects. The solution is given that project financing, which is used traditionally in construction of infrastructure, water and power engineering, can be borrowed and is feasible here. The issues of project financing, such as project market and technology, the formation of the project company, investment demand and profit gauges, are discussed roughly here.To guarantee the success of the implementation of the strategy, the final section of the thesis puts its efforts to discuss the outer financing environment. In addition to the improvement of their operation, increase of their profit rate, and improvement of their credit records of the medium and small sized enterprises, the government should pay more attention to construct the credit system of enterprises, to make the policies more perfect, to broaden the channels, such as venture capital, for financing. The financial institutions should change the past operational concepts. Based on the consciousness of foresight, profit and innovation, they should explore the credit creations for the medium and small-sized technological enterprises.