Financing Decision Research Of Enterprise In Late-initial Stage

In the environment full of fierce competition and dominated by scale benefit,how to raise the funds required by enterprise for survival and development,as well as keeping cost lower and maintaining best capital structure,have become increasingly enterprise's top priority.Late-initial stage,the interim phase from initial to the growth period,is crucial for enterprises.And the quality of financing decision-making in late-initial stage influences the business activities of enterprises.Hence,scientific and rational financing decision is of great significance for late-initial stage enterprises' survival and development.The choosing of financing method is a multiple attribute decision problem.The complexity of the decision-making index,the limitation of decision-maker's knowledge,personal preference,uncertainty of environment and many other factors determine that the actual decision-making process inevitably involve deviation,thus make the decision itself possess grey uncertainty.Firstly,based on enterprise life cycle theory and relevant literatures on late-initial stage,we performed the analysis on the dilemma and problems entangling the financing of enterprises in late-initial stage.Secondly,the factors of financing were employed as decision indexes,and they were endowed with weights by means of Analytic Hierarchy Process and Information Entropy Method.So that the decision model of weighted grey target with positive clout and negative clout was established.The financing data of Tongda Intelligence Technology co.LTD a late-initial stage enterprise,was collected for empirical analysis.Various financing ways were ranked.Based on the criteria that the clout degree was greater than 0.5,three financing ways were selected and normalized to obtain the financing proportion of each.Such proportions were optimal financing structure.The results showed that the model accorded with the reality,and the algorithm was simple.Based on the above analysis,we put forward suggestions for late-initial stage enterprises,in order to optimize the initial enterprise financing structure,reduce the blindness of financing,and provide reference for enterprise in late-initial stage financing decisions.