Study On Financing Problems Of Guangxi Large And Medium-Sized Sugar Enterprises

Guangxi is China's largest sugar base,sugar industry in Guangxi region is the main source of agricultural economy and economic lifeline.In recent years,due to the high cost of sugar cane planting and other reasons for the impact,triggering the price of sugar upside down,triggering a sugar industry losses,corporate capital chain tension,financing difficulties and even bankruptcy and other conditions.Therefore,the financing difficulties of Guangxi sugar industry,has become a top priority.In this paper,it takes Pecking Order Theory,Balance theory and Financing Internal Control Theory as theoretical basis,conducts the analysis from the angle of Guangxi sugar refining industry,and then reaches the conclusion that Guangxi sugar refining industry has the following features,such as high industry concentration,transparent and fluctuating industry prices,and being seasonal and periodic.And according to the specific industry features of the sugar refining industry,it also comes to the conclusion that the capital demand of the sugar refining enterprises have the following features,such as higher capital demand,longer time-limit demand,lower support from financial institution,higher capital cost,and urgent and time-centralized capital demand.In the process of living-example analyzing the financing characteristics of Guangxi large and medium-sized sugar refining enterprises,it concludes the main four existing problems in financing,as follows:single financing channel,high financing cost;lack of real things for security granted by financial institutions;high receivable funds on account,slow capital turnover;and the loans from financial institutions being only limited in the link of sugar refining,which cannot cover the entire recycling industries.The main reasons include:imperfect financing system,insufficient policy support.It also puts forward practical solutions,such as devoting major efforts to develop the cooperative basis with intermediary institutions,increasing policy support.Meanwhile,because in this paper,it only chooses the typical large and medium-sized enterprises in Guangxi as the objects of study,and does not conduct positive living-example study on the small-sized sugar refining enterprise customers,therefore,the objects of study and analysis are still not comprehensive;in the process of analyzing the financing solutions,it does not comprehensively analyze and study the risk control measures in the perspective of financing party,therefore in the next step,the author will continue to conduct deep study on the aspect.