Research On Financing Management Of Start-up Enterprises

Since the beginning of the new century,strategic emerging industries have become the key development targets of major countries and regions in the world.According to the current national conditions,China has listed seven major industries including the new generation of information technology,energy conservation and environmental protection industry,biomedical industry,high-end equipment manufacturing,newmaterials industry,the new energy industry and new energy automobile industry as the current stage strategy.Key areas for fostering emerging industries.Through the"Twelfth Five-Year Plan" and "Thirteenth Five-Year Plan" and a large number of supporting policies,strategic emerging industries have achieved breakthrough development in recent years.At the same time,under the new wave of "mass entrepreneurship and innovation",the government has been strongly supported by the central and local governments.In recent years,innovative energy auto companies have emerged in various parts of the country,and many emerging automobile brands have entered the consumer vision.And got unprecedented attention from the consumer market and the capital market.Despite the rapid development,strategic emerging industries are still in the early stage of industrial development.Many enterprises in the industry are still in the initial stage and have high demand for external financing.Compared with traditional industries,the formation of strategic emerging industries requires a large amount of capital investment,and its investment return period is relatively long.Therefore,many start-ups in the industry have urgent and large-scale financing needs.Due to the late start of Chinas stock market and the high threshold for public offering of stocks,start-ups are difficult to publicly raise in the early stage.In addition,non-financial corporate debt financing instruments generally have higher issuance requirements,and financing instraments such as traditional bonds are equally difficult for fund-raising for start-up strategic emerging companies.On the other hand,the prevailing period of the companys general credit base is weak,lacking tangible assets that can be used for mortgages,and it is difficult to obtain recognition from traditional financial institutions such as banks.The development of third-party guarantee institutions in China is still not mature,and the overall internal and external factors restrict the financing of start-up enterprises from the credit market.Although there are a lot of literatures on the financing of start-up companies,some financing models and management suggestions are proposed.But on the wh ole,these research results are mainly from the macro-level aspects of capital market,government policy,and overall industry,,and few studies are conducted from the micro perspective of enterprises.In this paper,a new energy vehicle start-up company based in N city of China is taken as a micro-study object.The author also participates in the internal business of the case and participates in the actual business management activities through the observation method as an intern,and interviews are conducted using interviews.Business personnel,as well as access to the internal financial and non-financial data of the company to obtain the data required for research and analysis.This paper takes the basic theories of financing management,including MM theory;principal-agent theory,information asymmetry theory,superior order financing theory.enterprise life cycle theory,credit rationing theory,relational loan theory,etc.as the theoretical basis,through case study from the enterprise The internal perspective studies the problems faced by strategic emerging companies in the initial stage of financing management,and proposes optimization strategies and safeguards in a targeted manner.On the one hand,this paper combines the general characteristics of start-up enterprises,and the existing experience of financing channels and methods of the same type of enterprises at home and abroad,fully considering the fact that the start-up enterprises have low credit base and the business performance level is not optimistic.An optimization strategy for financing problems in start-up companies.In the indirect debt financing business,the start-up enterprises can focus on the development of intellectual property credit financing and supply chain finance,and make good use of their own patent advantages and industrial chain foundation;indirect debt financing,they can focus on double-creative debts,green debts,etc.Features are relatively matched to emerging debt financing instruments.In addition,it is necessary to optimize the capital structure and term structure,control the debt risk by adjusting the capital and term structure,and rationally plan the financing opportunity to control the financing cost.On the other hand,in order to guarantee the effective implementation of the financing management optimization strategy for start-up enterprises,it is necessary to strengthen internal control,strengthen the construction of internal control teams,establish a comprehensive risk management system for financing business and establish a temporary fund demand response mechanism;in order to protect enterprises from financial institutions Accepted,it is also necessary to enhance their own credit level through both internal and external aspects.Finally,the funding team responsible for financing needs to improve organizational structure and strengthen cross-team cross-regional collaboration.