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“融资难”是中小企业长期存在的问题,由中小企业发展环境、社会服务体系、经营战略存在问题等原因造成,对此,深圳大学管理学院冯健民博士的观点是:我们通常把企业的融资按其发展分为三个阶段,企业创业阶段融资、企业成长阶段融资、企业稳定阶段融资。在创业阶段的融资策略主要依靠内部筹资并尽量寻找外部融资渠道。内部筹资可以是投资人的投资或私人借贷,外部融资渠道可以通过政府启动创业资金,也可以通过银行贷款。企业在成长阶段融资可以通过内部融资改进企业的运作机制,比如股份制改造吸收内部投资,留存利润、强化内部管理。处于成长阶段在外部融资时可以利用负债融资发挥杠杆作用,利用银行贷款或吸收法人投资者,但要考虑财务风险,注意资本结构。企业进入稳定期以后,可以采用成长期所有的融资策略,同时要注重融资创新,并购要在企业清晰战略指导下进行、注意规避风险、借助投资银行协助完成。
“Financing difficulties ” is a long-standing problem for SMEs, SMEs development environment, social service system, business strategy problems and other reasons, this, Dr. Feng Jianmin, Shenzhen University School of Management point of view is: We usually put the business According to its financing, financing is divided into three stages: financing for starting an enterprise, financing for an enterprise's growth phase, and financing for a stable enterprise. The financing strategy in the entrepreneurial stage mainly depends on internal financing and try to find external financing channels. Internal financing can be investor investment or private lending, external financing can be started by the government venture capital, but also through bank loans. Enterprises in the growth stage financing can improve the operation mechanism of enterprises through internal financing, such as shareholding system to absorb internal investment, retain profits and strengthen internal management. In the growth stage In the external financing can leverage the leverage of debt financing, the use of bank loans or corporate investors, but to take into account financial risks, pay attention to the capital structure. After entering a stable period, the enterprise can adopt all the financing strategies in its growth period. At the same time, it should pay attention to the financing innovation. The merger must be conducted under the guidance of the clear corporate strategy, with attention to risk avoidance and assistance with the help of investment banks.