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一、中小企业融资的总思路现代财务管理理论认为,企业财务管理的目标是实现企业价值最大化,而经过证明,企业资金成本达到最低的时候,企业价值就达到最大,其基本公式是:企业总价值=预期息税前盈余÷加权平均资金成本。这是一个重大的发现。在此以前,公司的财务管理者把大部分精力放在企业的投资决策上,他们认为只有投资项目能够赚取利润时,企业总体价值才能增加。现在,融资活动与企业财务管理目标发生了直接的联系——只要实现筹资成本最小化,就可以实现企业价值的最大化。这直接导致了在现代企业财务管理中融资决策与投资决策在思维上的分离。
First, the general idea of SME financing Modern financial management theory believes that the goal of corporate financial management is to maximize the value of the enterprise, and proven, the lowest cost of corporate capital when the corporate value to achieve the maximum, the basic formula is: business Total value = Expected EBIT ÷ weighted average cost of funds. This is a major discovery. Prior to this, the company’s financial managers focused most of their efforts on the investment decisions of the business, believing that the overall value of the business increased only when the investment project made a profit. Financing activities now have a direct link with the goals of corporate finance management - maximizing business value as long as funding costs are minimized. This directly leads to the separation of thinking in finance decision and investment decision in the modern enterprise financial management.