企业融资决策中英文对照外文翻译文献-华育范文网

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企业融资决策中英文对照外文翻译文献

(文档含英文原文和中文翻译)

译文：

中小型企业融资决策

企业的产生、生存及发展均离不开投资与融资活动。随着我国加入WTO 组织，

市场经济体制的逐步完善，金融市场的快速发展，投资与融资效率也越来越成为企

业发展的关键。对于中小型企业而言，应要根据自身发展需求，认真考虑如何选择

自己需要和适合自己发展阶段的融资方式以及各种融资方式的利用时机、条件、成

本和风险，确定合适的融资规模以及制定最佳融资期限等问题。要解决这些问题，

需要中小型企业制定适当的融资策略，以作出最优化的融资决策。

一、企业融资决策概述

企业融资决策中英文对照外文翻译文献

(一)企业融资决策概述

企业融资决策，是企业根据其价值创造目标需要，利用一定时机与渠道，采取

经济有效的融资工具，为公司筹集所需资金的一种市场行为。它不仅改变了公司的

资产负债结构，而且影响了企业内部管理、经营业绩、可持续发展及价值增长。典

型的融资决策包括出售何种债务和股权（融资方式）、如何确定所要出售债务和股

权的价值（融资成本）、何时出售些债务和股权（融资时机）等等。而其中最主要

的包括融资规模的决策和融资方式的决策。融资规模应为企业完成资金使用目的的

最低需要量。而企业的融资方式则多种多样，常见的以下几种：

1.财政融资。财政融资方式从融出的角度来讲，可分为：预算内拨款、财政贷

款、通过授权机构的国有资产投资、政策性银行贷款、预算外专项建设基金、财政

补贴。

2.银行融资。从资金融出角度即银行的资金运用来说，主要是各种代款，例如：

信用贷款、抵押贷款、担保贷款、贴现贷款、融资租凭、证券投资。

3.商业融资。其方式也是多种多样，主要包括商品交易过程中各企业间发生的

赊购商品、预收货款等形式。

企业融资决策中英文对照外文翻译文献

(三)中小企业融资的总思路

中小企业融资的总体思路应是：投资与融资相结合，以投资带动融资。融资决

策在中小企业财务决策中并不具备像大企业（尤其是股份公司）那样的独立性，它

应该是企业投资决策的一部分，融资必须直接为投资服务。这也就是说，中小企业

的融资决策必须通过投资决策这一环节才能通向财务管理目标，而不是像股份公司

那样，融资决策与财务目标之间可以建立直接的函数关系。这是因为：

1.中小企业财务目标是利润最大化，只有投资活动才能为企业带来利润，即最

优的投资决策就是最优的筹资决策。

2. 中小企业的资金供需矛盾突出，企业融资的渠道、数量、时间都受到各种

客观条件的限制。要像大企业那样灵活地运用多种手段来自由调整资本结构，对中

小企业来说是不现实的。

因此，对于有数十年经营历史，由职业经理层管理的中小型企业而言，融资计

划是为投资服务的，必须与投资需求相匹配，包括融资金额和融资时间上的匹配。

更重要的，投资项目必须是经过多方面因素考虑的，不是盲目圈钱的幌子，否则容

易出现投融资决策失效，导致投资失败、损害企业权益的问题。在监督职能缺乏的

企业融资决策中英文对照外文翻译文献

我国中小企业的经营管理水平和技术水平往往比较低，企业内部缺乏有效的监

督制约机制，这样造成的一个结果就是资金使用效率不高，风险比较大。因此，银

行等金融机构对中小企业经营和发展的信任度很低，所以也不会轻易地将资金借贷

给中小企业。

(二)从银行等金融机构的经营原则来考虑

银行等金融机构的经营讲究资金的“效益性、安全性、流动性”，在实践中银

行等金融机构给予客户贷款的一个前提条件就是要求客户能够提供有效的担保，中

小企业自身则因资力有限而无法提供有效的担保，同时因为中小企业经营的风险

性，第三人在一般情况下也不会为中小企业的债务提供担保。既然不能提供足额有

效的担保，银行等金融机构就不会给中小企业发放贷款。

(三)从国家的产业政策和经济政策来看

政府对中小企业的扶持不足也是造成中小企业融资难的一个重要原因。我国对

中小企业虽然也有一些扶持政策，比如《中华人民共和国乡镇企业法》当中也规定，

“国家运用信贷手段，鼓励和扶持乡镇企业的发展”：“县级以上人民政府依照国

家有关规定，可以设立乡镇企业发展基金”，“乡镇企业发展基金专门用于扶持乡

镇企业发展”等，但是因为缺乏有效的制度保障，这些规定很难落到实处。

(四)从我国的金融管制来看

企业融资决策中英文对照外文翻译文献

(一)资金数量上追求合理性

对以股份公司为代表的大企业来讲，融资的目的在于实现最佳资本结构，即追

求资金成本最低和企业价值最大；而对中小企业来讲，融资的目的是直接确保生产

经营所需的资金。资金不足会影响生产发展，而资金过剩也会导致资金使用效果降

低，形成浪费。由于中小企业融资不易，所以经营者在遇到比较宽松的筹资环境时，

往往容易犯“韩信点兵，多多益善”的错误。但如果筹来的资金用得不合理或者并

非真正需要，那么好事就变成了坏事，企业反倒可能背负沉重的债务负担，进一步

影响融资能力和获利能力。因此，企业界在进行融资决策之初，要根据企业对资金

的需要、企业自身的实际条件以及融资决策的难易程度和成本情况下，量力而行，

确定企业合理的融资规模。

(二)资金使用上追求效益性

中小企业在融资渠道和方式上不像大企业那样存在较大的选择余地，但这并不

企业融资决策中英文对照外文翻译文献

增量筹资指从数量上增加资金总占用量，以满足生产经营需要；存量筹资是指

在不增加资金总占用量的前提下，通过调整资金占用结构、加速资金周转，尽量避

免不合理的资金使用，提高单位资金的使用效果，以满足企业不断扩大的生产经营

需要。增量筹资与存量筹资的紧密结合，也反映出中小企业的筹资活动与投资活动

的内在必然联系，因为存量筹资实际上就是一种资金运用，它属于投资活动的范畴。

比如，企业若能将闲置设备适时采用出租、出售转让等形式进行“存量筹资”，则

不但可以避免损失和资金的积压，而且有助于提高长期资金的流动性，减轻过于沉

重的融资压力。

(五)筹资渠道上，追求以信誉取胜

主动与金融机构保持良好关系，使之了解企业，看到企业远大的前景，愿意支

持企业的发展，这对每一个成功的中小企业经营者来说都是必修的一课。具体包括

两个方面：一方面是对金融机构的选择，应选择对中小企业立业与成长前途感兴趣

并愿意对其投资的金融机构；能给予企业经营指导的金融机构；分支机构多、交易

方便的金融机构；资金充足，而且资金费用低的金融机构；员工素质好、职业道德

企业融资决策中英文对照外文翻译文献

属于高科技行业的中小企业，可以考虑到创业板市场发行股票融资；不符合上市条

件的中小企业，则可以考虑银行贷款融资等。

(七)融资方式上，选择最有利于提高企业竞争力的融资方式

中小企业融资通常会给企业带来以下直接影响：首先，通过融资，可以壮大中

小企业资本实力，增强中小企业的支付能力和发展后劲；其次，通过融资，可以提

高中小企业的信誉，扩大企业产品的市场份额；再次，通过融资，可以扩大中小企

业规模，增强企业获利能力，从而充分利用规模经济优势提高企业在市场上的竞争

力，加快企业的发展。但是企业竞争力的提高程度因企业融资方式、融资收益的不

同而存在很大差异。比如，股票融资、尤其是初次发行普通股并上市流通，不仅会

企业融资决策中英文对照外文翻译文献

原文：

Small and Medium Enterprises financing decision

Business generation, survival and development are inseparable from the inves

tment and financing activities. With China's accession to WTO organization, the

market economy system, the gradual improvement of the financial markets, rapid

development, investment and financing efficiency is increasingly becoming the key

to the development of enterprises. For the small and medium enterprises, accord

ing to their own development needs should seriously consider how to select their

own needs and suited to their stage of development financing, as well as a variet

y of financing the use of timing, conditions, costs and risks, determine the approp

riate size of the financing and the development of the best financing periods. To

solve these problems, small and medium enterprises need to develop appropriate

financing strategies in order to make the most optimal financing decision.

First, an overview of corporate finance decision-making

(A) an overview of corporate finance decision-making

Corporate finance decision-making, is the enterprise value creation objectives

in accordance with its needs, the use of a certain timing and channels to take c

ost-effective financing tool for companies to raise the funds needed for a market

behavior. It not only changed the structure of the company's assets and liabilities,

but also affected the internal management, business performance, sustainable deve

lopment and value growth. A typical decision-making including the sale of what

kind of financing of debt and equity (financing), how to determine which they

want to sell the value of debt and equity (financing costs), when to sell more de

bt and equity (financing opportunities) and so on. Which include the financing o

f the size of the most important decision-making and financing decisions. Financi

ng scale enterprises should be the purpose of completing the minimum requiremen

企业融资决策中英文对照外文翻译文献

ts for the use of funds. The financing of enterprises are diverse, common the fol

lowing:

1. Fiscal financing. Financial financing from a financial point of view out,

can be divided into: budget allocation, financial loans, through authorized agencie

s of the state-owned assets investments, policy-oriented bank loans, special constru

ction of extrabudgetary funds, financial subsidies.

2. Bank financing. From the Chinese-funded financial point of view that is

out of the use of bank funds, the main sections of various generation, such as:

credit, mortgage loans, secured loan, discounted loans, lease financing, securities i

nvestment.

3. Commercial financing. Its the way they are varied, mainly including trad

e transaction process that took place between enterprises on credit products, prepai

d loans and other forms.

4. G voucher financing. The method includes tendering, financing and bond

financing two major categories.

(B) the financing decision-making process

Corporate financing decision-making process to develop, that is to determine

the optimal capital structure process. The specific decision-making process is: Fi

rst, when a sum of money to finance companies faced several financing options,

companies can calculate the various financing options respectively, the weighted a

verage cost of capital rate, and then select one of the lowest weighted average co

st of capital as a. Secondly, selected the lowest weighted average cost of capital

is just the kind of financing options best Zhuzhong program does not mean that

it has become the best capital structure, this time, enterprises should observe the

investors in the loan payment request, the stock market price fluctuations, etc., a

ccording to financial analysis to determine the reasonable capital structure, while c

企业融资决策中英文对照外文翻译文献

orporate finance officers can use some of the financial analysis of capital structur

e, access more detailed analysis. Finally, according to results of the analysis in t

he corporate financing decision-making to further improve its capital structure.

SME finance general idea should be: a combination of investment and finan

ce in order to finance investment-driven. Financial decision-making in small and

medium enterprises do not have the financial decision-making as big business (esp

ecially stock company), as the independence, it should be a part of business inves

tment decisions, financing must be direct investment services. This means that th

e SMEs in the decision-making must pass in order to lead to investment decision-

making in this part of the financial management objectives, rather than as stock c

ompanies, finance decision-making and financial objectives to establish a direct fu

nctional relationship. This is because:

1. SME financial goal is to maximize profits, only the investment activities

in order to bring profits for the enterprise, that is the optimal investment decision

s is the optimal financing decision-making.

2. The obvious contradiction between supply and demand of funds for SME

s, corporate finance channels, quantity, time is influenced by various objective con

ditions. To act like large companies the flexibility to use various means to freely

adjust the capital structure, for SMEs is unrealistic.

Thus, for decades operating history, layer management by professional mana

gers of small and medium enterprises, financing plan for investment services, and

must be matched with investment demand, including financing and financing the

amount of time matching. More importantly, the investment projects through a v

ariety of factors must be considered, not blind means for misappropriating a cover,

otherwise easily lead to investment and financing decision-making failures, leadin

g to investment failure, damage to corporate rights. In the absence of the oversi

企业融资决策中英文对照外文翻译文献

ght function of the small and medium enterprises in the conduct of the proceedin

gs of a project feasibility study is necessary, but only a part of the decision-maki

ng, provide financial information, the feasibility of the whole scheme can not pro

vide advice, but can not serve as a viable project a decisive basis. Strategy and

internal needs of a variety of factors to consider is very important. [Paper Net

]

Second, our analysis of the financing environment for SMEs

Enterprise is in a certain environment, a variety of economic resources, the

organic collection. Business operations to adapt and understand the requirements

of environmental change, to be invincible. Enterprises are faced with an environ

ment is present in the surrounding businesses, affecting business survival and deve

lopment of various objective factors and forces of the general, it is the basis for

corporate financing choices. At the moment, the status quo of China's financing

environment for SMEs mainly in the following areas:

(A) From the situation of SMEs in view of their own

China's SME business management and technical levels are relatively low, a

lack of effective internal supervision and control mechanisms, such a result is ca

used by inefficient use of funds, the risk is relatively large. Thus, banks and oth

er financial institutions and development of SME business confidence is low, so it

will not easily borrow funds to SMEs.

(B) from banks and other financial institutions operating principles to consid

Banks and other financial institutions pay attention to fund the operation of

"efficiency, safety, liquidity", in practice, banks and other financial institutions to

give customers a prerequisite for the loan is to ask customers to provide effective

guarantees for SMEs with limited self-financing due to unable to provide effectiv

企业融资决策中英文对照外文翻译文献

e security, while for SMEs operating risks, the third person in normal circumstanc

es would not provide guarantees for the debt of small and medium enterprises.

Since it is impossible to provide full and effective guarantees, banks and other fin

ancial institutions will not give loans to small and medium enterprises.

Lack of government support for SMEs, SME financing difficulties also contr

ibuted to an important reason. China for SMEs, although there are a number of

supportive policies, such as "The People's Republic of China Township Enterprise

Law," which also stipulates that "the state to use the credit means, to encourage

and support the development of township and village enterprises": "people's gove

rnments above the county level in accordance with relevant state regulations, you

can the establishment of rural enterprise development fund "," township enterprise

development fund dedicated to support the development of township enterprises ",

etc., but because of the lack of an effective system to protect, these provisions a

re difficult to implement.

(D) from the view of China's financial control

Between enterprises can not borrow each other to some extent also increase

d the difficulty of financing for SMEs. Based on our current law, among the cit

izens, businesses and citizen, business or civic and financial institutions can occur

between the legitimate lending between enterprises and between enterprises, howe

ver, been regarded as illegal loan lending relationships are not by law允许. In t

his way, for SMEs, he would lose a means of financing, intangible into the finan

cing of SMEs has also increased the difficulty.

Third, small and medium enterprises should develop specific strategies and r

easonable financing

企业融资决策中英文对照外文翻译文献

Therefore, at this stage of China's SME financing environment for SMEs in

terms of financing of adverse circumstances, the financing of SMEs in the devel

opment of specific strategies should pay attention to the following aspects:

(A) the amount of funding the pursuit of rationality

Right to shares of companies on behalf of large enterprises in terms of fina

ncing aimed at achieving optimal capital structure, namely, the pursuit of cost of

capital, the minimum and maximum business value; while for SMEs is concerned,

the purpose of financing directly to ensure that the necessary production and ope

ration of funds. Lack of funds will affect the development of production, but ex

cess can lead to the use of funds of funds, diminish the effect, resulting in a wa

ste. As the SME financing is not easy, so operators are more relaxed in the fac

e of the funding environment, they often accuse me of "Han Xin point soldiers, t

he more the better" error. However, if the money raised is unreasonable or not

with the real needs, then a good thing becomes a bad thing, companies hand, ma

y carry a heavy debt burden, further affect the financing capability and profitabilit

y. Therefore, the business community during the beginning of financing decision,

according to the needs of enterprises for capital, corporate finance their own actu

al conditions and the ease and cost of decision-making circumstances, what one c

an determine the size of corporate finance and reasonable.

(B) the pursuit of effectiveness of the use of funds

The financing channels for SMEs and large enterprises do not like the way

there is a big choice, but that does not mean that SMEs can only be "beggars"

On the contrary, due to weak risk-resisting ability of SMEs, as well as funding d

ifficulties, but also should each fund to make good trade-off, considering the oper

ating needs and capital costs, financing risk and investment income, and many oth

er factors, must be the source of funds and to invest in combined analysis of the

企业融资决策中英文对照外文翻译文献

cost of capital rate of return on investment the relationship between the strings t

o avoid making mistakes .

The use of funds for SMEs decide the type and quantity of funding. We

know that the total assets of enterprises and non-current assets by current assets o

f two parts. Current assets are divided into two distinct behavior: First, their nu

mber changes with fluctuations in production and management of liquid assets, na

mely, the so-called transient liquid assets; 2 is similar to the level of fixed assets,

as long-term stability of liquid assets, namely, The so-called permanent current a

ssets. According to the structure of the matching principle, small and medium en

terprises for fixed assets and permanent current assets on the financial resources t

o the financing of medium and long term financing is appropriate; due to seasona

l, cyclical and random factors contribute to changes in business activities, the fun

ds required are mainly the financing of short-term financing is appropriate. Emph

asizes financing and investment in the capital structure ratio on the relationship be

tween pairs of small and medium enterprises is particularly important.

(D) capital operation, in the pursuit of incremental funding at the same time

pay more attention to financing of stock

Incremental funding means a quantitative increase in the total occupation of

the amount of funds to meet the production and operation needs; stock financing

is defined as the total occupied without increasing the amount of funds under the

premise of the structure by adjusting the amount of funds used to accelerate cap

ital turnover, and try to avoid unreasonable the use of funds to improve the use

of funds effects units to meet the business needs of the expanding production and

operation. Increment financing and the stock of the close combination of fundin

g also reflects the financing of SMEs and investment activities, the inherent conne

ction between the stock of financing because it is actually a kind of utilization of

企业融资决策中英文对照外文翻译文献

capital and it belongs to the scope of investment activities. For example, compa

nies would be the timely use of idle equipment, rent, sell transfer the form of "in

ventory financing", it will not prevent losses and capital backlog, but also help i

mprove long-term capital mobility, relieve pressure on the financing too heavy .

(E) sources of funding, the pursuit of credibility to win

Take the initiative to maintain good relations with financial institutions to m

ake it understand the business and see great prospects for companies willing to su

pport the development of enterprises, which every successful SME operators who

are compulsory lesson. Including its two aspects: one is the choice of financial i

nstitutions, should be chosen career and growth of SMEs in the future for their i

nterest and willingness to invest in financial institutions; can provide business gui

dance to financial institutions; branches and more convenient transactions of financ

ial institutions; well-funded, and the low cost of funds of financial institutions; sta

ff quality, professional ethics sound financial institutions. The other hand, cooper

ation between SMEs to take the initiative to communicate with financial institutio

ns, corporate business policy, development plans, financial position, indicating the

difficulties encountered in order to win the performance and credibility of financia

l institutions, trust and support, rather than a variety of illegal or improper means

of taking money.

(Vi) financing, select the appropriate size of the enterprise itself, the strengt

h and the stage of

Finance income and costs on a comparison that really necessary financing,

we need to consider what kind of financing options. In the choice of financing,

usually on their own to consider the size, strength, strong or weak, and corporate

stage of development, combined with the characteristics of the different means of

financing, select the appropriate means of financing of this enterprise developmen

t, for example, in the early days of SMEs , its financing methods you can choos

企业融资决策中英文对照外文翻译文献

e equity financing, because the early start, high risk, very few financial institution

s and other creditors to the financing for you. In equity financing, business own

ers and their friends and family members accounted for the vast majority of the f

unds. This part of the financing is part of "insider financing" or "internal financi

ng", also known as enterprise "his investment." To the development of SMEs to

a certain period and the size of the future, they may choose debt financing. De

bt financing primarily from financial institutions, including commercial banks and

finance companies. Of high-tech industry, SMEs, may take into account the GE

M issuing equity financing; do not meet the listing requirements for SMEs, consi

der bank loans, financing and so on.

(Vii) financing, the selection of the most conducive to improving the compe

titiveness of enterprises in financing

SME financing will usually have the following direct impact on business: Fi

rst, by financing small and medium enterprises can grow capital strength and abili

ty to pay small and medium enterprises and development potential; secondly, thro

ugh the financing, can increase the credibility of small and medium enterprises to

expand the enterprise product market share; again, through the financing, small a

nd medium enterprises can expand the scale, enhance profitability, and thus take a

dvantage of economies of scale improve enterprise competitiveness in the market

and accelerate the development of enterprises. But the degree of competitiveness

of enterprises due to the improvement of corporate financing, financing the differe

nces in income there is a big difference. For example, equity financing, especiall

y the first listing of ordinary shares in issue and circulation, not only impose an

enormous financial intermediation, but also greatly enhance the visibility of busine

sses and goodwill, so that the competitiveness of enterprises could be boosted. T

herefore, when financing decisions, first select the most beneficial to small and m

edium enterprises to improve competitive mode of financing.

企业融资决策中英文对照外文翻译文献

With China's accession to the World Trade Organization, Chinese SMEs will

be further expansion of access to the area, which the development of SMEs a u

nique opportunity, but it also posed a challenge to SMEs. The small and mediu

m enterprises in the development of the financing to make decisions is directly re

lated to the survival of small and medium enterprises, so the investment and fina

ncing decisions of SMEs should be fully considered on their own terms, based on

corporate finance strategy to consider all aspects of the feasibility of and possibl

e will bring a variety of issues, to seek their overall balance of the proceeds.

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