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论文编号：	10098
作者编号：	2220140386
上传时间：	2018/6/8 15:00:15
中文题目：	XY中小科技企业融资风险控制研
英文题目：	Research on financing risk control of small and Medium-sized Scientific and technological Enterprises in XY
指导老师：	李莉
中文关键字：	融资风险分析；融资体系；融资风险控制
英文关键字：	Analysis of financing risks; Financing system; Financing risk control
中文摘要：	中小型科技企业在国家发展改革大战略，“大众创业、万众创新”形式下，如雨后春笋般应运而生。经济学家曾说过各国要想摆脱金融危机的影响和束缚与科技发展是分不开的。毫无疑问，科学技术是第一生产力，是确保经济、社会持续前行的动力来源，科学技术的发展是未来生产力发展的核心方向，同时有助于全面提升整体经济发展水平。从实际发展状况来看，中小企业带有显著的自由性发展特征，科技型中小企业还同时具有科学技术发展的创新性，是开展研发、技术创新以及新产品创造等活动的企业，其存在特定的科技成分或是能够生产特定的科技产品。因而可知，科技型中小企业在市场经济中有着十分重大的影响力。然而这些企业也普遍存在一些缺点，与大企业相比,科技型中小企业总体实力弱、规模小、企业经营管理机制不完整、人员素质相对较低、欠缺资金、融资风险大、融资渠道有限、市场销售能力差等缺点,这些问题成为科技型中小企业融资的弊端。如何有效控制科技型中小企业的融资风险问题已经迫在眉睫,这一问题的解决有助于提高科技型中小企业存活率和促进具有发展潜力的企业健康发展。 本文运用文献阅读法、案例分析法、规范分析和实证分析相结合的方法，结合国内外经济学家对融资风险的研究，通过对XY科技型中小企业进行研究分析，试图丰富科技型中小企业在资金筹集过程中的风险控制管理体系。国内对科技型中小企业融资风险的探讨大部分都聚集在如下方面：其一是资金需求，其二是获得资金的途径，其三是有关制度。并且，当下和战略性产业融资政策有关的探讨大部分是从整体高度开展，给出的措施存在一定的指导价值，然而，在实际利用方面还需进一步改善。其他国家在融资风险方面的探讨，给国内的探讨创造了理论基础和相关方法。从国内对融资风险理论的探讨来看，其中有一些将筹资难归因于缺少科学的政策扶植，也有一些将其归因于国内产业体系尚需健全，还有一些将其归因于金融支持尚待强化。 论文介绍了企业融资的动机，主要指为了研发新的产品或技术，又或者为了购买新的设备，有时是为了对外投资或并购其他企业，有时是为了偿还债务或者调整资金结构等。融资风险的含义主要是指企业在长期发展过程中所出现的筹资及用资过程中的不确定性对企业实现其经营目标的影响。融资风险的发生具有客观性，伴随收益和损失的不确定性等特点，严重时可能使原有大股东丧失企业控制权。融资风险的成因很多，可能是因为企业负债总额过多或其在资金体系中所占比例的太大，随着企业负债规模持续扩大，必然导致利息成本不断提升。严重情况下，其很可能导致企业濒临破产困境。如果负债规模不存在较大差异情况下，随着负债利息率的持续增长，企业也将承担相对较高的支出压力。如果负债结构设计严重缺乏合理性，如应当筹集长期借贷资金而采用了短期借贷模式，会导致企业承担的筹资风险大幅度提升。负债的本息通常要采用现金方式进行偿还。所以，即便企业拥有稳定经营状态，但能够按期进行本息偿还，还必须对现金流量进行相应评估。现金流入量往往体现的是现金债务偿还能力。如果企业出现投资决策失误问题，或信用政策不够严谨，都无法确保预期现金流入量等需求得到全面满足，进而导致财务危机问题产生。 论文在介绍了融资风险及其成因的基础上还介绍了融资风险的识别方法，评估方法及融资风险控制方式。对于论文中的相关概念进行了详细界定。融资服务链不完善、融资体系不健全,是现今我国科技型中小企业普遍面临的融资问题。科技型中小企业依赖自身的力量很难令外界融资环境出现变动，其需要做的是去迎合环境、融入环境，全面将已有的融资平台的效用展现出来。 XY科技型企业聚焦的市场领域主要为IT服务管理、银行影像以及数据分析中心三个板块，为政府、企业、银行等用户提供数据建设、IT服务管理、银行影像等解决方案，同时对外提供电子设备、电子产品销售。本文对XY科技型企业的财务状况、融资现状、融资策略、融资风险控制方式进行逐一介绍，指出了环境的变动、企业的特征以及金融政策给这些企业融资带来的作用。通过对该企业的基本财务状况、主要融资方式、融资现状的分析，阐述了该企业的融资风险成因。介绍了本文所开展的探讨工作的价值，之后对有关的文献资料做出了整理、归纳，基于此确定了探讨科技型企业融资策略的路径、方式以及重点方向。以XY科技型企业为主要分析对象进行案例分析，分析了影响企业的融资情况的几种原因，如融资手段单一、外部市场环境波动巨大、企业自身财务杠杆较高、负债期限机构不合理、缺乏融资管理体系及盈利状况不稳定等。通过分析企业融资的影响因素，提出了XY企业的融资风险控制策略和保障措施，最后，从完善企业自身的风险预警机制、提高企业员工风险意识和建立风险控制考核奖惩机制三方面提出保障措施，明确融资过程中各主体的责任、丰富科技型企业获得资金的途径、发展银企间的优良关系、构建适用于科技型企业的金融环境等。 鉴于本文对该行业的了解还局限在浅层化的程度上，因此相关的分析论证可能存在一些客观不足。尽管本文在研究探索中浏览、归纳了很多中外研究文献成果，对各种实际案例、历史数据实施了全面分析，实施了多项实证化的分析，但可能仍然存在梳理阐述不够系统、分析论证不够深入等等不足，期望在未来的研究探索中予以全面改进。
英文摘要：	Small and medium-sized technology enterprises have emerged as mushroomed in the form of "national entrepreneurship and innovation". Economists have said that all countries must get rid of the influence and constraints of financial crisis and the development of science and technology. There is no doubt that science and technology are the first productive forces, and they are the power sources to ensure the sustainable development of the economy and society. The development of science and technology is the core direction of the development of the future productivity, and also helps to improve the overall level of the overall economic development. From the actual situation of development, small and medium-sized enterprises have significant characteristics of the development of freedom. At the same time, technology-based SMEs also have the innovation of scientific and technological development. It is the enterprise to carry out R & D, technological innovation and new product creation, which has specific scientific and technological components or can produce specific scientific and technological products. Therefore, small and medium-sized enterprises in science and technology play a very important role in the market economy. However, there are some shortcomings in these enterprises. Compared with the large enterprises, the small and medium-sized enterprises of science and technology are weak in overall strength, small in scale, incomplete in the management mechanism of enterprises, relatively low in personnel quality, lack of funds, financing risks, limited financing channels and poor marketing ability. These problems have become small and medium-sized scientific and technological small and medium-sized enterprises. How to effectively control the financing risk of technology-based SMEs is imminent. The solution of this problem will help to improve the survival rate of SMEs and promote the healthy development of enterprises with potential for development. This paper combines the methods of literature reading, case analysis, normative analysis and empirical analysis, combined with the research of domestic and foreign economists on financing risk, and through the research and analysis of XY technology-based SMEs, tries to enrich the risk control management system of scientific and technological small and medium-sized enterprises in the fund raising process. Most of the financing risks of small and medium sized enterprises in China have been discussed as follows: one is the demand for funds, the other is the way to obtain funds, and the third is the relevant system. At the same time, most of the discussions about the strategic industry financing policy are carried out from a high level, and the measures given are of certain guiding value. However, it needs to be further improved in the practical use. Other countries' discussion on financing risk has created theoretical basis and relevant methods for domestic exploration. From the domestic research on the theory of financing risk, some of them attributed the difficulty of financing to the lack of scientific policy, some of which are attributable to the need for the domestic industrial system to be perfected, and some of which have yet to be ascribed to financial support. This paper introduces the motivation of enterprise financing, mainly in order to develop new products or technologies, or to buy new equipment, sometimes for foreign investment or merger and acquisition of other enterprises, sometimes in order to repay debt or adjust the structure of funds. The meaning of financing risk mainly refers to the influence of the financing and the uncertainty in the process of the enterprise in the long-term development process on the enterprise to achieve its business objectives. The occurrence of financing risk is objective, accompanied by the uncertainty of profits and losses, and so on. There are many causes of financing risk, which may be due to the excessive amount of the total liabilities of the enterprise or its proportion in the capital system. With the continuous expansion of the scale of the enterprise's debt, the interest cost will inevitably increase. Under severe circumstances, it is likely to cause enterprises to be on the verge of bankruptcy. If there is no big difference in the scale of liabilities, with the sustained growth of debt interest rate, enterprises will also bear relatively higher expenditure pressure. If the debt structure design is serious lack of rationality, such as the short-term borrowing mode should be used to raise long term borrowing funds, it will lead to a substantial increase in the risk of financing. The principal and interest of a debt is usually repaid in cash. Therefore, even if the enterprise has a stable operation state, but it can repay the principal and interest on time, it must also evaluate the cash flow accordingly. Cash inflows often reflect cash solvency. If the enterprise has the problem of investment decision error, or the credit policy is not strict enough, it can not ensure that the expected cash inflow and other demands are fully satisfied, which will lead to the problem of financial crisis. On the basis of introducing the financing risks and their causes, the paper also introduces the identification methods, evaluation methods and financing risk control methods of financing risks. The related concepts in the paper are defined in detail. Imperfect financing service chain and imperfect financing system are the common financing problems faced by China's small and medium-sized technology-based enterprises. It is difficult for small and medium sized enterprises to make changes in the external financing environment. What they need to do is to meet the environment, integrate the environment into the environment, and fully display the utility of the existing financing platform. XY technology enterprises focus on the market areas mainly for the IT service management, bank image and data analysis center three plates, for the government, enterprises, banks and other users to provide data construction, IT service management, bank images and other solutions, at the same time to provide electronic equipment, electrical products sales. This paper introduces the financial situation, financing status, financing strategy and financing risk control mode of XY technology enterprises one by one, and points out the changes in the environment, the characteristics of the enterprises and the role of financial policy to these enterprises. Through the analysis of the basic financial situation, main financing methods and financing status of the enterprise, this paper expounds the causes of the financing risk of the enterprise. This paper introduces the value of the research work carried out, and then collate and sum up the relevant literature and data. Based on this, the path, way and key direction of exploring the financing strategy of scientific and technological enterprises are determined. Taking the XY technology enterprise as the main analysis object, this paper analyzes several reasons that affect the financing situation of the enterprise, such as the single financing means, the huge external market environment fluctuation, the higher financial leverage of the enterprise, the unreasonable debt maturity organization, the lack of financing management system and the instability of the profit situation. Through the analysis of the influencing factors of enterprise financing, this paper puts forward the financing risk control strategy and safeguard measures of XY enterprises. Finally, it puts forward the safeguard measures from three aspects: improving the risk early warning mechanism of the enterprise itself, raising the risk consciousness of the employees and establishing the reward and punishment mechanism of the risk control assessment, and clarifies the responsibilities of the main bodies in the financing process. We should enrich the way for scientific and technological enterprises to get capital, develop the good relationship between banks and enterprises, and build a financial environment suitable for scientific and technological enterprises. In view of the fact that the understanding of the industry is limited to the degree of superficial level, there may be some objective deficiencies in the relevant analysis and demonstration. Although this article has viewed and summed up many Chinese and foreign research literature in the research and exploration, it has carried out a comprehensive analysis of various practical cases and historical data, and carried out a number of empirical analysis, but it may still be lacking in systematic analysis, analysis and argumentation, and so on. It is expected to be in the future research and exploration. It will be improved in an all-round way.
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