关于健康药业有限公司筹资管理存在的问题及对策(5)

关于朝阳健康药业有限公司筹资管理存在的问题及对策

参考文献

[1] 黄艳华.关于企业筹资及其财务管理的几点思考.经理人.2006，（2）：23-24 [2] 宋建平.企业筹资方式及其选择.宁经济职业技术学院学报.2008，（2）：12-14 [3] 倪忠森.企业筹资方式的比较于选择.企业家天地.2006，（10）：18-20

[4] 财政部注册会计师考试委员会.财务成本管理.中国财政经济出版社.2006，169-173 [5] 张莉.论中小企业的融资环境.安徽电子信息职业技术学院学报.2007，（5）：3-4 [6] 韩平.我国中小企业融资问题思考.金融时报.2008，（12）：11-12 [7] 朱道弘.小企业融资与银行信贷风险管理.2008，（1）：5-6 [8] 熊楚熊.公司筹资策略.深圳.海天出版社.2007，37-38

[9] 傅晓春.中小企业融资问题研究.江苏大学硕士学位论文.2007，（5）：9-11

[10] 贾银芳.雷国洲.对我国中小企业融资决策最优化的探讨.会计之友 2007，（1）：26-28 [11] 刘建琴.我国中小企业融资难的原因及对策.商场现代化.2008，（10）：43-45 [12] 吴晓霞.中国西部中小企业融资租赁问题研究.内蒙古大学硕士学位论文.2007，（6）：14-16

[13] 徐旭. 关于企业筹资决策的探讨.会计之友.2006，（5）：13-15 [14]黄东晶.中小企业筹资对策分析.财政金融.2006，（6）：21-22

[15] Qun I. Financing channels for small and medium private enterprises to the idea of. Chinese papers Download Center. 2007，（1）：3-4

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关于朝阳健康药业有限公司筹资管理存在的问题及对策

Appendix

1 Shi Liuda the development of private economy in China has opened up more space China's economic development in the contemporary history of the occurrence and development of private economy with China's economic, political and progressive approach to reform of choreography, from the emancipation of the mind to the policy of deregulation, certainly from the file to legal recognition, which blend the politicians development, theorists and entrepreneurs to explore the controversy. In particular, the party's \the convening of, clearly affirmed the socialist market economy and private economy is an important component part; clearly raised the need to unswervingly encourage, support and guide non-public economic development; a clear emphasis on the the non-public ownership economy to respect, encouragement, protection, recognition,And so on are undoubtedly the party's major policy decisions of private economic development laid a brilliant future, so that China's private economy from wandering in the twists and turns into a magnificent scale, China's economy the most powerful and most influential one of the main markets.

2 difficult problems have constrained the financing of sustainable development of private enterprises

At present, because the development of private enterprises in China started late, smaller than 90% are SMEs, but they created a nearly 40% of GDP, achieved a nearly 40% of the revenue and solve 45% of the population employed. So the Chinese economy to achieve sustainable rapid development, it must allow the private economy to achieve sustainable development, and the only way to complete the \the comprehensive well-off society goals. Business growth funds are the \the current development of private economy is the biggest obstacle to funding difficulties, it is a bottleneck restricting the development of private enterprises. Particularly in the growth stage the product of private enterprise,

If the operator is a shortage of funds, then in human resources, machinery and equipment, advertising, technological innovation in areas such as investment is not possible, however, investments in these areas is the form of new competition and changing market requires. Main reasons for the shortage of funds of private enterprises in the following areas:

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关于朝阳健康药业有限公司筹资管理存在的问题及对策

First, that is, China's private economy in this economy, in the initial stage depends mainly on individual accumulation of capital to operate, while China's reform and opening up shorter, individual accumulation of limited financial resources, decided to present the vast majority of China's production and operation of private enterprises smaller enterprises, private enterprises development funds so congenitally deficient.

The second is \before the convening of the private economy has been positioned as a necessary complement to the socialist market economy, policies and laws to support efforts on the private economy is limited, prospects for development is restricted. Therefore, the primitive accumulation of smaller private enterprises, development finance is very limited.

3 is due to the development of private enterprises is still at a very early stage, such as smaller, family-run management, financial lack of transparency, lack of credibility, there is no credit history and other factors, led to banks and other financial institutions for small and medium private enterprises to provide financial support for a very is limited. Currently, China's bank loans are mostly to the large enterprises or infrastructure, or to always invest to ensure that no areas of risk, risk investment in view of the market environment in the investment trends are very conservative, making at the initial stage of the development of small and medium private enterprises to very difficult to obtain bank loans, and most intellectuals in the early start empty-handed serious shortage of funds, there is no reasonable financing channels to become a great obstacle. Although the central bank's credit policy to encourage commercial banks to increase lending to SMEs, but for security reasons, the banks tend to concentrate their efforts on solving big clients are reluctant to lend to SMEs. In addition, in the current financing system, the term of the loans to private enterprises are usually less than 1 year. As the investment project examination and approval system reform have yet to arrive, and the banks are concerned that the risks of long-term loans, at present, no banks for SME lending is truly open infrastructure and put in subject, thus the long-term loans to small and medium private enterprises are basically Not very likely. Enterprises have created many ways to take short-term loans, thereby increasing the cost of financing the enterprise. More importantly, the existing financing channels for SMEs simply can not meet the second start-up and technological transformation.

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关于朝阳健康药业有限公司筹资管理存在的问题及对策

4 is the small and medium private enterprises, especially private high-tech companies can not direct financing in the capital markets, the state launched the SME Growth Enterprise Market of cautious, resulting in China's capital market is dominated by state-owned enterprise restructuring and corporate finance services for the joint-stock . This creates a right of private enterprise development, soft constraints, contrary to market economic principles of fair competition rules and the principles of national treatment, private enterprise is in a relatively non-fair environment for survival and development.

Fifth, private lending is the financing of small and medium private enterprises the main channel, despite the strict control of the financial regulatory authorities, but the private lending market has not only been very active but did not stop in the bank deposit interest rates continue to drop, while the absence of other investment channels circumstances, Many urban residents will be in the hands of money into this market, guaranteed source of funding for private financial activities. While private capital, private enterprises can ease the shortage of funds, but it constrains the development of private enterprises. On the one hand, small-scale private capital loans, short-term, high interest rates, credit and debt relations remain unstable and ncreased financing costs and risks; the other hand, can provide long-term large loans to capital, the creditors have been satisfied with a debtor to pay the high interest rates, but hopes the development of private enterprises, the implementation of \in order to achieve equity holdings and impact of private enterprises in major business decision-making purposes. No wonder an economic forum, a private entrepreneur sighed and said: \raise large, the meat of the kill.\

6 is a variety of fund security is too little avail. Although the National Hi-tech Development Zone was set up venture capital funds, venture capital, high-tech finance working capital, financial guarantees and other types of corporate finance services to provide enterprises with funds and guarantee institutions, due to financial operation is governed by administrative intervention and requires the strict, the threshold is too high, is complicated, and increased the burden on enterprises and waste an opportunity.

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关于朝阳健康药业有限公司筹资管理存在的问题及对策

附 录

1 十六大为中国民营经济的发展开辟了更大空间

在当代中国经济发展史上，民营经济的发生和发展是与中国的经济、政治由浅入深的改革节奏合拍的，从思想解放到政策松绑，从文件肯定到法律确认，它融汇了政治家的开拓、理论家的争论和企业家的探索。特别是党的“十六大”的召开，明确地肯定民营经济是社会主义市场经济的重要组成部分；明确提出了要毫不动摇地鼓励、支持和引导非公有制经济的发展；明确地强调对非公有制经济人士要尊重、鼓励、保护、表彰，等等这些党的重大决策无疑为民营经济的发展铺设了灿烂的前程，使中国的民营经济从曲折徘徊中走向波澜壮阔，成为中国经济中最强劲、最有影响力的市场主体之一。

2 筹资难问题制约了民营企业可持续发展

目前由于我国的民营企业发展起步较晚，规模较小，90%以上都是中小企业，但是他们却创造了近40%的GDP，实现了近40%的税收及解决了45%的人口就业。所以说中国经济要实现可持续快速发展，则必须让民营经济实现可持续发展，只有这样才能完成“十六大”提出的全面建设小康社会的宏伟目标。资金是企业成长的“血液”，当前民营经济发展过程中最大的障碍是资金筹集困难，这是制约民营企业发展的瓶颈。特别是产品处于成长期的民营企业，如果经营资金短缺，那么在人力资源、机械设备、广告宣传、技术改造等方面进行投资是不可能的，然而在这些方面的投资正是新的竞争形式和不断变化的市场所必须的。民营企业资金短缺主要原因有以下几个方面：

一是民营经济即是民本经济，在起步阶段主要是靠个人积累的资本来运作的，而我国改革开放时间较短，个人积累的资金有限，决定了目前我国民营企业绝大多数是生产经营规模较小的企业，所以民营企业的发展资金先天不足。

二是“十六大”召开以前的民营经济被定位为社会主义市场经济的必要补充，政策法律对民营经济扶持力度有限，发展前景受到限制。因此，民营企业原始积累规模较小，发展资金十分有限。

三是由于民营企业的发展还处于一个非常初级的阶段，如规模较小，家族式管理，财务不透明，缺乏信誉，没有信用记录等原因，致使银行等金融机构对中小民营企业提供的资金扶持十分有限。目前中国的银行贷款大多给了大型企业或者是基础建设，或者总是投向确保毫无风险的地方，风险投资也鉴于市场环境在投资趋向上非常保守，使得

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关于朝阳健康药业有限公司筹资管理存在的问题及对策

处于发展初始阶段的中小民营企业要获得银行贷款十分困难，而多数知识分子在创业初期两手空空，资金十分缺乏，没有合理的融资渠道成为很大的障碍。尽管中央银行的信贷政策鼓励商业银行增加对中小企业的贷款，但出于安全考虑，各银行往往集中力量抓大客户，而不愿向中小企业放贷。另外，在当前融资体系中，对民营企业的贷款期限通常在1年以内。由于投资项目审批制度改革尚未到位，而且银行担心长期贷款带来的风险，目前，没有几家银行为中小企业真正开放基建和投放贷款科目，因而中小民营企业的长期贷款基本上没有多大可能。造成了企业不得不采取短期贷款多次的办法，从而增加了企业的融资成本。更重要的是，现有的融资渠道根本无法满足中小企业的二次创业和进行技术改造。

四是目前中小民营企业特别是民营高科技企业还不能在资本市场上直接融资，国家对推出中小企业创业板市场慎之又慎，致使中国的资本市场主要是为国有企业改组为股份制企业融资服务的。这种做法形成了对民营企业发展的软约束，有违市场经济主体公平竞争的规则和国民待遇的原则，民营企业是在相对不公平的环境中求生存求发展。

五是民间借贷是目前中小民营企业筹资的主要渠道，尽管金融监管部门控制严格，但民间借贷市场不仅一直没有停止反而十分活跃，在银行存款利率不断下调，同时又缺乏其他投资渠道的情况下，许多城镇居民将手中的资金投入到这一市场上，保障了民间金融活动的资金来源。虽然民间资本可以缓解民营企业资金短缺问题，但是它又制约了民企的发展。一方面，民间资本借贷规模小，期限短，利率高，债权债务关系不稳定，增加了筹资的成本和风险；另一方面，可提供长期大额的借贷资本的债权人已不满足于债务人支付的高额利息，而是寄希望于民营企业的发展，实行“债转股”，以期达到参股控股和影响民企重大经营决策的目的。难怪在一次经济论坛上，一位民营企业家感叹道：“猪还没有养大，就要杀肉吃了”。

六是各类基金担保是杯水车薪，无济于事。尽管国家级高新技术开发区成立了风险投资基金、创业基金、高科技财政周转金、财政企业担保等各类为企业提供融资服务的基金和担保机构等，由于资金运作受行政干预较大，要求严格，门槛过高，手续繁琐，加重了企业负担，贻误了商机。

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