中小企业融资问题与对策外文资料翻译(4)

e equity financing, because the early start, high risk, very few financial institutions and other creditors to the financing for you. In equity financing, business owners and their friends and family members accounted for the vast majority of the funds. This part of the financing is part of \financing\or \financing\also known as enterprise \investment.\ To the development of SMEs to a certain period and the size of the future, they may choose debt financing. Debt financing primarily from financial institutions, including commercial banks and finance companies. Of high-tech industry, SMEs, may take into account the GEM issuing equity financing; do not meet the listing requirements for SMEs, consider bank loans, financing and so on.

(Vii) financing, the selection of the most conducive to improving the competitiveness of enterprises in financing

SME financing will usually have the following direct impact on business: First, by financing small and medium enterprises can grow capital strength and ability to pay small and medium enterprises and development potential; secondly, through the financing, can increase the credibility of small and medium enterprises to expand the enterprise product market share; again, through the financing, small and medium enterprises can expand the scale, enhance profitability, and thus take advantage 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 differences in income there is a big difference. For example, equity financing, especially the first listing of ordinary shares in issue and circulation, not only impose an enormous financial intermediation, but also greatly enhance the visibility of businesses and goodwill, so that the competitiveness of enterprises could be boosted. Therefore, when financing decisions, first select the most beneficial to small and medium enterprises to improve competitive mode of financing.

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 unique opportunity, but it also posed a challenge to SMEs. The small and medium enterprises in the development of the financing to make decisions is directly related to the survival of small and medium enterprises, so the investment and financing 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 possible will bring a variety of issues, to seek their overall balance of the proceeds.

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