会计学专业外文翻译中小型企业融资决策(可编辑) .doc
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1、会计学专业外文翻译-中小型企业融资决策 外文出处:Facts for You外文原文Small and Medium Enterprises financing decision 企业的产生、生存及发展均离不开与融资活动。 Business generation, survival and development are inseparable from the investment and financing activities. 随着我国加入WTO 组织,市场体制的逐步完善, 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。 With Chinas accession to W
2、TO 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. 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
3、最佳融资期限等问题。 For the small and medium enterprises, according 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 variety of financing the use of timing, conditions, costs and risks, determine the approp
4、riate size of the financing and the development of the best financing periods. 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。 To solve these problems, small and medium enterprises need to develop appropriate financing strategies in order to make the most optimal financing decision 一、企业融资决策概述 First, an overvi
5、ew of corporate finance decision-making 一企业融资决策概述 A an overview of corporate finance decision-making 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,为筹集所需资金的一种市场行为。 Corporate finance decision-making, is the enterprise value creation objectives in accordance with its needs, the use of a certain timing an
6、d channels to take cost-effective financing tool for companies to raise the funds needed for a market behavior. 它不仅改变了公司的资产负债结构,而且影响了企业内部 、经营业绩、可持续发展及价值增长。 It not only changed the structure of the companys assets and liabilities, but also affected the internal management, business performance, susta
7、inable development and value growth. 典型的融资决策包括出售何种和股权(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。 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 s
8、ell more debt and equity financing opportunities and so on. 而其中最主要的包括融资规模的决策和融资方式的决策。 Which include the financing of the size of the most important decision-making and financing decisions. 融资规模应为企业完成资金使用目的的最低需要量。 Financing scale enterprises should be the purpose of completing the minimum requirement
9、s for the use of funds. 而企业的融资方式则多种多样,常见的以下几种: The financing of enterprises are diverse, common the following: 1. 融资。 1. Fiscal financing. 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、政策性贷款、预算外专项建设基金、财政补贴。 Financial financing from a financial point of view out, can be divided into: budget allocation,
10、 financial loans, through authorized agencies of the state-owned assets investments, policy-oriented bank loans, special construction of extrabudgetary funds, financial subsidies 2.银行融资。 2. Bank financing. 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、 投资。 From the Chinese-funded financial p
11、oint 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 investment 3.商业融资。 3. Commercial financing. 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。 Its the way they are varied,
12、mainly including trade transaction process that took place between enterprises on credit products, prepaid loans and other forms 4.政券融资。 4. G voucher financing. 该方式主要包括股标融资和债券融资两大类。 The method includes tendering, financing and bond financing two major categories 二融资决策过程 B the financing decision-maki
13、ng process 企业制定融资决策的过程,也即确定最优资本结构的过程。 Corporate financing decision-making process to develop, that is to determine the optimal capital structure process. 具体决策程序是:首先,当一家企业为筹措一笔资金面临几种融资方案时,企业可以分别计算出各个融资方案的加权平均资本成本率,然后选择其中加权平均资本成本率最低的一种。 The specific decision-making process is: First, when a sum of mon
14、ey to finance companies faced several financing options, companies can calculate the various financing options respectively, the weighted average cost of capital rate, and then select one of the lowest weighted average cost of capital as a. 其次,被选中的加权平均资本成本率最低的那种融资方案只是诸种方案中最佳的,并不意味着它已经形成了最佳资本结构,这时,企业
15、要观察投资者对贷出款项的要求、股票市场的价格波动等情况,根据财务判断分析资本结构的合理性,同时企业财务人员可利用一些财务分析方法对资本结构通行更详尽的分析。 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
16、 the investors in the loan payment request, the stock market price fluctuations, etc., according to financial analysis to determine the reasonable capital structure, while corporate finance officers can use some of the financial analysis of capital structure, access more detailed analysis. 最后,根据分析结果
17、,在企业进一步的融资决策中改进其资本结构。 Finally, according to results of the analysis in the corporate financing decision-making to further improve its capital structure 三中小企业融资的总思路 C the general idea of the Financing of SMEs 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。 SME finance general idea should be: a combination of investm
18、ent and finance in order to finance investment-driven. 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。 Financial decision-making in small and medium enterprises do not have the financial decision-making as big business especially stock company, as the independence, it should be a p
19、art of business investment decisions, financing must be direct investment services. 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。 This means that the SMEs in the decision-making must pass in order to lead to investment decision-making in this part of the financial management o
20、bjectives, rather than as stock companies, finance decision-making and financial objectives to establish a direct functional relationship. 这是因为: This is because: 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。 1. SME financial goal is to imize profits, only the investment activities in order to
21、bring profits for the enterprise, that is the optimal investment decisions is the optimal financing decision-making 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。 2. The obvious contradiction between supply and demand of funds for SMEs, corporate finance channels, quantity, time is influenced by variou
22、s objective conditions. 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。 To act like large companies the flexibility to use various means to freely adjust the capital structure, for SMEs is unrealistic 因此,对于有数十年经营 ,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。 Thus, for decades operating history,
23、layer management by professional managers 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. 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。 More importan
24、tly, the investment projects through a variety of factors must be considered, not blind means for misappropriating a cover, otherwise easily lead to investment and financing decision-making failures, leading to investment failure, damage to corporate rights. 在监督职能缺乏的中小型企业中,进行程序化的项目可行性论证是必要的,但只是决策的一个
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