筹资与筹资风险.docx

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1、外文资料翻译译文筹资与筹资风险中小企业在国家经济发展中占有很高的地位，对国民经济的发展起着至关重要的作 用，但长期以来中小企业资金紧张、融资难的问题却没有得到解决，虽然我国已经建立很 多专门的中小企业机构，制定了扶持中小企业发展的政策，但是由于制度不够健全，相关 法律不够完善，金融体系和机构不够成熟，所以我国的中小企业筹资难的问题没有得到有 效的改善，这成为制约国家中小企业发展的最大障碍。如今中小企业已经成为推动国家经 济高速运转的助推器，在发展地方经济、扩大就业、增加出口、实现产业升级、降低社会 分配不公等方面发挥着重大作用，深入发展中小企业具有重大的现实意义。随着国家市场经济的不断发展，中

2、小企业在促进经济增长，增加就业机会以及优化调 整产业结构等方面发挥了重要作用，已经成为国家国民经济持续、稳定、快速增长的重要 力量。近年来国家也十分重视发展中小企业，出台了一系列支持中小企业发展的政策，金 融机构也制定了若干支持中小企业发展的信贷政策。中小企业筹资过程中蕴藏着巨大的风 险，识别和评估中小企业筹资过程中面临的风险以及对筹资风险进行控制，成为解决中小 企业筹资难问题的一个重要方面。企业筹资是指企业作为筹资主体，根据其生产经营、对外投资和调整资本结构等需要, 通过筹资渠道和金融市场，运用筹资方式，经济有效地筹措和集中资本的活动。筹资活动 是一个企业生产经营活动的起点，企业筹集资金的目

3、的之一是为了扩大生产经营规模，提 高经济效益，以此为目的而进行的筹资必然会增加按期还付利息的筹资负担。假如企业决 策正确，治理有效，就可以实现其经营目标。在市场瞬息万变的经济条件下，任何不利于 企业的情况发生，都会使筹集资金使用效益降低，从而产生筹资风险。筹资风险是企业面 临的主要风险之一，筹资风险不可能被消灭或避免，但企业只要从自身出发就完全可以控 制。一、筹资风险产生的根源（一）负债规模。企业负债规模大，则利息费用支出增加，由于收益降低而导致丧失偿付 能力或破产的可能性也增大。同时，负债比重越高，企业的财务杠杆系数，即息税前利润 /（息税前利润-利息）越大，股东收益变化的幅度也越大。所以，

4、负债规模越大，财务风 险越大。（二）负债利率。在同样负债规模的条件下，负债的利息率越高，企业所负担的利息费用 支出就越高，企业破产的可能性也随之增大。同时，利息率对股东收益的变动幅度也有很 大影响。因为在息税前利润一定的条件下，负债的利息率越高，财务杠杆系数越大，资金 利润率变动越大。（三）负债期限及结构不当。这一方面是指短期负债和长期负债的安排；另一方面是指取 得资金和偿还负债的时间安排。如果负债期限结构安排不合理，如应筹集长期资金却采用 了短期借款，或者应筹集短期资金却采用了长期借款，则会增加企业的筹资风险。所以， 在举债时也要考虑债务到期的时间安排及举债方式的选择，使企业在债务偿还期不至

5、于因 资金周转出现困难而无法偿还到期债务。（四）汇率变动。企业倘若筹借外币，还可能面临汇率变动带来的风险，当借入的外国货 币在借款期间升值时，企业到期偿还本息的实际价值就要高于借入时的价值；当汇率发生 反方向变化时，即借入的外币变软（贬值）时，可以使借款企业得到“持有收益”，即由 于借入外币的贬值，到期仍按借入额归还本金，按原利率支付利息，从而使实际归还本息 的价值减少。（五）经营风险。经营风险是企业生产经营活动本身所固有的风险，表现为企业息税前利 润的不确定性。经营风险不同于筹资风险，但又影响筹资风险。当企业完全用股本筹资时, 经营风险即为企业的总风险，完全由股东均摊。当企业采用股本与负债筹

6、资时，由于财务 杠杆对股东收益的扩张性作用，股东收益的波动性会更大，所承担的风险大于经营风险， 其差额即为筹资风险。假如企业经营不善，营业利润不足以支付利息费用，则不仅股东收 益化为泡影，而且要用股本支付利息，严重时企业丧失偿债能力，被迫宣告破产。（六）决策失误。投资项目需要投入大量的资金，如果决策失误项目失败或由于种种原因 不能很快建成并形成生产能力，无法尽快地收回资金来偿还本息，会使企业承受巨大的财 务危机。二、有效防范筹资风险（一）应确定适度的负债数额，保持合理的负债比率。负债经营能获得财务杠杆利益，同 时企业还要承担由负债带来的筹资风险损失。为了在获取财务杠杆利益的同时避免筹资风 险，

7、企业一定要做到适度负债经营。企业负债经营是否适度，是指企业的资金结构是否合 理，即企业负债比率是否与企业的具体情况相适应，以实现风险与报酬的最优组合。在实 际工作中，如何选择最优化的资金结构，是复杂和困难的，对一些生产经营好、产品适销 对路、资金周转快的企业，负债比率可以适当高些；对于经营不理想、产销不畅、资金周 转缓慢的企业，其负债比率应适当低些，否则就会使企业在原来商业风险的基础上，又增 加了筹资风险。据统计，目前国家企业资产负债普遍过高，一般在70%左右，有的在80% 以上，为了增强抵御外界环境变化的能力，国家企业必须着力于补充自有流动资本，降低 资产负债率。（二）针对由利率变动带来的筹

8、资风险，应认真研究资金市场供求情况，根据利率走势， 把握其发展趋势，并以此做出相应的筹资安排。在利率处于高水平时期，尽量少筹资或只 筹急需的短期资金。在利率处于由高向低过渡时期，也应尽量少筹资，不得不筹的资金， 应采用浮动利率的计息方式。在利率处于低水平时，筹资较为有利。在利率处于由低向高 过渡时期，应积极筹集长期资金，并尽量采用固定利率的计息方式。（三）合理安排筹资结构和期限组合方式。确定最佳资本结构。所谓最佳资本结构是指在 企业可接受的最大筹资风险以内，总资本成本最低的资本结构。如果一个企业只有股权资 本而没有负债资本，虽然没有筹资风险，但资金成本较高，收益也不能最大化。反之，没 有股权资

9、本，企业也不可能接收到负债性资本。假如负债资本多，企业的资金成本虽然可 以降低，收益可以提高，但风险却加大了。因此，应确定一个最佳资本结构，在筹资风险 和筹资成本之间进行权衡，使企业价值最大化。另外，筹措长期资本，成本较大、弹性小、 风险小，而短期资本则与之相反。因此，企业在安排长、短期筹资方式的比例时必须在 风险与收益之间进行权衡。（四）金融市场上影响汇率变动的基本因素主要是货币所代表的价值量的变化和货币供求 状况的变化，因此从猜测汇率变动趋势入手，制定外汇风险治理战略，规避筹资过程中汇 率变动带来的风险。一是注重债务分散，即借款和还款时间不要过于集中，以防止汇率短 时间内的忽然变化而造成债

10、务增加。另外，债务的币种结构要合理，尽可能分散为几种货 币；二是实行“配对治理”，尽可能使借款货币、用款货币与还款货币相一致；三是妥善 选择筹资中的货币，并注重货币币种与汇率的搭配选择，争取借“硬”货币，还“软”货 币；四是在合同中加列保值条款；五是运用金融工具，如货币互换、远期外汇合约和货币 期货交易来规避汇率变动带来的风险。（五）应建立有效的风险防范机制。在社会主义市场经济体制下，企业成为自主经营、自 负盈亏、自我约束、自我发展的独立商品生产者和经营者，企业必须独立承担风险。企业 在从事生产经营活动时，内外部环境的变化，导致实际结果与预期效果相偏离的情况是难 以避免的。如果在风险临头时，企

11、业毫无准备，一筹莫展，必然会遭致失败。因此，必须 树立风险意识，即正确承认风险、科学估测风险、预防发生风险有效应付风险，要明确风 险是不可避免的，勇于承担和面对风险，并采取有效措施降低和防范风险。（六）建立风险预测体系。企业必须立足市场，建立一套完善的风险预防机制和财务信息 网络，及时地对财务风险进行预测和防范，对事态发展的形式。状态进行监测，定量测算 财务风险临界点，及时对可能发生的或已发生的与预期不符的变化进行反映。制订适合企 业实际情况的风险规避方案，通过合理的筹资结构来分散风险。如充分利用财务杠杆原理 来控制负债比率，从而控制投资风险；采用总资本成本比较法选择总资本成本最小的融资 组合

12、，进行现金流量分析，保证偿还债务所需资金的充足；通过控制经营风险来减少筹资 风险，使企业按市场需要组织生产经营，及时调整产品结构，不断提高企业的盈利水平， 避免由于决策失误而造成的财务危机，把风险减少到最低限度。企业要发展就必须筹集到 与其发展规模相适应的资金。企业要筹集资金就必然会面临筹资过程中所遇到的风险，企 业应正确认识筹资风险，充分重视筹资风险的作用及影响，掌握筹资风险的防范措施。此 外，企业在筹集资金时，要选择正确合理的方案，既达到资金成本最低，又将风险控制在 可以接受的范围之内。因此，企业必须树立风险意识，正确认识风险，有效地规避风险， 企业只有加强经营治理，提高自己的竞争能力、盈

13、利能力，才能降低筹资风险。外文原文Financing and funding riskSMEs in Chinas economic development occupies a very high position, the development of the national economy plays a vital role, but it has long been cash-strapped small and medium enterprises, financing problem has not been resolved, although China has estab

14、lished many special SME agencies to develop policies to support SME development, but due to the system is not perfect, not perfect relevant laws, institutions and the financial system is not mature enough, so Chinas SMEs financing difficult problem has not been effectively improved, which restricted

15、 our the biggest obstacle to the development of SMEs. Today, SMEs have become high-speed operation to promote China*s economic boosters, play a significant role in developing the local economy, creating jobs, increasing exports and industrial upgrading, reduce social inequities and other in-depth de

16、velopment of SMEs is of great practical significance .As Chinas market economy continues to develop SMEs in promoting economic growth, increased employment opportunities and optimize the industrial structure adjustment has played an important role, has become Chinas sustained, steady and rapid growt

17、h of an important force. In recent years, China also attaches great importance to the development of SMEs, issued a series of policies to support the development of SMEs, financial institutions have also developed a number of policies to support SME development credit. SME financing process tremendo

18、us risk, risk identification and assessment process faced by SME financing and the financing risk control has become an important aspect of solving the difficult problem of financing for SMEs.Business financing is an enterprise as a financing body, according to its production and business, foreign i

19、nvestment and capital structure adjustments required by the financing channels and financial markets, the use of financing, cost-effective financing and capital activities concentrated. Financing is the starting point of an enterprise production and business activities, one of the objectives of ente

20、rprises to raise funds in order to expand production scale and improve economic efficiency, funding for this purpose and will definitely be an increase in the burden of financing also pay interest on schedule. If the correct business decision, effective governance, it can achieve its business object

21、ives. In a market rapidly changing economic conditions, any unfavorable business happens, it will make raising capital efficiency decreases, resulting in funding risk. Financing risk is one of the major risks to the business, financing risks can not be eliminated or avoided, but starting from their

22、own business as long as you can control. First, the root of funding risk arising(A) the size of liabilities. Corporate debt is large in scale, the increase in interest expenses, due to lower revenue resulting from the possibility of insolvency or bankruptcy also increases. At the same time, the high

23、er the proportion of debt, financial leverage enterprise, ie EBIT / (EBIT - Interest) the greater shareholder returns greater magnitude of change. Therefore, the larger the debt, the greater the financial risk.(B) debt interest rates. Under the same conditions as the scale of debt, higher interest r

24、ate debt, corporate interest expense borne by the higher probability of bankruptcy increases. At the same time, interest rates have a significant impact on the magnitude of changes in shareholder returns. Because under certain conditions interest profit before tax, the higher interest rate debt, the

25、 greater the financial leverage, the greater the variation margin funds.(C) Improper and debt maturity structure. This aspect refers to the arrangement of short-term liabilities and long-term liabilities; on the other hand refers to financial and debt repayment schedule. If the debt maturity structu

26、re arrangement is unreasonable, should raise long-term funds as they used short-term borrowing, or should raise short-term funds has adopted long-term loans will increase funding risks. Therefore, when the debt should also consider the timing and manner of selection debt maturity of the debt, so tha

27、t enterprises in the debt repayment period not because of cash flow difficulties and unable to repay maturing debt.(D) exchange rate changes. If companies borrow in foreign currency, may also face the risk of exchange rate changes, when foreign currency loans borrowed during the appreciation of the

28、real value of the enterprise due for repayment of principal and interest will higher than the value of the time of the borrowing; when the exchange rate changes in the reverse direction , namely, to borrow foreign currency softened (devaluation), the borrower can get a holding gain”, that is due to

29、the devaluation of foreign currency borrowing, borrowing the amount due upon the return of principal, interest payments according to the original interest rate, so that the actual return reduce the value of principal and interest.(E) operational risks. Business risk is the risk of production and ope

30、ration activities inherent in, the performance of corporate EBIT uncertainty. Unlike business risk funding risk, but it affects the funding risk. When companies entirely equity financing, business risk is the total venture company, fully shared equally by the shareholders. When companies use equity

31、financing and debt, due to the expansion of the role of financial leverage on shareholder returns, volatility will be greater shareholder returns, the risk borne by more than business risk, the difference is the funding risk. If poor business, operating profit is insufficient to pay the interest cha

32、rges, the only shareholder returns naught, and use the equity to pay interest, serious business of insolvency, was forced to declare bankruptcy.(F) making mistakes. Investment projects require a lot of money, if the project fails or making mistakes for various reasons can not be quickly completed an

33、d the formation of production capacity, unable to recover the funds as soon as possible to repay principal and interest, make enterprises under tremendous financial crisis.Second, effective prevention funding risk(A) shall determine the appropriate amount of debt, maintain a reasonable debt ratio. D

34、ebt management can obtain financial leverage, while enterprises should be borne by the debt caused by the financing risk of loss. In order to obtain financial leverage while avoiding the risk offinancing, companies must achieve an appropriate debt management. Whether moderate debt management compani

35、es, is the companys capital structure is reasonable, that is, the ratio of corporate debt and whether the specific situation of enterprises to adapt in order to achieve the best combination of risk and reward. In practice, how to choose the optimal capital structure is complex and difficult, some of

36、 the production and operation of good, marketable products, cash flow fast corporate debt ratio can be appropriately higher; not ideal for business, not sales smooth, slow capital turnover of enterprises, the debt ratio should be appropriately lower, otherwise the enterprises on the basis of the ori

37、ginal business risks, increased financing risk. According to statistics, Chinas corporate assets and liabilities generally too high, generally about 70%, some 80% or more, in order to enhance the ability to withstand changes in the external environment, companies must focus on our own supplement wor

38、king capital, reducing asset-liability ratio.(B) the risk of changes in interest rates for financing brings, we should carefully study the market supply and demand of funds, according to interest rates, to grasp the development trend, and thus make the appropriate funding arrangements. Interest rate

39、s at a high level in the period, as little as possible to raise funding or only short-term funds needed. In the interest rate from high to low in the transitional period should be minimal funding, we had to raise the funds should be used for floating rate interest method. When interest rates are low

40、, financing is more favorable. In interest rates from low to high transition, we should actively raise long-term funds, and maximize the use of fixed-rate interest-bearing manner.(C) reasonable arrangements for the financing structure and maturity combinations. Determine the optimal capital structur

41、e. The so-called optimal capital structure refers to the enterprise within the maximum acceptable risk financing, the total cost of capital minimum capital structure. If a company does not only equity capital and debt capital, although there is no risk financing, but the high cost of capital, revenu

42、e can not be maximized. On the contrary, there is no equity capital, companies can not receive the debt capital. If more debt capital, cost of capital can be reduced, though, it can increase revenue, but the risk has increased. Therefore, it should determine an optimal capital structure, in financin

43、g costs between funding risk and trade-offs, enable enterprises to maximize the value. In addition, long-term financing of capital costs greater flexibility of small, low risk, short-term capital is the opposite. Therefore, enterprises in the proportion of long-arrange short-term financing, the need

44、 for trade-off between risk and return.(D) Fundamentals of exchange rate changes on impact changes in the financial market is mainly represented by currency changes and the Value of currency supply and demand, so guess from exchange rate movements start, the development of the foreign exchange risk

45、management strategy, to avoid funding the process of exchange rate changes risks of. First, focus on debt dispersion, ie borrowing and repayment time not too concentrated, in order to prevent a sudden change in the exchange rate in a short time and cause an increase in debt. In addition, thecurrency

46、 structure of the debt must be reasonable and possible dispersion of several currencies; the second is the implementation of pairing governanceas much as possible loan money, money and money used to repay money consistent; third is the proper choice of monetary financing and focus on currency exchan

47、ge rates and currency with a choice, to fight by the hard currency, and soft money; fourth is in the contract plus column hedge clause; Fifth, use of financial instruments such as currency swaps, forward foreign exchange contracts and currency futures to hedge the risk of exchange rate changes.(E) T

48、o establish an effective risk prevention mechanism. Under the socialist market economic system, enterprises have become independent, self-financing, self-discipline, independent commodity producers and operators of self-development, companies must own risk. Companies engaged in production and busine

49、ss activities, changes in the external environment, cause actual results to deviate from the expected results it is difficult to avoid. If imminent risk, companies unprepared, helpless, stricken inevitably fail. Therefore, we must establish a sense of risk, namely the risk of correct recognition, scientific estimation of risk, risk prevention to deal effectively with the risk, the risk must be clear is inevitable, the courage to take risks and face, and take effective measures to reduce and prevent risks.(