负债融资.doc

本科生毕业论文（设计）册

作者姓名：
李殿鹏
指导教师：
王明吉
所在学部：
经济管理学部
专 业：
会计学
班级（届）：
2014届4班

二〇一四年五月十日

学位论文原创性声明
本人所提交的学位论文《中小企业负债融资风险控制问题的探讨》，是在导师的指导下，独立进行研究工作所取得的原创性成果。除文中已经注明引用的内容外，本论文不包含任何其他个人或集体已经发表或撰写过的研究成果。
本声明的法律后果由本人承担。

论文作者（签名）： 指导教师确认（签名）：
年 月 日 年 月 日

学位论文版权使用授权书
本学位论文作者完全了解河北师范大学汇华学院有权保留并向国家有关部门或机构送交学位论文的复印件和磁盘，允许论文被查阅和借阅。本人授权河北师范大学汇华学院可以将学位论文的全部或部分内容编入有关数据库进行检索，可以采用影印、缩印或其它复制手段保存、汇编学位论文。
（保密的学位论文在 年解密后适用本授权书）

论文作者（签名）： 指导教师（签名）：
年 月 日 年 月 日

河北师范大学汇华学院本科毕业论文（设计）任务书

编 号：2014230701247

论文（设计）题目： 中小企业负债融资风险控制问题的探讨

学 部： 经济管理学部 专业： 会计学 班级： 4

学生姓名： 李殿鹏 学号： 2010510387 指导教师： 王明吉 职称： 教授

1、论文（设计）研究目标及主要任务
论文主要研究中小企业负债融资风险控制问题，通过寻找在风险控制方面存在的问题及不足，找出相应的原因，经过分析制定决策来加强中小企业负债融资风险的控制，从而便于中小企业合理利用负债融资，降低负债融资风险。
2、论文（设计）的主要内容
论文的主要内容包括中小企业负债融资风险控制方面存在的问题及原因，加强负债融资风险控制方面的措施，以及对论文的结论。
3、论文（设计）的基础条件及研究路线
论文的基础条件是我国中小企业在负债融资的风险控制方面存在许多问题和不足，通过分析原因，研究了如何改善和加强对负债融资的风险控制。
4、主要参考文献
[1]王荣惠;王贵峰;;中小企业融资风险及其管理控制[J];现代企业;2008年03期
[2]朱忱．我国中小企业债务融资的风险防范[J]．现代商业，2010(3)：214-215.
[3]齐宗弟;中小企业负债融资风险管理[J];现代经济信息;2011年02期
5、计划进度

阶段
起止日期
1
论文选题，文献搜集，填写毕业论文任务书，论文开题
2013.11.20－2013.12.05
2
资料整理，调研，进行毕业论文的初稿写作
2013.12.06－2014.03.15
3
对初稿进行修改，进行毕业论文的二稿写作
2014.03.16－2014.04.19
4
进一步修改论文，并最终定稿
2014.04.20－2014.05.18
5
论文答辩、填报毕业论文的有关资料
2014.05.19－2014.05.20

指 导 教师: 2014 年 5 月 24 日

教研室主任: 2014 年 5 月 24 日

河北师范大学汇华学院本科生毕业论文（设计）开题报告书
经济管理 学部 会计学 专业 2014 届
学生
姓名
李殿鹏
论文（设计）题目
中小企业负债融资风险控制问题的探讨
指导
教师
王明吉
专业
职称
教授
所属教研室
财务管理
研究方向
中小企业财务管理
课题论证：分析了我国中小企业负债融资风险控制方面存在的问题，主要从风险控制的角度分析出现问题的原因，根据风险控制方面存在的问题和不足，制定出相应的解决方案来降低风险，提醒中小企业如何对负债融资进行有效防范和控制，来减少负债融资给企业带来的内部风险，降低破产的可能性。

方案设计：
1. 中小企业负债融资风险控制方面存在的问题
2.中小企业负债融资风险控制存在问题的成因分析
3.加强中小企业负债融资风险控制的对策

进度计划：
2013.11.20 -2013.12.05：毕业论文选题，收集资料，填写毕业论文任务书，论文开题；
2013.12.06 -2014.03.15: 整理资料，阅读相关书籍，文献调研，进行毕业论文的初稿写作；

2014.03.16 -2014.04.19：初稿修改，进行二稿写作；
2014.04.20 -2014.05.18：进一步修改论文；
2014.05.19 -2014.05.20：论文答辩、填报毕业论文的有关资料。

指导教师意见：

课题论证充分，方案设计合理，计划进度可行，同意开题。

指导教师签名：王明吉 2014 年5 月24 日
教研室意见：

同意

教研室主任签名： 王明吉 2014 年 5 月 24 日
河北师范大学汇华学院本科生毕业论文（设计）文献综述
一、国外关于中小企业融资风险控制的研究
中小企业融资风险是指为其提供融资服务的经济主体,能否按期收回本金、利息或酬金及其相关权益受损的可能性。同大企业相比,中小企业融资风险更复杂、可能性更大。这种风险的存在,或使中小企业的融资成本增加,企业利润受损,或使中小企业的融资规模减少,甚至不能获得融资,或者丧失融资资格,其资金来源不能满足生产经营的正常需要,企业生产萎缩、停产等。西方国家如美国、日本、意大利、英国等都制定了相关的控制融资风险、促进中小企业发展的政策，值得我们借鉴。
M. 马尔霍特拉，(2009）指出微型及中小型企业的融资问题是世界性的难题，微型及中小型企业通常比其他经济部门受到更多的信贷约束。通过开发新型小额信贷技术以应对信息约束，以创造性的信用分析和风险管理技术应对银行业技术的缺失和中小客户的内在风险，运用担保基金、保付代理、租赁和投资股权或风险资本等多种金融方式拓宽融资渠道，政府建立和培育以市场为基础的政策框架，为所有金融机构和产品构建一个公平竞争的平台等措施，从而建立有效的金融体系，实现资金的配置效率。
托马斯·L·巴顿，（2004）指出净营业收益理论认为资本结构的改变只是改变了企业总风险在不同证券持有者之间的分布。而企业证券持有者面临的总风险没有改变，因而，其加权平均资本成本不会变化。而唐纳森认为，企业的融资遵循啄食顺序的原理，由此形成的啄食顺序是：1.企业实行固定的股利政策。2.企业偏好于首先采用内部融资。3.当企业需要融资时，首先要使用内部留存收益；其次是外部负债融资；最后才是发行股票。
二、国内关于中小企业融资风险控制的研究
我国中小企业融资起步较晚,很多程序还处于摸索阶段,人们普遍对中小企业融资中的风险管理认识不足,同时,在对当前我国中小企业融资风险管理的分析过程中,很多先进的风险管理技术难以得到应用 ,许多支持风险管理的客观条件也不具备,这都极大地制约了融资风险管理在我国的发展
1.中小企业融资现状
中小企业是我国市场经济体系中最活跃的积极因素之一。中小企业的发展与企业融资需求的满足紧密相关。随着我国创新型经济和民营经济的发展,一批具有相当规模,对国民经济产生较大影响力的中小企业应运而生。除了普遍的融资难外,这批企业更面临着融资渠道的选择和融资结构的优化等问题。对这些问题的探讨,有着很强的实践意义。
费淑静，(2009)认为，银行贷款仍是目前我国中小企业融资的主要渠道,而对高新技术企业来说,通过银行贷款获取资金支持并非易事,通过间接融资筹得资金则更是难上加难。在目前的金融体制下,银行机构发放贷款的主要标准是信誉、偿还能力和抵押物等。在高新技术企业的创业阶段,由于风险大,信誉尚未建立且无有价值的抵押物,所以很难从银行获得贷款;公开上市发行股票融资的前提条件是企业有过去的经营业绩,财务状况良好,所以高新技术企业很难跨进上市这条“门槛”。虽然近期国家在政策上对高新技术企业发行股票给予很大的支持,但是上市的企业数只占很少一部分。
喻占元（2005）指出；中小企业融资难的原因是多方面的 ,既与中小企业自身有关 ,也与我国的金融体制有关 ,还与政府政策有关。具体有如下方面。 中小企业自身素质偏低，银行贷款给中小企业的风险、成本和收益不对称，银行防范金融风险的意识增强，为中小企业服务的中小金融机构数量少 ,实力弱，中小企业缺乏有效的抵押物和担保人，直接融资渠道不畅。
2.中小企业融资风险控制
随着中小企业在我国国民经济中所占比例越来越大,中小企业融资问题成为近年来业界研究的热点之一。这些研究绝大部分集中于融资难问题，并将其症结归结于制度歧视,而对于中小企业如何防范、控制融资风险，如何通过一系列财务指标，运用相应的数学与统计方法进行预测、监控，达到最大限度减小其对企业财务经营状况的影响，有效预防与应付企业危机的研究则相对较少，这也是本文诞生的初衷之一。
中华全国工商业联合会(2009)指出:从目前我国中小企业融资状况看,风险主要产生的原因有:中小企业融资结构不合理；对中小企业的资金投入不足；抵押担保基础很弱;缺乏实效性政策和法律。
汤长安（2008）指出：所谓融资风险是指由于融资活动而给企业带来不利影响的可能性。根据不同的资金来源，中小企业的融资风险主要有如下类型，权益融资风险、负债融资风险、租赁融资风险和兼并融资风险。
刘鎏（2010）指出；中小企业的融资风险除了一般意义上的经营风险和财务风险,还有基于其特征的其他风险，诸如国家经济金融政策的变化给中小企业融资带来的风险、管理水平不高给中小企业融资带来的风险等。
程剑鸣（2009）指出；我们可以从以下几个方面对企业的融资风险控制给予一些借鉴<1>树立正确的风险观念。企业在日常财务活动中必须居安思危，树立风险观念，强化风险意识。<2>优化资本结构。最优资本结构是指在企业可接受的最大融资风险以内，总资本成本最低的资本结构。<3>巧舞“双刃剑”。企业要强化财务杠杆的约束机制，自觉地调节资本结构中权益资本与债务资本的比例关系。<4>保持和提高资产流动性。企业的偿债能力直接取决于其债务总额及资产的流动性。<5>合理安排筹资期限的组合方式。做好还款计划和准备。
文献综述：
[1] 冯静生，对中小企业融资问题的思考[J]，探索与研究，2009(10)；P14-16
[2] 邓立志，企业融资风险控制问题的初探[J]，经济论坛，2008(3)；P74-75
[3] 涂大进，我国中小企业融资风险预警系统研究[J]，硕士论文，武汉理工大学， 2004：P19-23
[4] 王荣惠，王贵峰，中小企业融资风险及其管理控制[J]，现代商业，2006(10)P56-61
[5] 金秋，中小企业融资风险特征及其成因分析[J]，浙江金融，2007(5)：P53-54
[6] 元光，中小企业融资风险控制研究[J]，硕士论文，山东大学，2009：P44-52
[7] 李勇，现阶段中小企业融资风险[J]，中国商界(4)，2008：P11-16
[8] 赵丽云，浅析我国中小企业融资风险管理[J]，金融会计，2008(6)：P19-22
[9] Brindusa Covaci,2008”credit risk In Financing SME In Romania “.Report for
Romania-Observatory of the SMES In Europe .February,pp56-74
[10] Jan Bartholdy ,Cesario Matuus,2007.”Financing of SMES”,London business review. September.pp43

河北师范大学汇华学院本科生毕业论文（设计）翻译文章
英文原文：
Corporate debt risk control options
Abstract: Debt contracts may reduce agents' risk taking cost, but can also introduce firm's risk shifting cost, given the limited liabilities of the firm and the asymmetry payoffs of firm's lenders and owners.This paper shows, due to its information advantage and its powerful control rights, private debt can monitor firm's risk shifting behavior and hence reduce the relevant costs. But when private debt and public debt are simultaneously used, public debt can provide a kind of security for private debt, and in turn, private debt can provide the service of monitoring for public debt, so firm's debt capacity increases. This can explain why firm uses both types of debts simultaneously, even the direct costs of certain type of debt are lower than the other.
Keywords: Risk-Taking, Risk-Shifting, Debt Contracts, Public Debt, Private Debt

SME Financing Risk Management is a management activity that taking the initiative to create conditions in order to do our utmost to avoid or reduce the deviation between actual benefits and anticipated benefits, which caused by risk incidents, and to realize smoothly the financing and benefits through risk identification and risk assessment of SME financing }'}. There are both theoretical value and practical significance to explore the financing problems of SMEs in China: It is conducive to improving the SME overall quality and strength, expanding the scale of operation, occupying a larger market share, and enhancing the core competitiveness of enterprises in order to raise the funds required, at the same time, with a view to providing some help for SME entrepreneurs how to formulate financing strategy
Most papers concerning firm's capital structure concentrate on the trade-off of debt and equity, but Bolton and Scharfstein (1996) shows, it is striking that firms usually resolve this trade-off by choosing debt over equity. For example, from 1946 to 1987, debt issues accounted for 85% of all external financing and equity only 7%. Although debt is so widely used, we have until now no systematic theories of it. Thus a theory of the sub-capital-structwe, for example, of debt
structure, should be interesting.Existing papers only can explain why some firms choose public debt, while others choose private debt, but can not explain why most blue-chip firms use both.
This paper discusses firm's external financing choices between public and private debt, from the aspects of risk taking and risk shifting theory. This would lead to further understanding of firm's financing behavior:Public debt can provide a kind of security for private debt, and in turn, private debt can provide the service of monitoring for public debt. So, if a firm uses both kinds of debt simultaneously, firm's debt capacity would be increased and firm's over all debt costs would be lowered. This is why big blue-chip firms often use both public debt and private debt simulta Neously. The paper is organized as follows: Section 1 outlines the theory of the optimal risk taking and two types of5.

Countermeasures to improve management of financing risk in SMEs
1.SMEs should strengthen the training of financial risk awareness of their managers, improve the level of financial budget management,and enhance the scientific rationality of decision-making.
The SME managers must make clear that risks are inevitable, have to face and undertake risks, and adopt effective measures to reduce and prevent risks, in particular, the leadership should have a more clear understanding and vigilance to the potential crisis and have some risk management knowledge and the capacity of prevention and control. Secondly, the SME managers should do all financial projections and plans well, arrange for all the budget work. The accurate financial budget plays an important role in the prevention and circumvention of the SME financing risk. According to the short-term production and business activities and long-term development planning, SMEs can forecast their own demand for capital, do financial budget well,arrange the financing plans and estimate the potential amount of money raised. At the same time, SMEs can determine whether funds can meet their needs based on the predictable funding and upon which they arrange production and business activities. Thus it can link SME production and business to the fund-raising organically,avoiding cash flow problems caused by the two divorced from each other and guarding against the SME financing risk}6}. Finally, after determining the total capital demand in accordance with the needs of production and operation, SMEs should arrange the time and number of fund-raising rationally, so that the fund-raising time links with the use of capital closely, the amount of idle funds is reduced and the capital profit rate increases. Meanwhile, in the process of financing decision-making, based on the calculation of the cost of capital and the analysis of risks of various funding methods, we should arrange the capital rationally, give full consideration to the repaying ability and formulate the plan of borrowing, repaying and financial arrangements of construction projects, in order to avoid the financing risk caused by funds being not implemented or unable to meet maturing obhgations as they come due. In short, the SME managers should be based on reality, plan for the long term, give consideration to both the immediate interests and long-term development and pay attention to the scientific decision-making The Conference on Web Based Business Management
2 SMEs require the strong rather than pursuing big in the development process.
Every company has only to enhance its own core competitiveness to be of indomitable vitality. The pursuit of size in excess would cause heightening the debt ratio and increasing the enterprise's financial risks and operational risks. Absence of the consciousness of sound and being too risky are the primary reasons for indebted business failure. Consequences of indebted management are not the business failure, but also a serious affecting the future of commercial credit, and thus affecting the re-financing capacity}'}. Therefore, SMEs should expand the endogenous financing channels actively, explore the potential of internal funds fully, bring their enthusiasm of reproduction on extended scale into full play, speed up the flow of funds and improve continuously the efficiency of funds allocation and use
3 SMEs should establish the modern concept that cash is king and distinguish the importance between "cash flow" and "profit"
Cash flow is the momentum for enterprises to main taro the capital liquidity and sustained development, of which the amount affects their financing decisions, investment risks, credit standard and enterprise value directly. Keeping an adequate and stable cash flow, particularly the net operating cash flow is able to show the ability to generate positive earnings and the potential of growth and be beneficial to reduce the bankruptcy risk and investment risk for SMEs. Therefore, budget preparation of the enterprise's cash flow is a very important part in the financial management As the object of corporate finance is the cash and flow, in the short term,businesses can be maintained is not entirely dependent on profit, but on whether there is enough cash for various expenses. Accurate cash flow budgets can provide early warning signals for enterprises to enable operators to take early measures must strengthen the basic study of financial theories and
knowledge, analyze and research the law of financial situation, policy changes, and strengthen the forecast of interest rate changes. Finally, they should increase introduction of risk managers and training, make full use of external talent and improve forecast accuracy, in order to provide a basis for investment and financing decision-making
4 SMEs should enhance the risk management related information gathering
First of all, in terms of financing risks, SMEs should collect at least the following important information: domestic and international macroeconomic policies and economic performance, industry conditions, state industrial policies, the new laws, regulations and policies affecting enterprises, the relevant content of scientific-technical progress and technological innovation,credit conditions of major customers and major suppliers,and etc.191 They should enhance the sensitivity to interest rate changes, in order to grasp the dynamics and lay the foundation for interest rate forecasts.
5 SMEs should prevent financial risks caused by changes in interest rates
For the financing risk brought about by changes in interest rates, SMEs should investigate carefully the capital market supply-and-demand situation, and grasp its development trend according to interest rates, accordingly make the appropriate funding arrangement. Funding should be raised as little as possible or only for short-term much-needed during the period of high interest rates. While the interest rate is in the transition from high to low, it should minimize fundraising also and adopt the floating-rate interest-bearing way for the must\ needed fundraising. It is beneficial to finance when the interest rate is at a low level. During the period of interest rate being in the transitional from low to high, enterprises should raise long-term funds actively and adopt the fixed-rate interest-bearing manner as far as possible to reduce debt interest rates hol
Failure of Private Debt's Monitoring