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1、 Research on Financing Strategy of MM Company Candidate Peng Hui Supervisor Prof. Gong Zhi-min College Business school Program Master of Business Administration Specialization Degree Master University Xiangtan University Date June 7, 2011 湘潭大学湘潭大学 学位论文原创性声明学位论文原创性声明 本人郑重声明：所呈交的论文是本人在导师的指导下独立进行研究所取得的
2、研究成果。除了文中特别加以标注引用的内容外，本论文不包含任何其他个人或集体已经发表或撰写的成果作品。对本文的研究做出重要贡献的个人和集体，均已在文中以明确方式标明。本人完全意识到本声明的法律后果由本人承担。 作者签名： 日期： 年 月 日 学位论文版权使用授权书学位论文版权使用授权书 本学位论文作者完全了解学校有关保留、使用学位论文的规定，同意学校保留并向国家有关部门或机构送交论文的复印件和电子版，允许论文被查阅和借阅。本人授权湘潭大学可以将本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、缩印或扫描等复制手段保存和汇编本学位论文。 涉密论文按学校规定处理。 作者签名： 日期：
3、年 月 日 导师签名： 日期： 年 月 日 I 摘 要 MM 公司是湖南的中小科技型企业，主要从事企业信息化管理软件开发、IT信息工程与信息服务的高科技企业。 MM 公司目前正处于企业成长期， 公司有了一定的经营规模， 但是在经营管理上仍然存在着一定的问题， 融资问题尤为突出。由于缺少一个清晰、 明确的融资策略， MM 公司在以往的融资过程中带有较大的随意性， 对于融资的决策和管理， 对于风险的有效控制等缺乏足够的认识。 因此，融资问题给公司带来了眼前较大的资金压力， 在一定程度上也制约了公司进一步的发展。因此，研究 MM 公司融资策略有助于 MM 公司的可持续发展，同时对于其他高新技术企业有
4、一定的借鉴意义。 论文以 MM 公司融资问题作为研究对象，采用理论与实践相结合的方式对问题进行分析，通过公司调研、历史考察获得 MM 公司的各种数据、资料，采用统计、比较、归纳、演绎等多种研究方法，对所取得的资料加以综合分析，对其融资活动中存在的问题、成因及风险因素进行深入的分析和探讨。 通过研究与分析，本人认为 MM 公司的融资决策过程分为预测资金需求缺口、选择融资方式、确定融资结构三个主要步骤。本人认为 MM 公司现阶段应采取的融资策略是： 一、 加强内源性融资能力， 提高利润留存率， 降低筹资成本；二、充分发展银企关系，提高银行贷款在外源融资当中的比重，发挥财务杠杆效用，增加企业价值；三
5、、积极争取政府政策性资金的扶持；四、吸引风险投资，弥补公司融资缺口，多渠道筹资。论文同时对 MM 公司的中长期融资策略也做了规划，认为公司中长期最主要的融资方式就是上市融资，同时通过从银行贷款或发行债券优化融资结构，降低平均融资成本。论文最后提出：MM 公司应该建立科学的融资决策流程； 强化内部控制， 改善资金管理； 积极发展银行关系贷款；拓展融资渠道；培育信用体系。最终解决公司的融资问题，引导公司长期健康的发展。 关键词： 融资； MM 公司； 融资策略 II Abstract MM Company is a medium-sized scientific enterprise, and i
6、s also a high-tech enterprise engaging in the development of management software of enterprise informationizaition, IT information engineering and information service. MM Company is still in its growing stage now but with a certain business scale. However, it has some problems in business management
7、 especially financing problem which is the most serious. Because it was lack of a clear and specific financing strategy, MM Company was often some casualness during the financing procedure and had inadequate understanding toward financing decision and management and effective control over risks. The
8、refore, currently financing problem has brought great capital pressure on the company, which has restricted further development of the company to some extent. As a result, research on financing strategy of MM Company contributes to the sustainable development of MM Company, and has some referential
9、significance to other high-tech industry enterprises. This paper used MM Companys financing problem as the research target, and analyzed the issue through combination of theory and practice. The author gained various statistics and data of MM Company by investigation and background research. Besides
10、, the author comprehensively analyzed the information gained by means of statistic, comparison, induction, deduction and other research methods. At last, the author conducted deep analysis and discussion on the problems, causes and risky factors existing in the financing activities with the guide of
11、 enterprise financing management theory and modern financing theory. Through research and analysis, this paper convinced that the financing decision process can be divided into three main steps: forecasting the capital demand gap, selecting financing methods and confirming financing structure. MM Co
12、mpany should take the following financing strategies at the present stage: 1. Enhance endogenous financing ability, improve interest retention ratio and cut down the capital-raising cost; 2. Fully develop business relationship between banks and enterprises, increase the percentage of loans from the
13、banks in extraneous financing, develop effectiveness of finance leverage and add enterprise value; 3. Positively strive for policy-related capital from the government; 4. Attract risky investment to offset III the financing gap of the company with multiple channels to raise capital. At the same time
14、, this paper made planning of both medium-term and long-term financing strategy for MM Company and believed that the most important financing method for the medium and long term is to be listed on stock market, obtain loans from banks or issue bonds to optimize financing structure and cut down the a
15、verage financing cost. At last, this paper pointed out MM Company should establish scientific financing decision-making process, positively develop relationship with banks to obtain loans and expand financing channels and build credit system to settle the financing problem of the company so as to lead the company to develop sustainably and healthily. Keywords: Financing MM Company Financing Strategy IV 目目 录录 第 1 章 绪论.
