融资环境下的小微企业财务战略选择  

Improvement of the Financing Environment for SMEs and Financial Strategic Options

作　　者：李天霞[1] 

机构地区：[1]四川民族学院康巴民族经济研究所,四川康定626001

出　　处：《洛阳师范学院学报》2012年第10期69-71,共3页Journal of Luoyang Normal University

摘　　要：企业财务战略的目标就是确保企业资金均衡有效地流动,而最终实现企业总体战略目标。融资环境是小微企业财务战略选择需要着重考虑的因素之一。目前小微企业面临着自身建设水平低下,金融机构贷款门槛高,国家支持政策不足,金融管制过于严格等问题。小微企业要解决面临的问题,财务战略的选择需要考虑三个方面:一是企业财务战略选择与企业的生命周期相适应,二是企业财务战略选择与企业拥有的财务资源相适应,三是企业财务战略选择与整个市场融资环境相适应。根据这三点小微企业在初创期要选择内源融资防御收缩型的财务战略;处于成长期的企业要选择资本市场筹资与平稳扩张的财务战略;成熟期的多元融资与激进、稳健扩张的财务战略;处于衰退期的小微企业,应倾向于发放股利以实现转型,应采用防御收缩型的财务战略。The goal of financing strategy is to ensure cash-flow and finally achieve business objective. Finan- cing environment is a factor that SMEs need to consider with emphasis. Presently, SMEs are faced with lack of competitiveness, difficulty in meeting standards of financial institutions to get loans, insufficient state support policy and rigid financial regulations. To solve these problems, SMEs need to consider three aspects of financial strategic options： it is important for a SME company to adjust its financial policy to company lifecycle, to adjust company fi- nancial strategy to financial resources and the whole market environment. According to these three points, SMEs should choose internal financing and defense contraction strategy in the entrepreneurial stage; in the growing stage, a SME should choose capital market financing and steadily expanding financial strategy; in the mature stage the company should choose financing from multiple channels and aggressive fiscal policy, and in the declining stage, issuing dividends to implement transformative expansion and choosing defense contraction financial policy.

关 键 词：小微企业 融资环境 稳健型财务战略 扩张型财务战略 防御收缩型财务战略 

分 类 号：F275[经济管理—企业管理]