基于融资成本控制视角的科技融资途径选择  

Selection of Technology Financing Approaches Based on the Financing Cost Management

作　　者：温春然 沈传河[1] 

机构地区：[1]山东女子学院金融工程研究所,山东济南250300

出　　处：《齐鲁师范学院学报》2015年第3期63-68,共6页Journal of Qilu Normal University

基　　金：山东省自然科学基金资助项目"基于改进支持向量机与Copula集成的混合非线性分析方法及其在金融风险管理中的应用"(ZR2012GM006);山东省社会科学规划研究项目"基于结构化融资模式的中小企业项目融资风险管理研究"(11CKJJ39)

摘　　要：文章从融资成本控制的视角分析财务风险发生的机制,认为科技融资途径中财务风险控制的关键在于融资成本与企业未来盈利能力的匹配程度。由于企业未来盈利能力预测难度大,所以控制融资成本是控制财务风险发生的有效途径之一。而控制融资成本的关键在于对股权融资成本及债权融资成本的估算。所以本文着重对不同科技融资途径成本的计算进行融资途径的选择,从而有效规避财务风险,并通过案例分析讨论案例公司各生命周期所采取的主要融资途径,讨论各阶段融资策略及所选融资途径组合的潜在财务风险。同时,对该公司三年的融资成本进行估算并做敏感性分析,得出影响加权融资成本波动的主要因素,从而为在财务风险控制前提下融资途径的选择提出建议及措施。From the perspective of financing cost controlling, this paper analyzes the occurrence mechanisms of financial risk, reveals that the point of financial risk is the matching degree of financing cost and company＇s future profitability but which is difficult to estimate. Therefore, controlling the financing cost is regarded as the effective way to prevent the financial risk which is implemented via estimation of weighted average cost of capital by evaluation of equity and debt cost. And in the following example the financing path of this example company is in detail analyzed which demonstrates the selection theory of technology financing approaches. By estimation of weighted average cost of capital and sensibility analysis the influencing factors are found and observed. And how to quantitative analyze the future profitability of company and the matching of profitability and the financing cost is the next research direction.

关 键 词：科技融资途径 融资成本 财务风险 生命周期 敏感性 

分 类 号：F830.9[经济管理—金融学]