如(ru)何(he)進行融(rong)(rong)資風險防范 融(rong)(rong)資過程須控(kong)制8個關鍵環節

一、融資前的需求分析與評估環節——要公正

所謂事(shi)前評(ping)(ping)估是(shi)指(zhi)企業對其(qi)是(shi)否需要(yao)融(rong)資(zi)進(jin)行評(ping)(ping)估。例如，為了資(zi)金(jin)周轉和(he)臨時需要(yao)，企業需要(yao)融(rong)資(zi);為了添置(zhi)設備、擴(kuo)大規模、引進(jin)新技(ji)術和(he)開發(fa)新產品，企業需要(yao)融(rong)資(zi);為了對外投資(zi)、兼并其(qi)他企業，企業需要(yao)融(rong)資(zi);為了償付債務和(he)調整資(zi)本結(jie)構企業需要(yao)融(rong)資(zi);等等。

是(shi)否需(xu)要融資也不是(shi)完全由上述原因(yin)決定的(de)。比如(ru)，企(qi)業經常(chang)會面臨一些臨時性的(de)資金(jin)需(xu)求(qiu)，但是(shi)這(zhe)(zhe)些需(xu)求(qiu)所(suo)需(xu)資金(jin)不一定非(fei)要通(tong)過(guo)(guo)(guo)融資來解決，因(yin)為(wei)企(qi)業完全有可能(neng)通(tong)過(guo)(guo)(guo)盤活流動(dong)資產，通(tong)過(guo)(guo)(guo)自有資金(jin)來解決這(zhe)(zhe)些需(xu)要。這(zhe)(zhe)時企(qi)業就應(ying)當比較使(shi)用(yong)自有資金(jin)和使(shi)用(yong)外(wai)來資金(jin)對企(qi)業的(de)影響(xiang)，如(ru)果有好的(de)影響(xiang)，就使(shi)用(yong);反之則(ze)不用(yong)。

在(zai)決定使用外(wai)來(lai)資(zi)金(jin)(jin)后，還應該(gai)在(zai)融資(zi)需要的(de)基礎上比(bi)較投(tou)資(zi)收(shou)益和資(zi)金(jin)(jin)成本及(ji)其與之相對(dui)應的(de)風險(xian)是(shi)否相匹(pi)配。例如，投(tou)資(zi)項目未(wei)來(lai)的(de)年均報酬率(lv)(lv)(lv)(或年均利(li)潤率(lv)(lv)(lv))是(shi)多少(shao)?通(tong)過融資(zi)活(huo)動(dong)占(zhan)用資(zi)金(jin)(jin)所付出的(de)代(dai)價(jia)(或稱(cheng)資(zi)金(jin)(jin)成本率(lv)(lv)(lv))是(shi)多少(shao)?企(qi)(qi)業需要承擔(dan)哪些風險(xian)?這(zhe)是(shi)企(qi)(qi)業管理(li)決策層最為關心的(de)。因(yin)此(ci)，企(qi)(qi)業財務人員(yuan)在(zai)開(kai)展(zhan)融資(zi)活(huo)動(dong)之前，必須對(dui)未(wei)來(lai)的(de)投(tou)資(zi)收(shou)益作一個較為可(ke)(ke)靠的(de)預測(ce)，只有當投(tou)資(zi)收(shou)益遠大于資(zi)金(jin)(jin)成本且與之相對(dui)應的(de)風險(xian)可(ke)(ke)承受的(de)前提下，才可(ke)(ke)以確定展(zhan)開(kai)融資(zi)活(huo)動(dong)。

二、融資渠道與方法的選擇環節——要慎重

在這個環節(jie)，企業(ye)應(ying)就(jiu)其(qi)融資的一(yi)系列細節(jie)問題進行(xing)決策，這些(xie)細節(jie)主要包括以下幾(ji)個方面(mian)：

(一)測算融資規模

當確定企業(ye)需要融(rong)(rong)資(zi)后，接下(xia)來(lai)要做的(de)是估算融(rong)(rong)資(zi)規模(mo)。如(ru)何估算融(rong)(rong)資(zi)規模(mo)，本章的(de)第(di)一節(jie)已(yi)經有專門的(de)論述。作為企業(ye)財務(wu)人員，不論通過(guo)什(shen)么渠道，采用什(shen)么方式(shi)進行融(rong)(rong)資(zi)，必(bi)須事先仔細估算資(zi)金需要量。只有這(zhe)樣才能使(shi)融(rong)(rong)資(zi)數量與(yu)投資(zi)數量相互平(ping)衡，避(bi)免融(rong)(rong)資(zi)不足而影響企業(ye)的(de)投資(zi)效(xiao)果或融(rong)(rong)資(zi)過(guo)剩而降低資(zi)金的(de)效(xiao)益。

(二)選擇融資方法

估算出融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)規模后(hou)，企(qi)(qi)業(ye)就要(yao)尋找合適的融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)方式(shi)。可(ke)供中(zhong)小企(qi)(qi)業(ye)使(shi)用(yong)的融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)方式(shi)從(cong)大的方面來(lai)(lai)講無外(wai)(wai)乎內(nei)(nei)(nei)源(yuan)融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)和外(wai)(wai)源(yuan)融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)兩種。所謂(wei)企(qi)(qi)業(ye)內(nei)(nei)(nei)源(yuan)融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)，主(zhu)要(yao)是(shi)指通過計(ji)提折舊和留存(cun)利潤而(er)形(xing)(xing)成(cheng)的資(zi)(zi)(zi)金來(lai)(lai)源(yuan)。這(zhe)部分資(zi)(zi)(zi)金是(shi)企(qi)(qi)業(ye)內(nei)(nei)(nei)部“自然”形(xing)(xing)成(cheng)的，占用(yong)它們雖然也會發生(sheng)資(zi)(zi)(zi)金的使(shi)用(yong)成(cheng)本(ben)(機(ji)會成(cheng)本(ben))，但是(shi)卻(que)不(bu)需(xu)要(yao)支(zhi)付融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)費(fei)用(yong)。而(er)外(wai)(wai)源(yuan)融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)是(shi)指在企(qi)(qi)業(ye)內(nei)(nei)(nei)源(yuan)融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)不(bu)能(neng)滿足需(xu)要(yao)時，從(cong)外(wai)(wai)部融(rong)(rong)(rong)(rong)入形(xing)(xing)成(cheng)的資(zi)(zi)(zi)金來(lai)(lai)源(yuan)，包括銀行借款(kuan)、發行債(zhai)券、融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)租賃和商業(ye)信(xin)用(yong)等負債(zhai)融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)形(xing)(xing)式(shi)與吸收(shou)直接(jie)投資(zi)(zi)(zi)、發行股票等權(quan)益融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)形(xing)(xing)式(shi)。外(wai)(wai)源(yuan)融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)不(bu)僅要(yao)支(zhi)付使(shi)用(yong)成(cheng)本(ben)，還要(yao)支(zhi)付融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)費(fei)用(yong)，所發生(sheng)的成(cheng)本(ben)相對內(nei)(nei)(nei)源(yuan)融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)要(yao)高(gao)些。因此，企(qi)(qi)業(ye)不(bu)要(yao)急于到外(wai)(wai)面尋找資(zi)(zi)(zi)金，而(er)是(shi)應在充分考慮(lv)內(nei)(nei)(nei)部資(zi)(zi)(zi)金來(lai)(lai)源(yuan)是(shi)否可(ke)用(yong)之后(hou)，再考慮(lv)外(wai)(wai)源(yuan)融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)問(wen)題(ti)。

由于(yu)企業(ye)融(rong)(rong)(rong)資(zi)(zi)(zi)可(ke)以(yi)采用的(de)方(fang)式(shi)多種多樣，不同的(de)融(rong)(rong)(rong)資(zi)(zi)(zi)方(fang)式(shi)，其融(rong)(rong)(rong)資(zi)(zi)(zi)的(de)難易程度、資(zi)(zi)(zi)金(jin)成本和財(cai)(cai)務風險(xian)也是不同的(de)。既(ji)然要從外(wai)部融(rong)(rong)(rong)入資(zi)(zi)(zi)金(jin)，企業(ye)就必須考慮融(rong)(rong)(rong)資(zi)(zi)(zi)以(yi)后(hou)應(ying)(ying)當保持一個(ge)良好、合(he)理的(de)財(cai)(cai)務結(jie)構(gou)和資(zi)(zi)(zi)本結(jie)構(gou)，使得(de)財(cai)(cai)務風險(xian)處于(yu)安(an)全水(shui)平，同時綜(zong)合(he)資(zi)(zi)(zi)金(jin)成本又有所降(jiang)低。在這種總體的(de)融(rong)(rong)(rong)資(zi)(zi)(zi)戰略下(xia)，企業(ye)應(ying)(ying)當設(she)計多個(ge)融(rong)(rong)(rong)資(zi)(zi)(zi)方(fang)案，對這些方(fang)案進行財(cai)(cai)務上(shang)的(de)優劣排序，以(yi)便在具體的(de)融(rong)(rong)(rong)資(zi)(zi)(zi)實(shi)(shi)踐中實(shi)(shi)施(shi)動態(tai)選優。

在(zai)(zai)選擇融資方(fang)式(shi)時(shi)還要(yao)考慮我(wo)國和(he)企(qi)業(ye)(ye)(ye)的(de)(de)基本情況，切不(bu)可(ke)照搬國外(wai)經驗。比如在(zai)(zai)國外(wai)，企(qi)業(ye)(ye)(ye)家在(zai)(zai)選擇融資方(fang)式(shi)時(shi)會運用(yong)大量的(de)(de)數學(xue)模型，通(tong)過很多實證分析來做(zuo)出決策。不(bu)可(ke)否(fou)認，這(zhe)些方(fang)法和(he)模型確實有其科(ke)學(xue)性，但中(zhong)國的(de)(de)市(shi)場(chang)畢竟不(bu)同(tong)(tong)于國外(wai)的(de)(de)市(shi)場(chang)。個(ge)人信(xin)用(yong)體系不(bu)夠健全，很多本屬(shu)于市(shi)場(chang)個(ge)體的(de)(de)經濟(ji)部門行(xing)政色彩較為濃(nong)厚，可(ke)用(yong)的(de)(de)融資工具形式(shi)較為單一、不(bu)夠豐富等。各種不(bu)同(tong)(tong)行(xing)業(ye)(ye)(ye)企(qi)業(ye)(ye)(ye)之(zhi)間、同(tong)(tong)行(xing)業(ye)(ye)(ye)企(qi)業(ye)(ye)(ye)不(bu)同(tong)(tong)發展階段、同(tong)(tong)類企(qi)業(ye)(ye)(ye)在(zai)(zai)不(bu)同(tong)(tong)地區(qu)之(zhi)間的(de)(de)融資方(fang)式(shi)也各有所不(bu)同(tong)(tong)。因此，中(zhong)小企(qi)業(ye)(ye)(ye)管理者在(zai)(zai)使用(yong)融資方(fang)法的(de)(de)時(shi)候一定要(yao)注意條件的(de)(de)假(jia)設(she)前提及應用(yong)環境(jing)，通(tong)過適(shi)當的(de)(de)修改(gai)后再使用(yong)。

一般來講，對短期(qi)(qi)(qi)經營產生的(de)流動資(zi)(zi)金需求，企業應當盡(jin)可(ke)(ke)能利用賒(she)購等商(shang)業信(xin)(xin)用方(fang)式(shi)來解決。必(bi)須從外部借入的(de)短期(qi)(qi)(qi)資(zi)(zi)金，企業要(yao)在(zai)謹(jin)慎的(de)現(xian)金預算基礎上(shang)作好到期(qi)(qi)(qi)償(chang)債計劃，然(ran)后以(yi)比較(jiao)優惠的(de)利率獲(huo)得短期(qi)(qi)(qi)融(rong)資(zi)(zi)(如(ru)信(xin)(xin)用額度、周轉信(xin)(xin)貸協議等方(fang)式(shi))，切(qie)不可(ke)(ke)貿然(ran)進行(xing)短期(qi)(qi)(qi)融(rong)資(zi)(zi)，當到期(qi)(qi)(qi)無法(fa)償(chang)債時又(you)通(tong)過高成本、高風險的(de)長期(qi)(qi)(qi)融(rong)資(zi)(zi)來償(chang)付短期(qi)(qi)(qi)債務。這樣，必(bi)然(ran)會導致企業的(de)財務狀(zhuang)況惡化和財務風險增(zeng)大。

對(dui)(dui)生產和資(zi)本(ben)經營產生的長期資(zi)金借貸(dai)需求，如(ru)前文所述(shu)，企業必(bi)須充(chong)分利用內部資(zi)金來源，在以較低(di)的資(zi)金成本(ben)和盡(jin)可能低(di)的財(cai)務(wu)風險為融資(zi)目標的前提下具體(ti)情況具體(ti)對(dui)(dui)待。

(三)確定融資對象

融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)對(dui)(dui)象(xiang)(xiang)是(shi)(shi)指(zhi)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)工(gong)作(zuo)(zuo)(zuo)(zuo)的(de)對(dui)(dui)象(xiang)(xiang)，并不(bu)僅(jin)僅(jin)是(shi)(shi)指(zhi)資(zi)金(jin)供給(gei)者(zhe)，而是(shi)(shi)指(zhi)所有融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)活動(dong)中的(de)參與(yu)者(zhe)或影(ying)響(xiang)者(zhe)，比(bi)(bi)如(ru)政府機(ji)關(guan)(guan)、金(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)中介機(ji)構(gou)等(deng)(deng)。融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)對(dui)(dui)象(xiang)(xiang)受(shou)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)渠(qu)道(dao)(dao)的(de)影(ying)響(xiang)，融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)渠(qu)道(dao)(dao)多，相應(ying)的(de)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)工(gong)作(zuo)(zuo)(zuo)(zuo)對(dui)(dui)象(xiang)(xiang)就(jiu)多。因此(ci)，選擇不(bu)同的(de)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)渠(qu)道(dao)(dao)和(he)(he)方式，融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)對(dui)(dui)象(xiang)(xiang)就(jiu)不(bu)同。比(bi)(bi)如(ru)，選擇銀(yin)(yin)行(xing)信(xin)(xin)貸，融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)工(gong)作(zuo)(zuo)(zuo)(zuo)對(dui)(dui)象(xiang)(xiang)就(jiu)包(bao)括銀(yin)(yin)行(xing)有關(guan)(guan)部門和(he)(he)人(ren)員、政府機(ji)關(guan)(guan)的(de)有關(guan)(guan)部門以及中介機(ji)構(gou)，如(ru)中小企(qi)業(ye)信(xin)(xin)用擔保中心(xin)(公(gong)司)、信(xin)(xin)用評級機(ji)構(gou)、資(zi)信(xin)(xin)調(diao)查(cha)機(ji)構(gou)等(deng)(deng)。又如(ru)，申請中小企(qi)業(ye)技術(shu)(shu)創(chuang)新基金(jin)，相應(ying)的(de)工(gong)作(zuo)(zuo)(zuo)(zuo)對(dui)(dui)象(xiang)(xiang)就(jiu)是(shi)(shi)技術(shu)(shu)專家(jia)、推薦單(dan)位、創(chuang)新基金(jin)管理中心(xin)、銀(yin)(yin)行(xing)、評估中介機(ji)構(gou)以及當地(di)(di)科(ke)委(wei)(wei)和(he)(he)國(guo)家(jia)高新技術(shu)(shu)產業(ye)開發區管委(wei)(wei)會(hui)。在(zai)確(que)(que)認融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)對(dui)(dui)象(xiang)(xiang)時(shi)，一定要(yao)進行(xing)有關(guan)(guan)的(de)信(xin)(xin)息(xi)收集和(he)(he)咨詢調(diao)查(cha)活動(dong)，熟(shu)悉(xi)每(mei)一種融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)渠(qu)道(dao)(dao)的(de)運作(zuo)(zuo)(zuo)(zuo)程序，明確(que)(que)誰是(shi)(shi)資(zi)金(jin)供給(gei)方的(de)決策(ce)者(zhe)、影(ying)響(xiang)者(zhe)和(he)(he)操作(zuo)(zuo)(zuo)(zuo)者(zhe)。中小企(qi)業(ye)，特別(bie)是(shi)(shi)一些小的(de)企(qi)業(ye)，由于對(dui)(dui)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)市場的(de)不(bu)熟(shu)悉(xi)，在(zai)需(xu)要(yao)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)時(shi)，往往不(bu)知道(dao)(dao)找誰，從什么地(di)(di)方做起，或者(zhe)花費了大量的(de)時(shi)間和(he)(he)資(zi)金(jin)，沒有取得融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)成果。其主要(yao)的(de)癥結就(jiu)在(zai)于此(ci)。另外，在(zai)確(que)(que)認融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)對(dui)(dui)象(xiang)(xiang)時(shi)，還需(xu)注意一些潛在(zai)的(de)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)對(dui)(dui)象(xiang)(xiang)，比(bi)(bi)如(ru)，就(jiu)當前的(de)一次融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)項目，可(ke)能銀(yin)(yin)行(xing)不(bu)是(shi)(shi)對(dui)(dui)象(xiang)(xiang)，但就(jiu)長期看(kan)，企(qi)業(ye)很(hen)可(ke)能會(hui)和(he)(he)銀(yin)(yin)行(xing)打交道(dao)(dao)。因此(ci)，企(qi)業(ye)從整個(ge)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)戰略(lve)來看(kan)，也應(ying)確(que)(que)定銀(yin)(yin)行(xing)為工(gong)作(zuo)(zuo)(zuo)(zuo)對(dui)(dui)象(xiang)(xiang)，通過有意識的(de)接觸(chu)，達到減少信(xin)(xin)息(xi)不(bu)對(dui)(dui)稱的(de)目的(de)。

三、確定融資數量與期限環節——要實際

有人(ren)說，在(zai)下(xia)棋(qi)(qi)(qi)(qi)時僅能(neng)看透一(yi)(yi)二步(bu)棋(qi)(qi)(qi)(qi)路(lu)(lu)的(de)(de)人(ren)只是初級(ji)棋(qi)(qi)(qi)(qi)手(shou)，能(neng)看透三(san)四步(bu)棋(qi)(qi)(qi)(qi)路(lu)(lu)的(de)(de)人(ren)方能(neng)被稱棋(qi)(qi)(qi)(qi)師，而能(neng)一(yi)(yi)下(xia)看透五(wu)六(liu)步(bu)以上的(de)(de)棋(qi)(qi)(qi)(qi)路(lu)(lu)的(de)(de)人(ren)才有資(zi)格被稱為(wei)高級(ji)棋(qi)(qi)(qi)(qi)師。其實中(zhong)小企業融(rong)資(zi)和往往是下(xia)棋(qi)(qi)(qi)(qi)是一(yi)(yi)樣的(de)(de)，真正(zheng)的(de)(de)融(rong)資(zi)高手(shou)要(yao)(yao)想“運籌帷幄之中(zhong)，決勝千里(li)之外(wai)”就(jiu)必須站得高看得遠。要(yao)(yao)確定融(rong)資(zi)策略就(jiu)要(yao)(yao)把握以下(xia)兩點：

首先：資金數量上追求合理性。

對以股(gu)份公司為代表的大企(qi)(qi)(qi)業來(lai)講，融(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)的目(mu)的在于實(shi)現(xian)最佳(jia)資(zi)(zi)(zi)(zi)(zi)(zi)本(ben)(ben)結構，即追(zhui)求資(zi)(zi)(zi)(zi)(zi)(zi)金成(cheng)本(ben)(ben)最低和(he)企(qi)(qi)(qi)業價值最大;而(er)對中小企(qi)(qi)(qi)業來(lai)講，融(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)的目(mu)的是直接確保生產(chan)經營(ying)所(suo)需的資(zi)(zi)(zi)(zi)(zi)(zi)金。資(zi)(zi)(zi)(zi)(zi)(zi)金不(bu)足會(hui)影響生產(chan)發(fa)展，而(er)資(zi)(zi)(zi)(zi)(zi)(zi)金過剩也會(hui)導致資(zi)(zi)(zi)(zi)(zi)(zi)金使用(yong)效(xiao)率降(jiang)低，形成(cheng)浪費。由于中小企(qi)(qi)(qi)業融(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)難，所(suo)以經營(ying)者在遇到(dao)比(bi)較寬(kuan)松的籌資(zi)(zi)(zi)(zi)(zi)(zi)環(huan)境時(shi)，往往容易犯“韓信點兵(bing)，多(duo)多(duo)益善(shan)”的錯誤。但如果籌來(lai)的資(zi)(zi)(zi)(zi)(zi)(zi)金用(yong)得不(bu)合理或(huo)者并非真正需要(yao)，那么就(jiu)會(hui)發(fa)生本(ben)(ben)末(mo)倒置好事就(jiu)變成(cheng)了壞(huai)事，企(qi)(qi)(qi)業反(fan)倒被過度的融(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)所(suo)累，可能(neng)背上沉重的債務(wu)負(fu)擔(dan)，進一步影響融(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)能(neng)力和(he)獲利能(neng)力。

其次：資金使用上追求效益性。

中小(xiao)企(qi)(qi)業在融資(zi)(zi)(zi)(zi)渠道和方式上不(bu)像大企(qi)(qi)業那樣(yang)存在較(jiao)大的(de)選擇余地，但(dan)這并不(bu)是說中小(xiao)企(qi)(qi)業只能“饑不(bu)擇食”，一味的(de)仰人鼻(bi)息。相(xiang)反，由于(yu)中小(xiao)企(qi)(qi)業的(de)抗風險(xian)能力弱以及(ji)籌資(zi)(zi)(zi)(zi)困難較(jiao)大，更應該對每(mei)筆資(zi)(zi)(zi)(zi)金(jin)善加珍(zhen)惜權(quan)衡，綜合考慮(lv)企(qi)(qi)業自身(shen)生產經營需要與(yu)所融資(zi)(zi)(zi)(zi)金(jin)成本、融資(zi)(zi)(zi)(zi)風險(xian)及(ji)投資(zi)(zi)(zi)(zi)收(shou)益等諸多方面(mian)的(de)因素，進而把資(zi)(zi)(zi)(zi)金(jin)的(de)來(lai)源(yuan)和投向結合起來(lai)，分析所融資(zi)(zi)(zi)(zi)金(jin)成本率與(yu)投資(zi)(zi)(zi)(zi)收(shou)益率的(de)關系，盡可能的(de)避免融資(zi)(zi)(zi)(zi)決策(ce)失誤(wu)。

四、確定融資種類與資金結構環節——要合理

中(zhong)小(xiao)企(qi)業(ye)(ye)的(de)(de)資(zi)(zi)(zi)(zi)金運用(yong)(yong)決定(ding)(ding)(ding)資(zi)(zi)(zi)(zi)金籌(chou)集的(de)(de)類(lei)(lei)型和數量。我們(men)知道，企(qi)業(ye)(ye)總(zong)資(zi)(zi)(zi)(zi)產(chan)(chan)(chan)(chan)由流動(dong)(dong)(dong)資(zi)(zi)(zi)(zi)產(chan)(chan)(chan)(chan)和非流動(dong)(dong)(dong)資(zi)(zi)(zi)(zi)產(chan)(chan)(chan)(chan)兩部分構(gou)成。流動(dong)(dong)(dong)資(zi)(zi)(zi)(zi)產(chan)(chan)(chan)(chan)又分為兩種不同形態：一(yi)是其(qi)數量隨生產(chan)(chan)(chan)(chan)經(jing)(jing)營的(de)(de)變動(dong)(dong)(dong)而(er)波動(dong)(dong)(dong)的(de)(de)流動(dong)(dong)(dong)資(zi)(zi)(zi)(zi)產(chan)(chan)(chan)(chan)，即(ji)所謂的(de)(de)暫時性(xing)流動(dong)(dong)(dong)資(zi)(zi)(zi)(zi)產(chan)(chan)(chan)(chan);二是類(lei)(lei)似于(yu)固定(ding)(ding)(ding)資(zi)(zi)(zi)(zi)產(chan)(chan)(chan)(chan)那(nei)樣長(chang)(chang)期保持(chi)穩定(ding)(ding)(ding)水平的(de)(de)流動(dong)(dong)(dong)資(zi)(zi)(zi)(zi)產(chan)(chan)(chan)(chan)，即(ji)所謂的(de)(de)永久性(xing)流動(dong)(dong)(dong)資(zi)(zi)(zi)(zi)產(chan)(chan)(chan)(chan)。按結構(gou)上(shang)的(de)(de)配(pei)比原則，中(zhong)小(xiao)企(qi)業(ye)(ye)用(yong)(yong)于(yu)固定(ding)(ding)(ding)資(zi)(zi)(zi)(zi)產(chan)(chan)(chan)(chan)和永久性(xing)流動(dong)(dong)(dong)資(zi)(zi)(zi)(zi)產(chan)(chan)(chan)(chan)上(shang)的(de)(de)資(zi)(zi)(zi)(zi)金，以中(zhong)長(chang)(chang)期融(rong)(rong)資(zi)(zi)(zi)(zi)方式籌(chou)措為宜(yi);由于(yu)季節性(xing)、周期性(xing)和隨機因(yin)素造成企(qi)業(ye)(ye)經(jing)(jing)營活動(dong)(dong)(dong)變化(hua)所需的(de)(de)資(zi)(zi)(zi)(zi)金;(，)則主要以短期融(rong)(rong)資(zi)(zi)(zi)(zi)方式籌(chou)措為宜(yi)。強調融(rong)(rong)資(zi)(zi)(zi)(zi)在資(zi)(zi)(zi)(zi)金結構(gou)上(shang)的(de)(de)配(pei)比關系(xi)對中(zhong)小(xiao)企(qi)業(ye)(ye)尤為重(zhong)要。有關調查顯示(shi)，中(zhong)小(xiao)企(qi)業(ye)(ye)的(de)(de)融(rong)(rong)資(zi)(zi)(zi)(zi)失(shi)敗案例中(zhong)很(hen)多并不是直(zhi)接由于(yu)資(zi)(zi)(zi)(zi)金不能籌(chou)措而(er)致，而(er)是由于(yu)經(jing)(jing)營者(zhe)不了解(jie)各種資(zi)(zi)(zi)(zi)金的(de)(de)特性(xing)而(er)將短期資(zi)(zi)(zi)(zi)金不恰當(dang)地用(yong)(yong)在了長(chang)(chang)期投資(zi)(zi)(zi)(zi)項目上(shang)。

五、融資資料準備與包裝——要適度

準備(bei)硬件(jian)材料，展(zhan)示(shi)企(qi)(qi)業(ye)價值。公司的(de)(de)無形(xing)資產，如產品的(de)(de)測試和(he)鑒定;企(qi)(qi)業(ye)標準的(de)(de)制訂;專利、商(shang)標、著(zhu)作權的(de)(de)申請;科(ke)技成果(guo)鑒定;科(ke)技進步獎的(de)(de)評選(xuan)、企(qi)(qi)業(ye)信(xin)用的(de)(de)評級;重(zhong)點(dian)新產品的(de)(de)申請;重(zhong)信(xin)譽、守合同的(de)(de)評比;出口(kou)創匯企(qi)(qi)業(ye)的(de)(de)評選(xuan);然后是ISO9000質量體系認(ren)定;高新技術(shu)項目(企(qi)(qi)業(ye))或軟件(jian)企(qi)(qi)業(ye)的(de)(de)認(ren)定;知名專家顧(gu)問等都(dou)是企(qi)(qi)業(ye)最有說(shuo)服力(li)的(de)(de)硬件(jian)材料。

借助外部資(zi)源(yuan)，充分(fen)(fen)包(bao)裝。包(bao)裝不是作(zuo)假，而是通過詳細分(fen)(fen)析，評估本企業擁有的核心技術，生產市場方(fang)面(mian)的優勢(shi)、劣勢(shi)，發展潛力，財務狀(zhuang)況，把本企業的內在(zai)價(jia)值(zhi)充分(fen)(fen)挖掘出(chu)來，這就是通常我們所(suo)說的價(jia)值(zhi)發現。同時借助外部資(zi)源(yuan)，如(ru)邀(yao)請有行業專(zhuan)家、知名人(ren)士等加入項目組，成為顧問等。

六、融資溝通與談判環節——要冷靜

在這個(ge)階段(duan)，已經制訂好融資(zi)計(ji)劃的(de)中小企業要(yao)和資(zi)金(jin)供給方見面，就(jiu)資(zi)金(jin)的(de)使用價格、期限、提(ti)供方式、還款方式等細節進行協商，資(zi)金(jin)供給方也要(yao)就(jiu)是(shi)否提(ti)供資(zi)金(jin)做出決定。

為(wei)了達到(dao)融(rong)資目的(de)(de)(de)，企業一(yi)定要對這個環節予以充分(fen)(fen)重視，在談(tan)判前要做(zuo)好(hao)充分(fen)(fen)的(de)(de)(de)準備工(gong)作，談(tan)判中也要注(zhu)意(yi)應有(you)的(de)(de)(de)技巧。

(一) 談判前的準備工作

在(zai)談判準(zhun)(zhun)(zhun)備階段，企業(ye)應該首(shou)先對企業(ye)的(de)(de)財(cai)務、人員(yuan)、管理進行一番細致(zhi)的(de)(de)整合、調(diao)查，全面掌握企業(ye)有關這三方面的(de)(de)準(zhun)(zhun)(zhun)確情況，并(bing)在(zai)此基礎上(shang)準(zhun)(zhun)(zhun)備一份邏輯縝密、數據詳實、能夠體現(xian)企業(ye)特色的(de)(de)商業(ye)計劃書

有時(shi)中小企業是為一個特定的項(xiang)目進(jin)行融資(zi)，那么(me)在這種情況下(xia)，向資(zi)金(jin)供給方提一份優(you)秀的項(xiang)目說明書就成為必需。

對于項(xiang)(xiang)目(mu)融資而言，企業(ye)應(ying)首先(xian)讓(rang)項(xiang)(xiang)目(mu)吸引(yin)人(ren)，要讓(rang)投資方看到投資前景(jing)，并且(qie)風險較小的投資機會。因此，企業(ye)一定要站在投資方的角度去編(bian)制項(xiang)(xiang)目(mu)說明書，突出(chu)項(xiang)(xiang)目(mu)特色。

(二)談判

做好前期(qi)準備以后，企(qi)業就要跟資金(jin)供(gong)給方聯(lian)系。聯(lian)系的(de)方式有很多(duo)種(zhong)，筆(bi)者認為(wei)，通(tong)過(guo)自己熟識的(de)交際網絡結(jie)識資金(jin)供(gong)給方是首選(xuan)，因(yin)為(wei)通(tong)過(guo)這(zhe)種(zhong)平(ping)臺，資金(jin)供(gong)給方和企(qi)業能通(tong)過(guo)不同的(de)渠道，對(dui)對(dui)方或(huo)多(duo)或(huo)少有所了解，而且通(tong)過(guo)這(zhe)種(zhong)平(ping)臺得到的(de)信息能夠很快被雙方接受，這(zhe)樣無疑會縮短雙方建立互信的(de)時間，為(wei)企(qi)業順利融資打(da)下良好的(de)基礎。

當企(qi)業利(li)用上(shang)述平臺受(shou)限制并(bing)且自己(ji)又無法找(zhao)到合適的(de)(de)資金供(gong)給方時(shi)，尋找(zhao)合適的(de)(de)融資中介機構就成為(wei)一種(zhong)合理(li)的(de)(de)選擇。中介機構手中一般都掌握(wo)大(da)量資金供(gong)給信息，并(bing)且業務規范，不但能夠在較短(duan)的(de)(de)時(shi)間(jian)內為(wei)企(qi)業找(zhao)到合適的(de)(de)資金供(gong)給方，還(huan)能提(ti)供(gong)額外的(de)(de)融資服務，甚至為(wei)企(qi)業的(de)(de)生產經營提(ti)出合理(li)化建議(yi)，沒有可利(li)用的(de)(de)資金供(gong)給資源(yuan)又能夠承擔中介費用的(de)(de)企(qi)業可以考慮這種(zhong)接觸途徑。

第三(san)種接(jie)(jie)觸形式就是企業(ye)(ye)(ye)直接(jie)(jie)與不熟(shu)識的(de)資(zi)金供給(gei)方(fang)接(jie)(jie)觸。由(you)于(yu)資(zi)金供給(gei)方(fang)對企業(ye)(ye)(ye)并不熟(shu)悉，也沒有其他的(de)中介機(ji)構為企業(ye)(ye)(ye)提供咨詢(xun)服(fu)務，因此所有的(de)事(shi)情(qing)都要(yao)(yao)企業(ye)(ye)(ye)自(zi)己與資(zi)金供給(gei)方(fang)進行協商，這無疑增添了企業(ye)(ye)(ye)融資(zi)的(de)難度(du)和工作(zuo)量。這類中小企業(ye)(ye)(ye)尤其要(yao)(yao)注重談判這個(ge)環節，因為缺乏事(shi)前的(de)溝通和介紹以及中介機(ji)構的(de)幫助，中小企業(ye)(ye)(ye)就只能在(zai)這個(ge)環節向資(zi)金供給(gei)方(fang)展示企業(ye)(ye)(ye)形象并說服(fu)其提供資(zi)金。

無(wu)論采用(yong)哪(na)種方(fang)式與資金供(gong)給(gei)(gei)方(fang)進(jin)行接觸，都要經歷一個共同(tong)的(de)過(guo)(guo)程，那就(jiu)(jiu)是(shi)(shi)與資金供(gong)給(gei)(gei)方(fang)面(mian)對面(mian)地談判(pan)(pan)。談判(pan)(pan)的(de)過(guo)(guo)程實際上就(jiu)(jiu)是(shi)(shi)一個銷售的(de)過(guo)(guo)程，就(jiu)(jiu)是(shi)(shi)要把企(qi)業(ye)的(de)理(li)念、整個管理(li)團(tuan)隊和企(qi)業(ye)的(de)遠景(jing)目標非常成(cheng)功(gong)地銷售出去。對資金供(gong)給(gei)(gei)方(fang)來說，它最(zui)快跟(gen)企(qi)業(ye)建立信任(ren)，最(zui)快跟(gen)企(qi)業(ye)產生共鳴，企(qi)業(ye)也(ye)就(jiu)(jiu)最(zui)容易取得(de)資金。

七、融資組織實施過程與管理環節——要細致

為了確保企(qi)(qi)業(ye)生(sheng)產經營正(zheng)常(chang)運行或(huo)(huo)者確保企(qi)(qi)業(ye)投(tou)資(zi)(zi)(zi)(zi)(zi)項目如(ru)期進(jin)(jin)(jin)行，必(bi)(bi)須使融(rong)(rong)通的(de)(de)(de)資(zi)(zi)(zi)(zi)(zi)金按(an)計劃的(de)(de)(de)時(shi)間、計劃的(de)(de)(de)數(shu)額進(jin)(jin)(jin)入企(qi)(qi)業(ye)，否則，企(qi)(qi)業(ye)融(rong)(rong)資(zi)(zi)(zi)(zi)(zi)就失去了其應有(you)的(de)(de)(de)作用。如(ru)果資(zi)(zi)(zi)(zi)(zi)金提前流(liu)人企(qi)(qi)業(ye)，就會增加企(qi)(qi)業(ye)的(de)(de)(de)財務(wu)成本(ben)，如(ru)果資(zi)(zi)(zi)(zi)(zi)金延(yan)后流(liu)人企(qi)(qi)業(ye)或(huo)(huo)流(liu)入的(de)(de)(de)數(shu)額不(bu)足，必(bi)(bi)將嚴重影響企(qi)(qi)業(ye)生(sheng)產經營活動(dong)(dong)或(huo)(huo)投(tou)資(zi)(zi)(zi)(zi)(zi)計劃。因(yin)此(ci)，融(rong)(rong)資(zi)(zi)(zi)(zi)(zi)決策以(yi)(yi)后，應及時(shi)實施融(rong)(rong)資(zi)(zi)(zi)(zi)(zi)計劃，對融(rong)(rong)資(zi)(zi)(zi)(zi)(zi)活動(dong)(dong)的(de)(de)(de)全過程(cheng)進(jin)(jin)(jin)行管理。同時(shi)，由(you)于(yu)融(rong)(rong)資(zi)(zi)(zi)(zi)(zi)活動(dong)(dong)受制約的(de)(de)(de)因(yin)素很多，企(qi)(qi)業(ye)能(neng)夠把握的(de)(de)(de)只能(neng)是企(qi)(qi)業(ye)內部，而企(qi)(qi)業(ye)外部因(yin)素的(de)(de)(de)變(bian)化(hua)，即(ji)融(rong)(rong)資(zi)(zi)(zi)(zi)(zi)過程(cheng)中(zhong)融(rong)(rong)資(zi)(zi)(zi)(zi)(zi)環(huan)境的(de)(de)(de)變(bian)化(hua)，企(qi)(qi)業(ye)是無法控(kong)制的(de)(de)(de)，除了在融(rong)(rong)資(zi)(zi)(zi)(zi)(zi)決策時(shi)進(jin)(jin)(jin)行必(bi)(bi)要的(de)(de)(de)預測外，企(qi)(qi)業(ye)還(huan)要對融(rong)(rong)資(zi)(zi)(zi)(zi)(zi)過程(cheng)進(jin)(jin)(jin)行監控(kong)，以(yi)(yi)及時(shi)進(jin)(jin)(jin)行融(rong)(rong)資(zi)(zi)(zi)(zi)(zi)活動(dong)(dong)，或(huo)(huo)及時(shi)改變(bian)融(rong)(rong)資(zi)(zi)(zi)(zi)(zi)計劃。比如(ru)，在進(jin)(jin)(jin)行銀行信貸，發現費用、時(shi)間用去大半(ban)，但貸款取(qu)得的(de)(de)(de)前景仍(reng)不(bu)明朗，這時(shi)就應該及時(shi)調整融(rong)(rong)資(zi)(zi)(zi)(zi)(zi)計劃。

融(rong)(rong)(rong)資(zi)(zi)進度管理，應(ying)(ying)從(cong)融(rong)(rong)(rong)資(zi)(zi)所(suo)需的(de)工(gong)作(zuo)(zuo)量、時(shi)(shi)(shi)間(jian)、費(fei)(fei)用(yong)三方面來把握(wo)。首先，從(cong)融(rong)(rong)(rong)資(zi)(zi)工(gong)作(zuo)(zuo)量看(kan)，融(rong)(rong)(rong)資(zi)(zi)項(xiang)目的(de)完成(cheng)(cheng)需要各個子(zi)(zi)項(xiang)目的(de)完成(cheng)(cheng)來支持，并且(qie)各子(zi)(zi)項(xiang)目有(you)(you)先有(you)(you)后(hou)，有(you)(you)難有(you)(you)易，如企(qi)(qi)業(ye)申(shen)請(qing)(qing)銀行信(xin)貸，就有(you)(you)企(qi)(qi)業(ye)提出貸款(kuan)申(shen)請(qing)(qing)、銀行審查申(shen)請(qing)(qing)、簽訂借款(kuan)合同、企(qi)(qi)業(ye)取得借款(kuan)和借款(kuan)的(de)歸還五個步(bu)驟，而每一步(bu)驟又涉及一些具體工(gong)作(zuo)(zuo)，如在銀行審查借款(kuan)申(shen)請(qing)(qing)階段，企(qi)(qi)業(ye)要協助銀行及時(shi)(shi)(shi)提供相關(guan)資(zi)(zi)料。其次，從(cong)時(shi)(shi)(shi)間(jian)上看(kan)，企(qi)(qi)業(ye)應(ying)(ying)制定(ding)融(rong)(rong)(rong)資(zi)(zi)項(xiang)目的(de)進度表，使融(rong)(rong)(rong)資(zi)(zi)在規定(ding)時(shi)(shi)(shi)間(jian)完成(cheng)(cheng)規定(ding)的(de)工(gong)作(zuo)(zuo)量。從(cong)費(fei)(fei)用(yong)看(kan)，企(qi)(qi)業(ye)應(ying)(ying)對(dui)融(rong)(rong)(rong)資(zi)(zi)活(huo)動(dong)中產生(sheng)的(de)費(fei)(fei)用(yong)進行有(you)(you)效控制，在融(rong)(rong)(rong)資(zi)(zi)決策考慮(lv)總融(rong)(rong)(rong)資(zi)(zi)成(cheng)(cheng)本時(shi)(shi)(shi)，應(ying)(ying)列出相應(ying)(ying)的(de)融(rong)(rong)(rong)資(zi)(zi)活(huo)動(dong)費(fei)(fei)用(yong)預算(suan)，使融(rong)(rong)(rong)資(zi)(zi)嚴格(ge)按預算(suan)執行。

八、融資風險防范與全程控制環節——要敏銳

企業在(zai)融資過程中的各個環(huan)節都存在(zai)風(feng)(feng)險(xian)(xian)，企業必須根(gen)據金融市場(chang)、匯率市場(chang)變化和國內國際(ji)融資環(huan)境等情況(kuang)，靈活(huo)掌握風(feng)(feng)險(xian)(xian)規避方法，及時轉嫁風(feng)(feng)險(xian)(xian)，盡量(liang)控制風(feng)(feng)險(xian)(xian)的發生及擴散，降低風(feng)(feng)險(xian)(xian)損失金額。