I 摘要 中小型高科技企业为中国经济的发展做出了重大贡献，但由于各种原因，长 期以来融资难，融资成本高的问题都成为影响企业发展的主要原因之一。如何解 决中小企业融资难的问题，已成为大家关注的热点问题。 本文以置富科技为典型案例，研究其2014-2019年间融资决策问题，分析研 究置富科技不同发展阶段的融资决策原因，分析内外部环境对融资决策的影响， 以及企业财务数据情况对融资决策的影响，重点采用EBIT-EPS每股收益无差别点 分析法对置富科技的融资决策进行分析研究，结合国内外相关的融资理论，提出 适合中小型高新技术企业在不同发展阶段的融资决策。 研究认为中小型高新技术企业在不同发展阶段的融资决策：第一，企业发展 初期，成本费用较低，自有资金充足，此时应以债务融资方式为主，充分利用财 务杠杆提高股东权益比；第二，在公司发展中期，企业资金量较大，企业价值也 有了明确的提升，债务融资成本较高，应通过股权融资方式，同时灵活调配银行 借贷和供应链融资之间的比例，尽可能在考虑资金成本的同时，让负债率控制在 一个相对适当的水平，避免企业因负债率过高产生的风险；第三，在未来五年的 发展过程中，则需要利用公司的发展前景及价值，获得适合的价值评估，在企业 的营收和利润还未达到适当的规模时，倾向于股权融次，从而降低创始人风险和 压力，当企业的营收和利润趋于健康稳定时，则更多关注股权结构是否有利于企 业主的控制权，更多倾向于债权融资优先，具体选择何种方式，可采用多元化财 务战略，采用每股收益无差别点法做出测算，为企业做出最有利的融资决策。 关键词：中小型高新技术企业；融资决策；不同发展阶段；置富科技 Abstract II Abstract Smallandmedium-sizedhigh-techenterpriseshavemadesignificantcontributions tothedevelopmentofChina'seconomy.However,duetovariousreasons,ithasbeen difficulttoobtainfinancingforalongtimeandthehighcostoffinancinghasbecome oneofthemainreasonsaffectingthedevelopmentofenterprises.Howtosolvethe financingproblemofsmallandmedium-sizedenterpriseshasbecomeahottopic. BasedonFuturepathtechnologyasatypicalcase,thispaperstudiesthefinancing decisionproblemduring2014-2019,analysisandstudyofFuturepathindifferentstages ofdevelopmentofFuturepathtechnologyfinancingdecisionreason,analyzedthe influenceoftheinternalandexternalenvironmentoffinancingdecision,andthe influenceofenterprisefinancialdataconditionoffinancingdecision,focusontheEBIT -EPSearningspershareindifferencepointanalysismethodtoFuturepaththefinancing decisionanalysisresearchofFuturepathtechnology,combinedwithdomesticand foreignfinancingtheory,putforwardsuitableforsmallandmedium-sizedhigh-tech enterprisesfinancingdecisionsindifferentstageofdevelopment. Accordingtotheresearch,thefinancingdecisionsofsmallandmedium-sized high-techenterprisesatdifferentstagesofdevelopmentareasfollows:first,intheearly stageofdevelopment,thecostsandexpensesarerelativelylowandtheself-owned fundsaresufficient.Atthistime,debtfinancingshouldbeadoptedasthemainmethod andfinancialleverageshouldbefullyutilizedtoincreasetheratioofshareholders' equity.Second,inthemiddleofthecompanydevelopment,enterprisefinancingvolume isbigger,theenterprisevaluehasaclearascension,thedebtfinancingcostishigher, shouldthroughtheequityfinancingway,atthesametime,theratiobetweentheflexible deploymentofbanklendingandthesupplychainfinancing,asfaraspossible,while consideringthecostofcapital,letratiocontrolinarelativelyappropriatelevel,avoid enterpriseriskbecauseofthehighdebtratio;Third,intheprocessofthedevelopment ofthenextfiveyears,youwillneedtousethecompany'sdevelopmentprospectsand value,obtainthesuitablevalue,revenueandprofitoftheenterprisehasnotyetreached theappropriatescale,tendtoequitymeltingtime,founderofreducingriskandpressure, whenthebusinessrevenueandprofittendtobemorehealthyandstable,thenpaymore Abstract III attentiontothecontrolofownershipstructureisconducivetobusinessowners,more inclinedtodebtfinancingispreferred,specificwhatwaychoice,canadoptdiversified financialstrategy,theearningspersharepointmethodtomakeadifference,tomakethe bestfinancingdecisionfortheenterprise. Keywords:Smallandmedium-sizedhigh-techenterprises, FinancingDecision,Differentstagesofdevelopment,Futurepathtechnolog 目录 IV 目录 第1章绪论.....................................................................................................................1 1.1研究背景与研究意义.......................................................................................1 1.1.1研究背景................................................................................................1 1.1.2研究意义................................................................................................2 1.2国内外研究综述................................................................................................3 1.2.1国外研究现状........................................................................................3 1.2.2国内研究现状.......................................................................................5 1.2.3文献述评................................................................................................6 1.3研究内容与研究方法........................................................................................7 1.3.1研究内容................................................................................................7 1.3.2研究方法................................................................................................7 1.3.3研究框架与技术路线图........................................................................8 1.4本文创新之处..................................................................................................10 第2章相关概念界定与理论基础...............................................................................11 2.1概念界定..........................................................................................................11 2.1.1融资及融资方式分类..........................................................................11 2.1.2融资决策..............................................................................................11 2.1.3中小型高新技术企业..........................................................................12 2.2融资策略理论基础..........................................................................................12 2.2.1权衡融资理论.....................................................................................12 2.2.2优序融资理论.....................................................................................13 第3章置富科技不同时期的内外部环境对融资决策的影响...................................14 3.1外部环境分析..................................................................................................14 3.1.1宏观环境分析......................................................................................14 3.1.2行业环境分析......................................................................................14 3.2内部环境分析..................................................................................................17 3.2.1企业发展初期内部环境概况..............................................................17 3.2.2企业发展中期内部环境概况.............................................................18 3.3内外部环境对融资决策的影响......................................................................19 目录 V 3.3.1企业发展初期内外部环境对融资决策的影响..................................19 3.3.2企业发展中期内外部环境对融资决策的影响..................................19 3.3.3企业快速成长期内外部环境对融资决策的影响..............................20 第4章置富科技不同阶段的财务状况.......................................................................21 4.1初期情况简介及财务数据..............................................................................21 4.2发展中期情况简介及财务数据......................................................................22 4.3财务状况对融资决策的影响..........................................................................23 第5章置富科技三阶段的融资决策分析...................................................................25 5.1融资决策分析方法..........................................................................................25 5.2发展初期融资决策原因分析.........................................