随着我国经济转型与快速发展，国民生活水平得以提升，餐饮行业发展规模日益增 长，行业日臻成熟，已然成为第三产业的重要支柱。国家统计局数据显示，2017、2018 年全国餐饮收入分别为4.0万亿元和4.27万亿元，同比增长分别为10.7%和9.5%。餐 饮业的刚性需求特点决定了其在消费行业中的重要地位，有利于扩大内需，增加就业岗 位，促进经济增长，推动相关产业的发展。多数餐饮企业规模不大、管理水平不高、资 产少的情况，从而形成了其融资难、融资贵的局面。调查研究发现，在2017年我国约 有24万家餐饮企业开业，同时有近10万家餐饮企业倒闭。倒闭的主要原因是资金出现 问题，要解决资金问题就不可避免的需要运用融资手段，提前规划好企业的发展和融资 策略。 本文以WE公司为研究对象，对企业融资问题进行深入剖析，提出针对性的解决对 策。WE公司作为当地具有代表性的民营企业，主营餐饮管理服务。在市场经济飞速发展 的背景下，公司快速发展，目前由于店面升级改造、新项目多、资金投入大，融资成为 关系到企业生存发展的重要问题。本文以国内外融资相关理论和研究成果为基础，从W E公司概况、发展历程及经营状况、财务状况入手，结合其发展战略和运营模式，对公 司现有融资结构、资金使用情况分析后得出其融资需求和动机，确定资金的缺口，并分 析其偿债能力，针对性的提出WE公司在融资方面存在的问题，主要问题及成因有：一 是融资渠道单一；二是内源融资后劲不足；三是信用水平较低；四是公司治理与财务管 理不够规范等。针对以上问题和成因，从两方面提出WE公司融资困境解决对策：一要 积极拓展多渠道融资方式并加以组合，如股权融资、银行贷款、政策性项目融资、互联 网融资等，二要提升企业自身管理水平，包括完善公司治理机制，规范财务管理，提升 企业创新能力和盈利能力，加强信息化建设，建立专业融资团队和科学的融资决策体系， 重视企业信用建设等，从而帮助WE公司走出融资困境。本文的研究不仅对于WE公司有 着迫切的现实意义，同时也为帮助此类企业解决融资难题，获得长远发展资金保障，提 供一定的借鉴和参考。 关键词：WE公司 融资 股权融资 银行贷款 II RESEARCH ON FINANCING PROBLEMS AND SOLUTIONS OF WE COMPANY ABSTRACT With the transformation and rapid development of China's economy, the increasing na- tional living standard, the catering industry has played a more and more important role in both consumers’ everyday life and the national economy environment. According to the data of the National Bureau of statistics, the national catering industry revenue reached 4.0 trillion yuan in 2017 and 4.27 trillion yuan in 2018, increase of 10.7% and 9.5% on a yearly basis respec- tively. It indicates that catering consumption has become an important force in the domestic consumer market. Furthermore, the inelastic demand characteristics of catering industry has made other significant contributions in national economic growth, including the expansion of domestic demand, the increase of employment rate, and the promotion of other related indus- tries. However, most catering enterprises are in small scale, accompanying with issues such as poor management and low assets, and might have problems in the financial expansion. A sur- vey found that in 2017, about 240,000 new catering enterprises were established in China, and nearly 100,000 of them shut down afterwards. The main reason for the bankruptcy was capital loss. To help them to survive and expand, we need to use financing tools to guide their busi ness strategy in advance. In this paper, we conduct a comprehensive analysis of corporate financing problems of WE company and propose ad-hoc solutions for them. WE company, as a representative of lo- cal private enterprises, is mainly engaged in catering management services. With the rapid development of the national economic environment, the company has uncounted an enormous growth in recent years, including the upgrade of stores, the initialization of many new projects, and large capital investment. On the other hand, the rapid growth and expansion has also brought great challenges to the financial situation of WE company. In order to overcome the bottleneck in the development of WE company, it is urgent to design financial strategies to solve this problem. In this regard, this paper will first present a complete analysis of the cur- rent financial status and identify existing problems of WE company. Moreover, we would also propose ad-hoc solutions for such problems, including actively expanding and combining III multi-channel financing methods, standardizing financial management, improving the profita- bility and innovation ability of the enterprise, strengthening information construction, build- ing specialty financing team and scientific financing decision-making system, and enhancing the construction of credit system, etc. The research of this paper not only provides practical solutions for WE company, but also sheds a light for helping other similar enterprises to solve their financing problems and obtain long-term development fund guarantee. KEY WORDS: WE Company; Financing; Equity Financing; Bank Loan IV 目 录 摘要 ............................................................... I ABSTRACT .............................................................. II 第一章 绪论 ........................................................... 1 1.1 研究背景与意义 ..................................................... 1 1.1.1 研究背景........................................................... 1 1.1.2 研究意义........................................................... 2 1.2 国内外研究文献综述 ................................................. 3 1.2.1 国外研究文献综述 ................................................... 3 1.2.2 国内研究文献综述................................................... 5 1.2.3 文献评述........................................................... 8 1.3 研究内容与研究方法 ................................................. 9 1.3.1 研究思路........................................................... 9 1.3.2 研究内容........................................................... 9 1.3.3 技术路线.......................................................... 10 1.3.4 研究方法.......................................................... 11 第二章 企业融资的概念及理论基础 ....................................... 12 2.1 企业融资的概念...................................................... 12 2.2 中小企业界定及其融资特点............................................ 12 2.2.1 中小企业的界定.................................................... 12 2.2.2 中小企业融资特点.................................................. 12 2.3 中小企业融资方式.................................................... 14 2.3.1 内源融资与外源融资................................................ 14 2.3.2 股权融资和债权融资................................................ 14 2.4 融资理论............................................................ 15 2.4.1 MM理论 ........................................................... 15 V 2.4.2 权衡融资理论...................................................... 15 2.4.3 优序融资理论...................................................... 16 2.4.4 信息不对称理论.................................................... 16 第三章 WE公司融资现状分析 ............................................ 17 3.1 WE公司概况 ......................................................... 17 3.1.1 WE公司简介及发展历程 ............................................. 17 3.1.2 WE公司组织架构 ................................................... 17 3.1.3 WE公司主营业务及经营情况 ......................................... 18 3.2 WE公司财务情况分析 ................................................. 18 3.2.1 资产负债情况及经营情况分析........................................ 18 3.2.2 盈利能力分析...................................................... 20 3.2.3 短期偿债能力分析.................................................. 22 3.2.4 长期偿债能力分析.................................................. 22 3.2.5 营运能力分析...................................................... 23 3.3 WE公司融资需求分析 ................................................. 24 3.3.1 WE公司资金用途分析 ............................................... 24 3.3.2 WE公司资金需求分析 ............................................... 25 3.4 WE公司融资现状分析 ...................................