中小企业融资的-途径(英国硕士论文).doc
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1、MANAGING FINANCEFinancing For SME: Best Ways to Raising Finance in Three Development StagesSupervisor: Dr。 David Brookfield Written Project By:Peng Ruoshu 200882430COSUMER MARKEINGMANAGEMENT SCHOOLUNIVERSITY OF LIVERPOOLContent1。Introduction22. Background33。 The barriers faced by SMEs43。1 Definition
2、 of SME43。2 Barriers faced by SMEs53.2。1 The size of the companies is limited53.2。2 The financing channel is limited63。2.3 Lack of ways to get finance help64。 Ways to Raise Finance in Three Development Stages64。1 Startup stage64.1。1 Seed Capital74.1。2 Angel Investor Funding74.2 Developing stage84.2。
3、1 Loans from banks or other finance organizations84.2。2 Leasing or Factoring94。2.3 Venture Capital94.3 Mature stage104。3。1 Public equity and public debt105。 Conclusions116. References127。 Appendices131。 IntroductionThe most critical part to run a business is to get enough money to sustain it。 Howeve
4、r, this is much harder than what it is sounds like, according to Brookfield (2001), it is quite common that SMEs cannot find reliable sources of finance, so, SMEs often miss investment chances. The aim of the study is to analyze the causes of difficulty in raising finance for SMEs and solve the prob
5、lem by giving some advice. In order to reach the target, Firstly, the article will describe basic information about SMEs in raising finance. Then, explain why SMEs face difficulties in raising finance. Finally, give some suggestions to SMEs in 3 different development stages of the company。 In fact,
6、several factors can influence the way for SMEs to financing, for example, the business performance of the company, the industry background of the enterprise or the capital efficiency of the company。 The reason why I focus on the Best Ways to Raising Finance in three development stages in that it is
7、more practical and also, easier for SMEs to follow. 2。 BackgroundAlthough SMEs have small total resources compare with larger companies, it is more common and it also plays a key role in the UK economy. According to bank of England (2004), SMEs account for 58% of private sector jobs in UK and the pr
8、oportion is also high in many developing countries (Beck, 2006), SMEs also have a high rate of productivity growth (Cosh, Hughes and Woods, 1999)。 Fraser (2004) found that only 44 of the SMEs found their sources of finance in the last 3 years and 11 of the SMEs rejected by banks or other organizatio
9、ns。 It is obvious that, raising finance is a big problem for SMEs in UK. Scholars suggested that the development of financing institution (Beck, 2006) and lending technologies (Berger, 2005) can help SMEs to solve the problem. Irwin (2010) also did some researches about the relationship between fina
10、ncing and genders; he found that it is easier for women to raise finance than men. 3。 The barriers faced by SMEs3。1 Definition of SMEBefore give suggestions, it is also important to make it clear what is a SME and why SMEs often cannot find effective ways to finance。 SME is stand for small and mediu
11、msized enterprises。 Let us have a look at what is the characteristic of SME:Company categoryEmployeesTurnoverORBalance sheetMedium-sized 250= 50 m= 43 mSmall 50= 10 m= 10 mMicro 10= 2 m= 2 mSource: European commission, 2012The table shows that, SME is a company: Less than 250 employees Less than 50m
12、 turnover or 43m balance sheetSo, we can conclude that SME is a company no more than 250 employees, and its turnover or balance sheet no more than 50 or 43 respectively。 However, the definition may change as business developed。 3.2 Barriers faced by SMEs3。2.1 The size of the companies is limitedWhen
13、 we talk about SMEs, the first thing we should understand is the size of the enterprises. According to the graph below, large companies have more chance to acquire loans from banks than small and medium size companies。 It is mainly because SMEs have limited assets and other resources compare with la
14、rge and medium companies, also, the companies have a weak capability to against crisis。 As a result of this, most banks do not like to give loan to SMEs. Also, SMEs cannot get huge amount of money by using other financing channels。 In fact, this the biggest problem faced by SMEs. Source: Own simulat
15、ion based on the data provided by International Finance Corporation 20103。2。2 The financing channel is limitedThe entrepreneurs and economic environment (Angela, 2010) can influence SMEs to raise finance. Most large business can raise finance by listing on the stock market or issue bonds; they can t
16、ake advantages of their reputation and collect money in a variety of ways。 However, SMEs can only rely on a limit number of the ways to finance。 Furthermore, raising finance is more expensive for SMEs due to the high interest rates。 3.2。3 Lack of ways to get financial help One of the most important
17、factors which can affect SMEs to raise finance is lack of ways to get help。 Most SMEs do not have adequate information for raising finance (Laurinkeviciute Stasiskiene, 2011), so they need someone to give them advice. According to Fraser (2004), only 16 of SMEs asked for advice by someone with a qua
18、lification, which means 84% of the SMEs do not get the help they really need. In fact, unprofessional advice may lead to inappropriate financial strategies。4。 Ways to Raise Finance in Three Development Stages4.1 Start-up stage In the startup stage of the business, the company needs to use a seed cap
19、ital or Angel inventor funding because its may face some problem in accessing most of the external finance。4.1。1 Seed CapitalSeed capital includes personal savings, bank loan, friends/family loan and mortgage on home。 Let us have a look at the following chart。Source: Fraser, 2004According to the cha
20、rt, approximately 70 of the entrepreneurs spent their personal savings to found their business; about 17% of entrepreneurs established their companies by using bank loans。 The percentages of relying on a friends/family loan and mortgage on home are 12.7 and 6。5 respectively. So, if entrepreneurs wan
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