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What are the financing dilemma theories?
Question 1: What is the practical and theoretical significance of solving the financing difficulties of small and medium-sized enterprises? The practical significance of solving the financing difficulties of small and medium-sized enterprises is to help enterprises speed up capital turnover, solve the unemployment problem and narrow the gap between the rich and the poor, which can be used for reference.

Question 2: What will be the impact of financing? Margin trading has both positive and negative effects on the securities market.

Among them, the positive effects include:

First of all, it can provide financing for investors, which will inevitably bring new capital increment to the securities market and play a positive role in promoting the securities market. However, due to the consideration of risk control, each market will have certain restrictions on the financing ratio. Secondly, enliven the market and improve the price discovery function of the market. Financial traders are the most active part in the market, and they can best explore market opportunities, which will promote rational pricing and rapid response to information in the market.

The introduction of margin financing and securities lending provides investors with a new profit model. Financing enables investors to use leverage in investment, while securities lending enables investors to make profits when the market falls, which brings investors a new profit model. Negative effects include:

First of all, margin financing and securities lending may help to rise or fall, increase market volatility, and then may contribute to the speculative atmosphere in the market. Second, it may increase the systemic risk of the financial system. Financing may lead to bank credit funds entering the securities market. If it is not well controlled, it may promote the formation of a market bubble, and in the case of economic recession and market depression, it may increase market volatility and even trigger a crisis. Once the margin financing and securities lending business is launched, it will promote the development of the securities market and bring more business opportunities to securities companies. At the same time, the increase of trading volume will increase the brokerage income of securities companies. More importantly, the development of margin financing and securities lending business means that the profit diversification of securities companies is no longer a dream, but will become a reality.

Question 3: Why is financing difficult for start-ups? Banks need to control risks. It is too risky for start-ups to raise funds from banks, and banks don't like high-risk start-ups

Entrepreneurial enterprises have no stable cash flow and profit, which is an important evaluation index of banks, and it is difficult for entrepreneurial enterprises to achieve;

Start-ups don't have many fixed assets. Without collateral, it is difficult for banks to finance start-ups now.

The high and unstable handling fee is also a reason.

Of course, there are many other factors that make it difficult for banks to provide financing for startups. Generally, the financing method of start-ups is venture capital or angel fund.

Question 4: Research background, purpose and significance of SME financing 1. 1 Subject background By the end of 20 10, the number of SMEs in China had reached more than 6 1 10,000, accounting for 99.8% of the total number of enterprises in China. The value of final products and services, total export value and tax paid by small and medium-sized enterprises account for 58.5%, 68.3% and 50.2% of the whole country, respectively, which provides more than 75% employment opportunities for urban employees and absorbs more than 75% rural migrant workers. Recently, the State Council has issued special measures to promote the development of small and medium-sized enterprises, which shows that the healthy development of small and medium-sized enterprises has a very important role and significance for China's economic development and the construction of a harmonious society. In fact, even in developed countries, the role of SMEs is very prominent. Since 1990s, with the deepening of international economic integration and new economic revolution, developed countries are actively supporting the development and research of small and medium-sized enterprises. The American government calls SMEs "the backbone of American economy", and President Reagan once pointed out: "SMEs are the heart and soul of our free economic system". Japanese economists believe that "without the vigorous development of small and medium-sized enterprises, there will be no prosperity in Japan". Starting from 1994, the EU began to implement the fourth framework plan for scientific and technological development, and vigorously supported the research and development of small and medium-sized enterprises. At that time, the budget reached123 billion ECU, and 1997 put forward a policy report on the new strategy of developing small and medium-sized enterprises. Germany regards the development of small and medium-sized enterprises as "the pillar of national economy". Taiwan Province Province of China also regards SMEs as "the backbone and pillar of Taiwan Province's economy". Innovators headed by naisbitt, the author of American futurist "Megatrends", put forward the theory that the bigger the world economy, the stronger the economic entities of small and medium-sized enterprises. However, from the perspective of world economic development, there are some deep-seated problems in the development of small and medium-sized enterprises in various countries, among which financing difficulty is the key problem that restricts the development of small and medium-sized enterprises. Whether in developed or developing countries, government officials, economists and management scientists all over the world have raised it to a strategic height and paid attention to it. Compared with developed countries, China's SMEs need to face more financing difficulties. This is because small and medium-sized enterprises in China have to face not only general financing problems, namely direct financing gap and indirect financing gap, but also special problems with China characteristics, namely ownership discrimination, lack of social credit culture, imperfect laws and regulations and extremely imperfect corporate governance structure. As far as direct financing is concerned, China's capital market is underdeveloped. At present, there is only the motherboard market. Growth enterprise market (GEM) suitable for small and medium-sized enterprises has been planned for nearly 10 years, but it has not yet been introduced. In addition, although the bond market has been launched, it is not easy for SMEs to obtain funds from the bond market. The first collective bond of small and medium-sized enterprises in China-"07 Shenzhen Small and Medium Debt" was launched in 2007. At present, the second collective bond-the collective bond of seven high-tech SMEs in Zhongguancun is still in the preparatory stage. To sum up, it is not easy for small and medium-sized enterprises in China to raise funds through the capital market. As far as indirect financing channels are concerned, the indirect financing channels of small and medium-sized enterprises in China are narrow and the transformation depends on banks. However, commercial banks that have embarked on the road of commercialization are more likely to implement "credit rationing" for the majority of small and medium-sized enterprises based on the consideration of loan safety when providing loans to enterprises. Corresponding to the multi-level economy, the financial institution system should also be multi-level. However, this correspondence is a fault and a flaw in China. In the current financial system, small and medium-sized financial institutions, such as SME service centers, loan guarantee organizations, loan guarantee funds and SME trade associations, which serve small and medium-sized enterprises like foreign countries, have not really been established, which has caused certain obstacles to SME financing. The significance of 1. 1.2 project is a comprehensive social project to alleviate the financing difficulties of small and medium-sized enterprises in China. In this project, the government, banks and small and medium-sized enterprises themselves should actively participate. The government should create a good legal environment and market environment for SME financing, build an all-round and multi-level market financing system, and try its best to provide preferential fiscal and tax policies for SMEs; Banks should deepen system reform, improve financial enterprise system, innovate financial products and services, and smooth financing channels for small and medium-sized enterprises; Small and medium-sized enterprises should strive to improve their own quality, enhance their internal financing ability and choose financing channels according to local conditions. To sum up, in view of the important position of SMEs in China's economy, it is of great significance to objectively analyze the financing status and problems of SMEs. & gt

Question 5: Why the financing gap of small and micro enterprises is getting bigger and bigger: A theoretical analysis The authors of this paper are Luo Zhongwei, Ren Guoliang and Wen Chunhui.

In this paper, the risk aversion factors of commercial banks in the process of property rights system change in the transition period are introduced into HeinerVercelli model, and the expansion model is derived, and the reasons for the widening gap between small and micro enterprises in China are analyzed from the perspective of financing threshold. It is found that after the reorganization and listing of state-owned commercial banks in China, their functional attributes have changed obviously, and the demand for risk management and the improvement of risk avoidance level are the direct reasons for aggravating the Macmillan gap. In the transitional period, commercial banks' risk aversion due to insufficient cognitive ability, dynamic changes in social and economic systems and unpredictable regulatory policies is the indirect reason for raising the financing threshold of small and micro enterprises in China. According to the research conclusions of theoretical analysis, this paper puts forward some targeted countermeasures and suggestions.

Question 6: What is the static trade-off theory of capital structure decision and pecking order theory? Static trade-off theory-this theory holds that the company's capital structure policy is actually a trade-off between the income of debt financing and the cost of financial distress. When talking about the benefits of debt financing, Professor Wang talked about the control effect of debt, which can reduce free cash flow, avoid management waste, put excess cash into projects with damaged value, and encourage management to work harder. The cost of debt financing mainly includes direct cost and indirect cost.

Financing priority theory-This theory is based on information asymmetry between external shareholders and company management. When financing is needed, the company first relies on internal financing. When it is insufficient, the company will issue guarantee bonds first, then risk bonds, and finally choose to issue stocks.

Question 7: Is the financing priority theory a traditional capital structure theory or a new capital structure theory? The basic theory of capital structure includes three stages: traditional capital structure theory, modern capital structure theory and new capital structure theory.

The Difference between Weighing Theory and pecking order theory

1. Different preconditions

The trade-off theory considers how tax, financial distress cost and agency cost affect the financing decision of enterprises, and assumes that the information is complete. The core of discussion is the advantages and disadvantages of borrowing and how to achieve balance. Pecking order theory, on the other hand, thinks that information asymmetry and financing cost exceed the impact of taxation and agency on capital structure in the trade-off theory. Because of different premises, although they may have the same suggestions on the financing decision of enterprises, they have different explanations.

2. The reasons for the formation of financial leverage ratio are different.

According to the trade-off theory, the optimal capital structure depends on the level when the marginal cost of debt equals the marginal income. The cost-benefit of debt will drive low-debt enterprises to increase the leverage ratio, while high-debt enterprises will reduce the leverage ratio. Therefore, enterprises have an ideal financial leverage ratio goal and have a tendency to return to this goal. In the trade-off theory, the change of corporate debt ratio is the result of weighing the advantages and disadvantages of lending. Therefore, under certain investment opportunities, companies with strong profitability have higher leverage. Pecking order theory believes that the basis of corporate financing decision-making is one-sided, that is, try to use low-cost financing methods, and there is no ideal leverage ratio target. Therefore, when the investment exceeds the retained profit, the liabilities of the enterprise increase accordingly, and vice versa. The change of corporate debt ratio is the result of the change of net cash flow. In pecking order theory, enterprises should reserve cash or borrow a small amount of debt when operating well, so as to avoid using expensive external financing methods when investing in the future. Therefore, under certain investment opportunities, enterprises with strong profitability have low leverage ratio, and high profit retention and low debt ratio are the manifestations of high financing ability.

3. The nature and function of dividends are different.

According to the trade-off theory, paying dividends and borrowing debts can replace each other, both of which can reduce their own cash flow, thus reducing the agency cost of equity. Pecking order theory believes that for some reasons, dividend payment is stable, and the change of corporate cash flow is mainly solved by debt contraction.

4. The nature and function of liabilities are different.

In the trade-off theory, the role of liabilities is mainly reflected in the impact on taxation and principal-agent relationship, so there is no big difference in the internal types of liabilities. In pecking order theory, low-risk debt (such as mortgage or bonds) can transmit positive information more than high-risk debt (such as credit bonds) and can reduce financing costs, so it is given priority and becomes the second largest financing method after endogenous financing.

Question 8: The theoretical formula of the trade-off theory holds that the value of a indebted enterprise is equal to the value of a debt-free enterprise plus tax saving, MINUS the present value of its financial distress cost and the present value of agency cost; The optimal capital structure lies in the balance among tax cost saving, financial distress cost and agency cost. The formula of the conclusion is as follows: V(a) = Vu+TD (a)-C (a), where V(a) represents the value of indebted enterprises, Vu represents the value of non-indebted enterprises, TD represents the tax interest of indebted enterprises, C represents the bankruptcy cost, and A represents the asset-liability ratio of indebted enterprises. According to the trade-off theory, Vu is a constant, while TD and C are increasing function of A. When A is small, the incremental speed of TD is higher than that of C, which is beneficial for enterprises to continue borrowing. However, with the increase of A, when the incremental speed of TD is equal to that of C, the corporate debt ratio reaches a critical point and the corporate value is the largest. The present value of financial distress cost is determined by two important factors: 1. Possibility of financial distress; 2. The cost of financial distress. Generally speaking, the possibility of financial distress is related to the fluctuation degree of cash flow of enterprise income. Enterprises with low cash flow and asset value stability are relatively prone to financial difficulties due to default, while capital-intensive enterprises with stable and reliable cash flow, such as public utilities, can use higher debt financing, and the possibility of debt default is very small. The cost of financial distress depends on the relative importance of these cost sources and the characteristics of the industry. If high-tech enterprises are in financial distress, the cost of financial distress may be high due to the loss of potential customers and core employees and the lack of tangible assets that are easy to realize. On the contrary, the financial distress cost of enterprises with high real estate density may be lower, because most of the enterprise value comes from assets that are relatively easy to sell and realize.

Question 9: What are the main difficulties faced by industrial and commercial enterprises in directly financing residents? 1. Narrow financing channels.

The financing channels of enterprises are subject to economic system, fund management policies and other factors. Theoretically speaking, the financing channels of SMEs include self-financing, direct financing, indirect financing and policy financing. However, the narrow financing channels for SMEs in China are mainly reflected in the following aspects. First, its own funds are limited. The venture capital of most small and medium-sized enterprises in China is mainly formed through self-accumulation and group gathering, and its sources are mostly personal savings and investment from family, friends and individuals. Second, capital market financing is difficult. Because the development of China's capital market is not perfect, the threshold for enterprises to enter the stock market is relatively high, and the second board market of small and medium-sized enterprises is still in its infancy, and bond financing is strictly restricted by the issuance conditions. Most small and medium-sized enterprises are difficult to squeeze into the securities market because of their scale and performance. Third, it is difficult for commercial banks to borrow money. The main source of external funds for small and medium-sized enterprises is commercial bank loans. In view of the low credit level of small and medium-sized enterprises, mortgage loan has become the basic form for them to obtain loans. However, such enterprises have relatively few assets available for mortgage, imperfect financial system and relatively high bankruptcy rate. Most commercial banks think their risks are too high, and they are unwilling to lend. Fourth, government support funds are limited. China's financial funds are mainly funded by large and medium-sized state-owned enterprises, and only some small and medium-sized enterprises have the opportunity to obtain a small amount of financial support from local finance.

2. The financing cost is high.

Banks often use mortgage or guarantee for loans to small and medium-sized enterprises, which is not only complicated, but also requires enterprises to pay guarantee fees, mortgage assets evaluation and other related expenses. In addition, small and medium-sized enterprises have to bear ownership discrimination on interest rates in the financing process. They do not enjoy the preferential interest rates given by the government and the central bank to state-owned enterprises. When floating interest rates are implemented, the floating range of small and medium-sized enterprises is also higher than that of state-owned enterprises, and a few financial institutions also raise the loan interest rate of small and medium-sized enterprises without authorization or in disguise.