◆ Channels for corporate financing

In the process of raising funds, enterprises should choose financing methods that are consistent with their own nature, future trends, financing positioning, etc., to highlight the uniqueness of the enterprise, reflect the advantages of the enterprise, and enable the enterprise to obtain financial support in a safe and efficient way. At present, the mainstream financing channels of enterprises include the following, as shown in Table 1-1.

◆ Factors influencing the financing method of enterprises

The development of business activities and investment activities of enterprises is inseparable from funds. It's important for finance managers to determine how to raise the capital they need to raise their business. There are many financing options to choose from to raise capital, and in order to choose the right financing method, financial managers must fully understand the factors that may influence the company's choice of financing method.

(1) External factors

External factors that have an impact on the choice of financing methods include the external legal environment, economic environment, financial environment, etc. The external environment will directly affect the choice of financing methods for enterprises. Enterprises must comply with the relevant requirements of tax laws and regulations when choosing financing methods, and fully consider the impact that tax rate changes may have on the choice of financing methods. The continuous adjustment of financial policies will have a direct impact on the financing, profit distribution, technical capital, and capital operation activities of enterprises, and will make certain changes in financing risks and financing costs.

The economic environment refers to the macroeconomic environment in which a company's financial activities operate. In the stage of rapid economic development, enterprises need to raise funds through the issuance of additional shares or the issuance of liabilities to enjoy the dividends brought by rapid economic development. As the economic development trend continues to change, government policies will be adjusted accordingly, and the financing methods of enterprises will also be adjusted.

(2) Internal factors

Internal factors mainly include enterprise development prospects, profitability, operating conditions, financial status, industry competitiveness, capital structure, control, enterprise scale, reputation, etc. Affected by the market mechanism, these internal factors are constantly changing, and enterprises need to make flexible adjustments to their financing methods to meet their financing needs.

◆ Problems existing in the process of corporate financing

From the perspective of long-term development, enterprises need to rely on financing to support their survival and development. However, in the financing process, enterprises will be affected by many factors from themselves and the external market, and face many obstacles in the financing process. At present, the development of the domestic capital market in terms of financing is not perfect enough, if the enterprise itself lacks the strength of the foundation or the project is not satisfactory, the financing difficulty is very great, due to the lack of funds, channels are difficult to broaden and other factors are gradually declining. Some companies are trying to solve the problem of capital shortage through foreign markets, which undoubtedly requires more costs. Specifically, the problems faced by enterprises in the financing process are mainly manifested in the following aspects.

(1) The financing channel is relatively single.

After years of exploration and practice, the domestic market has gradually increased the financing channels provided for enterprises, but these channels are not open to all enterprises, but set a certain threshold. Taking the stock market as an example, after the successful listing of enterprises, they can raise funds through the stock market and strengthen their capital strength, but not all enterprises can be listed, and there are very few enterprises that can really enter the stock market, and enterprises that do not meet the listing requirements can only rely on bank loans to solve the problem of capital shortage. Therefore, loan financing is still the choice of most businesses.

(2) There are hidden risks in financing intermediaries.

Banks can provide financing intermediary services for enterprises, and the securities market can also help enterprises solve their capital problems, and they are participants that cannot be ignored in the process of enterprise financing. Therefore, the operation of the banking and securities markets is related to the development of enterprises, for example, when the operation of the banking and securities markets is facing a crisis, the enterprises will not be able to successfully complete the financing, and when the crisis is serious, the entire financial industry will be turbulent. The same is true of the stock market, where some companies adopt the method of "backdoor listing" and take advantage of the luck mentality in the stock market, which has caused a serious adverse impact on the stability of the entire stock market.

(3) The creditworthiness of financing enterprises is not high

In order to strengthen their own financial strength, enterprises often take a variety of measures to broaden financing channels and increase sources of funds. However, some enterprises only consider the source of funds, ignoring the later repayment of loans, those enterprises that rely on bank loans are even more so, and some enterprises even hold the mentality of not repaying to borrow, this behavior will bring great loss of interests to banks and investors, resulting in a decline in their own creditworthiness, which is not conducive to the formation of a stable credit order in the whole society, and the final result is that they can no longer get more financial support from investors and banks, and encounter more resistance in the financing process.