The basic situation of the working capital financing policy of China's enterprises?

Working capital mobilization policy, the relationship between the daily business activities and the financial situation of enterprises, only working capital in a good mobilization and operation, the enterprise can better development. How is it? Follow me to take a look.

: The form of enterprise working capital financing policy

Enterprise working capital financing policy is the management of temporary current assets, long-term current assets and fixed assets from. Generally, there are the following types of working capital financing policy:

①Moderate type of financing policy.

This type of financing policy means that the company's liability structure corresponds to the life cycle of its assets. Moderate financing policy is characterized by: temporary short-term assets need funds with temporary short-term liabilities to raise; permanent short-term assets and fixed assets need funds with spontaneous short-term liabilities and long-term liabilities, equity capital to raise. The core idea of this raising policy is that the enterprise will match the assets with the source of funds in the period and the amount, in order to avoid the risk that the company can not repay the debt due. However, due to the uncertainty of the useful life and cash flow of all types of assets in the economic activities of enterprises, the complete matching of assets and liabilities cannot be done in most cases. Therefore, the moderate financing policy is an ideal fund-raising model, which is more difficult to realize in reality.

②Aggressive funding policy.

This financing policy is characterized by: temporary short-term liabilities not only to meet the needs of temporary short-term assets, but also to meet the needs of some permanent short-term assets, and sometimes even all the short-term assets have to be supported by temporary short-term liabilities. Under this policy, the cost of capital for the firm is lower than under a moderate funding policy. However, in order to fully satisfy the long-term and stable funding needs of permanent assets, it is inevitable that it will have to raise debt again and apply for debt extension after the temporary liabilities have reached their maturity, and it will keep raising and repaying debt, which increases the risk of financing and debt repayment. Therefore, the aggressive financing policy is a high-yield, high-risk working capital raising policy.

③Stable financing policy.

This financing policy is characterized by: temporary short-term liabilities only to meet the needs of some temporary short-term assets, other short-term assets and long-term assets, the use of spontaneous short-term liabilities, long-term liabilities and equity capital to raise the realization. Under this policy, the proportion of temporary short-term liabilities in the company's total source of funds is relatively small, and the company retains more working capital, which reduces the risk of the enterprise failing to repay its debts when they fall due as well as the risk of losses caused by changes in short-term profit margins. However, because the proportion of long-term debt capital and equity capital is high, and in the low season of operation also have to bear the interest of long-term debt, so this policy in reducing the risk at the same time the enterprise also reduces its income. So this is a financing policy is low-risk, low-yield financing policy.

: The company's working capital raising policy options

The working capital policy is mainly robust, moderate and aggressive. Enterprises in the dynamics of economic development, the establishment of a sound risk response mechanism under the premise of choosing the most suitable working capital policy for the development of the enterprise, to achieve the maximization of enterprise value. What kind of short-term financing mode the enterprise adopts needs the enterprise decision-making layer to make a decision according to the actual situation of the company and the management's attitude towards financial risk, the enterprise should fully consider the following two points when making a choice:

①Balance between benefit and risk.

The adoption of an aggressive financing policy with a low proportion of short-term assets at a certain level of sales makes the company's risk of shortage of funds and the risk of debt repayment the greatest, but at the same time the profitability is also relatively weak. Once the enterprise does not have the ability to repay debts in a timely manner, will certainly affect the normal business activities. Therefore, enterprises in the choice of financing policy, to consider the relationship between earnings and risk, in the case of minimum risk, the maximum realization of the company's earnings.

②Retain appropriate financing capacity.

Enterprises in the choice of financing policy, should retain a certain degree of mobility, so that when there is an unexpected demand for funds can be used. Because short-term funds have the characteristics of high flexibility and mobility, therefore, even if the enterprise adopts an aggressive financing policy, it should also retain a certain amount of short-term financing capacity.