| Practice has proved that commercial credit is an effective means to alleviate the problem of corporate financing constraints,but the development of China’s commercial credit financing market has been relatively lagging for a long time,which has become a bottleneck factor restricting the growth and development of Chinese enterprises.Optimizing China’s commercial credit financing market environment and giving full play to the financial attributes of commercial credit financing are major issues that need to be resolved urgently in the development of China’s credit market.This thesis takes M company’s commercial credit financing model as the research object,and systematically discusses and studies the main problems and causes of M company in the process of using commercial credit financing.This thesis starts with analyzing the business model and development strategy of M company,and discusses the relationship between the adjustment of the company’s development strategy and the change of financing structure.Through the introduction of the company’s equity financing and debt financing,this thesis analyzes in detail the proportion of the company’s commercial credit financing model in the financing structure and the current situation of financing.Based on the above analysis,this thesis proposes the specific problems of the commercial credit financing model,including the excessive proportion of payables and advance receipts in the debt structure,the excessive concentration of commercial credit financing partnerships and the low credit rating.On this basis,this thesis deeply analyzes the specific reasons for the problems of commercial credit financing mode according to the internal environment and external environment related factors.Based on the above research results,this thesis proposes targeted improvement plans,including improvement principles,improvement goals,and corresponding improvement measures.This thesis believes that companies should follow the principles of supporting corporate development strategies,risk management principles,adaptability principles and cost-benefit principles for improvement goals to optimize financing models,reduce supply and debt risks brought by financing,improve working capital liquidity,and optimize financing structures.Specific improvement measures include:(1)Optimize the management of payables and advance receipts to optimize the financing model;(2)Adjust supplier concentration to reduce supply and debt risks brought about by financing;(3)Reduce the proportion of payables and advance receipts in current liabilities to improve working capital liquidity;(4)Obtain support from thirdparty financial institutions to optimize financing structure,etc.Combined with the improvement principle and the specific content of the improvement effect,this thesis further uses qualitative analysis to predict and analyze the expected effect of each improvement measure,and proposes that the company needs to take corresponding safeguard measures to achieve and enhance the improvement effect.The specific safeguard measures mainly include strengthening the company’s financial management level,establishing an effective risk prevention mechanism,establishing a financing decision-making organization,maintaining the corporate image,and cultivating a good reputation. |
