摘要:“初創期”是任何一家企業都需經歷的發展階段，科學合理的籌資管理是新創企業能否順利進入生命周期的后續階段，并獲得持續、健康發展的一個重要因素。本文借鑒了財務管理與創業創新管理的相關理論，運用文獻綜述法、比較分析法、定性分析與定量分析相結合的方法，以蘇北一家成立三年的企業——超華服飾有限公司為研究對象，首先從資本成本、籌資渠道、籌資風險、籌資結構、籌資效率等角度揭示了該企業在籌資領域存在的主要瓶頸與障礙，并探尋了導致該問題產生的宏觀和微觀等層面的原因。結合新創企業的經營特征與的服裝行業的整體競爭狀況，文章提出了優化超華服飾公司籌資管理的相關舉措，即通過合理選擇籌資期限、充分利用商業信用等途徑來控制資本成本；通過降低對銀行的依賴和債務結構來優化資本結構；積極拓展外源籌資渠道；加強企業資金的風險控制以及提高籌資效率等。

關鍵詞 新創企業；籌資；資本成本；資本結構

Abstract:“Start-up” stage is an imperative period of corporation life cycle for each corporation. The scientific and reasonable management of raising is viewed as a very important factor for the newly-founded venture to readily enter the sequent stage of life cycle and to gain sustainable and sound development. Learning from the related theories of financial management and innovation, comprehensively employing the methodologies as case study, comparative analysis as well as the method of the integration of qualitative & quantitative, the paper analyses the main bottlenecks and dilemmas of the issue of rising of ChaoHua GARMENTS CO., LTD from the perspective of capital cost, raising channel, raising risk, capital structure and raising effectiveness. According to the operating characters and she overall competitive station, the paper puts forward the following measures to perfect the management of Raising such as: to rationally control cost of capital by means of the reasonable selection of raising period and the active employment of commercial credit; to perfect the capital structure though the less depending on bank loan; to actively expand external raising channel; to reinforce the risk-control of fund , as well as, to enhance the effectiveness of raising.

Keywords  Newly-founded venture  Raising  capital cost  capital structure