摘要：本文通过对吉利集团收购沃尔沃的相关背景介绍，引出浙江吉利集团在发展过程中所遇的融资难题。融资难正日益成为我国现阶段民营企业在发展过程中所面临最棘手的问题之一，已严重制约了民营企业的发展。本文从吉利收购资金筹集和营运资金筹集两方面阐述其收购沃尔沃的融资过程，并通过围绕这一融资过程，基于吉利集团2008年-2012年三季度的合并财务报告，对吉利近年融资行为进行具体分析，包括吉利总体融资态势、吉利内源融资、吉利外源融资、吉利融资模式与优序融资理论的比较等，以探讨吉利是如何成功破解融资难题。通过对吉利融资结构和相关财务指标的分析，及与其他国内车企相同指标的比较，结合吉利近年所面临的经营风险，指出吉利在其融资过程中所存在的不足，并提出相关对策。综合上述的分析，立足于民营企业自身，寻求对我国民营企业融资难题的相关启示及合理高效的融资模式。
关键词：民营企业；融资困境；吉利；融资分析；融资启示
Abstract：The article derivates Geely’s financing problems through an introduction about the background of the business that Geely acquired Volvo. The difficulty in financing, which has increasingly become one of the most difficult problems at the present stage of the development of private enterprises, has severely restricted its development. The article elaborates the financing process of the acquisition of Volvo from the two aspects of the raised purchasing funds and the raised operating funds. Around the financing process, the article analyses its related financing behaviors based on 2008 – the third quarter of 2012 consolidated financial reports of the Geely Group, including overall financing situation, internal financing, external financing, the Geely’s model compared with the Pecking Order Theory, in order to discuss how Geely resolve the financing difficulty by analyzing its related financing behaviors. Combined with the management risk of Geely faced in the recent years, the article points out the problem in its financing process and puts forward some relevant solutions through the analysis of Geely’s financing structure and financial indicators which compared with other domestic car companies. Combining the above analysis, this paper provides some relevant inspirations and financing models which are reasonable and efficient on the point of view of the private enterprise.
Keywords: Private enterprise; financing difficulty; Geely; financing analysis; financing inspiration
