| From their coming into being, the development of Township and Village Enterprises (TVEs) lias been restrained strictly by difficulties in their financing. But difficulties in financing for TVEs as a whole, have never been so serious and perplexed as now, that give cause for the dropping in the benefit and growth-rate of TVEs. By the study in the fields of TVEs financing, some counter-measures should be taken to wide financing channels of TVEs, and tackle problems in TVEs financing. Therefore it is a pressing matter for the moment to strengthen the study in the fields of TVEs financing in order to further TVEs development.How and why have the fund sources and the financing structure changed dynamically since 1980s? How and why does the capital structure of TVEs contradict the financing structure of TVEs ? What are current difficulties TVEs face in the fields of their financing? And why would those difficulties happen? The paper is aimed to study those problems, and puts forward countermeasure-thinking.The paper comprises 7 chapters and 1 conclusion. Chapter 1 reviews the basic development process of TVEs, points out significance to study further in the fields of TVEs. It also stresses, by analyses, that the study in the fields of TVEs should be carried out from historical and multi-angle point of view based on the idea of the urban and rural integration. By defining those concepts such as enterprise financing, and financing structure, Chapter 1 also discusses the theoretical and practical significance in the fields of TVEs financing, summarizes and reviews the dynamics of study both at home and abroad.Chapter 2 presents the development in the modern theories of corporation capital structure, and analyses its enlightenment and its limitations for us to adopt. Chapter 2 also discusses the differentiated methods of the enterprise financing styles and the enterprise financing structure, makes an international comparison in the change of enterprise financing styles and the transformation of enterprise financing structure. At last, this chapter analyses the influence of economic system transformation on enterprise financing styles and enterprise financing structure.Chapter 3 deals with the dynamical changes in the fund sources and the financing structure of TVEs before 1990 and after 1990 respectively, studies the contradiction between the capital structure and the financing structure of TVEs. Based on those discussions, tentative conclusions are made to surmount difficulties in TVEs financing.Chapter 4 and Chapter 5 investigate problems in the indirect financing of TVEs, and put forward some countermeasure-thinking to tackle those problems. The study of Chapter 4 shows that difficulties of TVEs financing from bank are caused by a series of factors, and the credit collateral system should be enhanced, some innovation in the system should be made.By introducing some international experience in developing middle-small banking, and reviewing corresponding domestic views, Chapter 5 makes clear that the development and reform of Rural Credit Cooperatives or cooperation finance should be stressed. Chapter 5 also studieshow the rural non-governmental credit should be developed, how innovation should be made in the fields of it, and how State-owned bank should be reformed Those discussions arc made to gel ride of difficulties of TVEs financing, and wide financing channels oi'TVEs. Due to differences of long-term and short-term effects among various measures, systematic train of thought should be taken.Chapter 6 focuses on the reform of TVEs property rights and development in direct financing of TVEs. It argues that the reform of TVEs property rights, especially the transformation of Share Cooperation System (SCS) in recent years, results from the interest adjustment and redistribution among main interest-relevant groups of TVEs such as group of workers, manager, and Township-Village government; and is a compromise among them. This reform is aimed to overcome difficulties in TVEs financing, and capitaliz...
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