Study On The Private Enterprises' Financing In China

The subject of this thesis is on the private enterprises' financing in China. From the viewpoints of financing system and private enterprise's activities, it analyses the features of private enterprise's financing behavior and presents the thoughts of improving the financing environment. This thesis is composed of six chapters debated through materialistic dialectic combining with statistically empirical analysis. This paper deploys its research with the analysis of enterprise's financing process, channels and obstacles as its starting point. Based on the theoretical analysis of the private enterprise's financing structure and its influence, it attempts to reveal the actuality, characteristics, existing problems, difficulties and interrelated reasons. And then it suggests the contra positive countermeasures.The thesis puts forwards a series of creative views and proposals, such as the following: the obstacles in financing is the old system and relational market participator; and what in directing financing is that, under the government's implicit guarantee, the soft restricting stated-enterprises squeeze out the hard restricting private enterprises; the ultimate objects are the optimum agent cost, the balance of control power and the perfection of enterprise's governance structure rather than the financing itself; the optimum sequence of financing arrangement in private enterprise should be internal collections, bonds, shares and then loans; the first cause of the irrational financing structure is the systematic restrictions; there should be a "green light" on the base of the improvement of private enterprise's property system; the equity financing of private enterprise needs a systematical innovation of stock market.