Study On Corporate Financing Pattern Selection In The Process Of China's Credit Institution Transition

The issue of corporate financing has become the mainstream economic research project since 1950s. Mature corporate financing theories have formed in foreign countries, which includes traditional corporate financing theory, modern financing theory and new corporate financing theory. Systematic research in domestic academic circles on corporate financing has started in 1990s, which is nowadays a significant research project that academic circles have paid close attention to.The dissertation attempts to combine corporate financing with credit institution, placing corporate financing pattern selection in the process of credit institution transition. Based on the transition of credit institution, the dissertation studies the selection of corporate financing patterns. Taking the analysis of corporate financing theories as the point of departure, the dissertation has revealed the essence of corporate financing and has studied the development of fundamental corporate financing theories and western corporate financing theories. Through evaluating the credit institution conditions for corporate financing, the dissertation has made clear the connotation of credit and credit institution. Based on the close relationship between credit institution and corporate financing, the dissertation has made a deep investigation into the support and limitation of China's credit institution transition to the development of corporate financing patterns. Then the cost and risk of corporate financing pattern selection is analyzed, through which corporate financing pattern selection is further analyzed. After that, the dissertation analyzed the effect of corporate financing pattern selection from both the macro and micro perspectives. Finally, the dissertation brought forward tentative ideas on improving construction of credit institution. Except the introduction, the dissertation is divided into the following six chapters:Introduction. The introduction is the basis of the dissertation's body. It focuses on the reasons for choosing the topic and its implication, offers the present research situations concerning this topic and introduces the methods of research and its basic framework.Chapter I Analysis of Corporate Financing Theories. Financing is that in certain period, different economic subjects carry on the economic activities that adjust surplus and deficiency of funds in the financial market through the credit instruments by way of credit. Corporate financing means that firms, the main subject of financing, based on the demand of firms' future development and operation, taking the currentproduction and operation situation into consideration, raise the funds necessary for the firms' production and operation through certain methods on the basis of credit. Corporate financing, in essence, is the allocation of fund resources on the basis of credit. Credit plays a predominating role in the allocation of funds, a special type of resource, which is shown in guiding and accelerating capital accumulation as well as in guiding the allocation of resources.Marx's financing theory runs through Marx's credit theory. In his research of capitalist production process, he studied the relationship between credit and currency and the respective role that pre-capitalist credit, capitalist credit and credit played in capitalist production process. His study of pre-capitalist credit focused on analyzing the emergence and development conditions, nature and functions of usury. In his study of capitalist credit, he analyzed the major forms of capitalist credit and the role of credit in capitalist production.Among all western corporate financing theories, the representative ones are traditional corporate financing theory, modern corporate financing theory and new corporate financing theory. Traditional corporate financing theory can be divided into the following types: theory of net income, theory of net operation income and traditional theory. According to theory of net income, firms tend to choose debt financing, through which they can lower their wei...