A Study On The Financing Behavior And Game Selection Of Small And Medium-Sized Family Firm

Since the reform and opening-up, China's small and medium-sized family firm has achieved rapid development with the rise of China economy. Now small and medium-sized family firm in China is in a critical period, how to guide its continuously healthy development has become an urgent problem. Financing issue in its development process is the key factor which is related to the family firm's healthy and stable development and solving of the financing problem is directly related to the governance structure issues. Scholars pay much attention to the financing issue of family firm. But the most of existing studies on the financing behavior of family firm are basing on the financing of listed companies, and are lack of the characteristics study of small and medium-sized family firm; especially the ones in the view of family firm aren't much. So we need make further research.This article redefines the small and medium-sized family firm in line with modern China's national conditions, reviews major corporate finance theory, focuses on analysis of our small and medium-sized family firm's financing behavior on its different development stages by combining major corporate finance theory with the history of small and medium-sized family firm and its characteristic, besides basing on compare major financing behavior patterns of China and foreign countries, analyze the causes of financing behavior and put forward the concept of emotional cost. In the case of lack of small and medium-sized family firm's research data, the paper surveys the small and medium-sized family firms in Yantai by the way of field interviews and questionnaire, and gets the first-hand research data. Basing on data, the paper makes an empirical analysis of financing behavior.The paper makes the characteristics of the family firm entrepreneurs as the important impact factor of its financing behavior, meanwhile put forward several other impact factors. The article uses survey data as a sample, determine the impact factors, by the way of KMO, Bartlett Test of Sphericity and the Pearson correlation test method and construct the impact model of financing behavior, quantitatively analyze impact degree of different factors by the use of SPSS16 data processing software. Entrepreneurs'factor is considered as the primary factor influencing corporate financing acts. Then the paper analyzes entrepreneurs decision-making motivation and makes the analysis of game balance, construct the game model of financing options by combining game theory with the unique of small and medium-sized family firm entrepreneurs. Finally the paper integrates the issues of small and medium-sized family firm's financing options, makes an analysis of strategy research to enhance small and medium-sized family firm's financing behavior and finally proposes enhancing the capacity of entrepreneurs and expanding entrepreneurs personal social network as the main strategy of enhancing financing behavior.