Study On The Financing Efficiency And Influencing Factors Of Chinese Enterprises

The reform and development of the enterprises in China has experienced a long process. In view of the entire course, the support of enterprise financing has played an important role during the development of enterprises at various stages. The growth and development of enterprises has never been able to do without the financial support by various financing channels. But comparing with developed foreign market economy, our country has been experiencing a transition period in which the economic system has transited from planned economy to market economy. Due to the imperfect market management mechanism, the market environment of enterprise financing has not been well-formed. Therefore, the contradictions embodied mainly in the efficiency of business financing are still rather prominent during the development of the enterprises.Study of the efficiency and influencing factors of enterprise financing has been in academic circles a hot research topic. The current study shows that most of the work focuses on the macroscopical studies of the classification, conversion, and distinction of financing modes, and the relationship between financing modes and economic systems in various countries, and lacks the research into enterprises'financing. Great efforts have been made on how to improve the measures of the financing efficiency of enterprises, but without an comparision analysis of financing efficiency from the view of the system of enterprises. The major content and conclusions of this study are as follows:Based on the two great groups of our country--- the state-owned and the private enterprises, the paper mainly emphasises their financing efficiency and influence, and makes a comparison and ananlysis of their present financing situations, difference and basic characteristics and trend of the financing efficiency,and the result is that China's state-owned enterprise's financing efficiency is higher overall than private enterprises.The main factors that affect the financing efficiency of the enterprises:corporate financing methods, scale of enterprises, Corporate Quality, Structure of Corporate Ownership, building a panel-data model of macroeconomic environment,and using sample data of the 300 listed state-owned enterprises on the Shenzhen and the Shanghai stock markets from the first season of 2003 to the third season of 2008, and the 200 listed private enterprises on the Shenzhen small and medium-sized board stock markets from the first season of 2004 to the third season of 2008. The empirical research has proved that the accuracy of hypothesis of financing efficiency influenced by different factors.There are seven chapters in this paper, each chapter centers on comparative study between state-owned enterprises and private enterprises'financing efficiency and effect factors, deep research the influence factors of China's state-owned enterprises and private enterprises'financing efficiency, and put forward the policy suggestions to improve the state-owned enterprises and private enterprises'financing efficiency. This is the basic structure:Part One includes Chapter One and Two, including introduction and theory review; Chaper One is introduction, mainly about research background, theme and significance, current research at home and abroad, research thinging and structure, research methods and innovations; chapter two is mainly about theoretical basis of enterprise financing efficiency, including Basic concept of financing, Traditional financing theory and the new theory of financing.Part Two includes Chapter Three,Four and Five. Chapter Three is about financing status and cause analysis of state-owned enterprises and private enterprises; Chapter Four is about empirical research of financing efficiency state-owned enterprises and private enterprises, including Structure of enterprise financing efficiency evaluation model DEA, Empirical research of financing efficiency of our state-owned and private enterprises, analysis of the efficiency of enterprises to improve the invalid path. Chapter Five is about Analysis of influence facters of enterprices'financing efficiency, the detailed comparative analysis of all kinds of sectors which influence the financing efficiency of state-owned enterprises and private enterprises.Part three includes Chapter Six and Seven. Chapter Six is about Countermeasures to improve the efficiency of our enterprise financing. and Chapter Seven, that is last chapter, is Epilogue, including Main conclusion, innovation and Research prospect...