Research On Enterprise Financing Choice From The Perspective Of Financial Structure Evolution

This paper conducts literature research and review along the context of"financial structure evolution→bank dominance and market dominance comparison of advantages and disadvantages→optimal financial structure→coordinated development of finance and economy→balance of supply and demand of financial assets".Using the balance of supply and demand of financial assets as a springboard between"macroeconomic phenomenon→micro enterprise mechanism",the analytical framework from macrofinancial development to micro enterprise financing selection is refined,namely"coordinated development of finance and economy→financial asset supply and financial asset demand Achieve equilibrium→the supply of debt/equity financial assets in the financial market and the financing choices of enterprises for debt/equity financial assets".Taking into account the practice of economic and financial development,the level of financial development usually lags behind or is ahead of the level of economic development in the same period,but the two will spontaneously or non-spontaneously implement improvements and optimizations,and gradually achieve coordinated development.First of all,financial development is not only manifested in the expansion of financial scale,but also manifested in the dynamic evolution of financial structure,and ultimately acts on economic growth through the adjustment of the scale of financial assets and the adjustment of the supply structure.From the perspective of the"dual"financial structure analysis,the debate over the pros and cons of the bank-led and market-led financial structures is actually a debate on the pros and cons of debt-based financial assets and equity-based financial assets.This is the supply of financial assets.problem.Secondly,with regard to economic development,due to the constant changes in factor endowments,technological level,industrial structure,etc.,it is determined that there are differences in the demand for financial assets in economic development within different time and space.As the most basic structural unit in the economy,an enterprise is the main body of demand for financial assets.When financing,it will inevitably face the problem of choosing debt-based financial assets or equity-based financial assets,this is the demand for financial assets.It should be pointed out that the realization of the balance of supply and demand of financial assets cannot be separated from the specific financial environment in which they are located.From the perspective of financial structure evolution,although China’s financial structure has its inherent characteristics,China’s financial structure has been implemented since the implementation of the financial system reform.There has been a significant market-oriented evolution trend.Therefore,when studying the relationship between the financial asset supply in the financial market and the financial asset demand for corporate financing,it is necessary to fully investigate the background of China’s financial structure evolution.Based on the above analysis,this article will analyze the evolution trend of China’s financial structure,study economic growth in the context of financial structure evolution,and the relationship between the supply of financial assets and corporate financing choices,and build a bilateral matching decision-making mechanism that realizes the balance of supply and demand of financial assets.The main content and research conclusions of the paper are as follows:First,analyze the evolution trend of China’s financial structure from the three dimensions of macro-financial structure,banking structure,and financial asset structure,and explore the main characteristics of China’s financial structure and the status quo of the supply of financial assets.First,the three dimensions of scale,vitality,and efficiency are selected to measure the degree of marketization of China’s macro financial structure.The results show that the marketization of China’s financial structure is gradually improving.Secondly,using the Herfindahl Index（HHI）and the Bank’s Total Asset Concentration Ratio（CR₄）to measure the market structure of the banking industry,the results show that the market structure of China’s banking industry has transitioned from a high oligopoly to a low oligopoly;the bank’s property rights structure indicator（Bank＿Own）The calculation results show that China’s banking industry is still characterized by a structure dominated by state-owned banks.Finally,the research on the supply structure of financial assets shows that the increase in the supply of banking financial assets is significantly greater than the increase in the supply of financial assets in the capital market.The asset supply presents the characteristics of"more money and less capital".In addition,using the hypothesis of“asset shortage”to analyze the shortage of financial assets in China,it is found that there is a shortage of financial assets in most years in China.On the whole,after years of development,China’s financial structure has generally shown an evolutionary trend of marketization,but it still has a relatively significant"dual dominance"characteristic.Second,from the perspective of the evolution of the financial structure,analyze the supply structure of China’s financial assets,the problem of supply shortage and its economic consequences.First,the Granger causality test and impulse response function are used to study the relationship between the evolution of the macro-financial structure and the supply of financial assets.The results show that the relative expansion of the capital market in the short term and the improvement of transaction efficiency will promote the market-oriented evolution of the macro-financial structure.However,in the medium and long term,the stable dominance of the banking industry will inhibit the market-oriented evolution of the macro-financial structure.Secondly,an economic growth model reflecting the relationship between supply and demand of financial assets is constructed.Theoretical research has found that the increase in the level of economic growth is not only related to the supply of financial assets,but also related to the size of the financial asset shortage indexη,and the value of R（η）can be obtained.Multiplier effect.When the supply of financial assets is in a state of shortage（0<η<1）,at this time R（η）>1,increasing the supply of financial assets will accelerate the speed of economic growth;and when the supply of financial assets is in a state of excess（--∞<η<0）,at this time 0<R（η）<1,reducing the supply of financial assets will slow down the decline in economic growth.Finally,through empirical research to analyze the relationship between the evolution of financial structure,the supply of financial assets and economic growth,the results show that the scale of the marketization of the macro-financial structure and the increase in the level of vitality will promote the positive development of the economy,but the scale of the The promotion effect is greater;the increase of bank credit assets,stock assets,and bond assets will promote economic growth,but the promotion effect is different;in addition,the empirical results also show that the shortage of financial assets does not necessarily hinder economic development.Third,it analyzes the issue of corporate financing selection under the"dual dominance"characteristics of the financial structure.First,by constructing a mathematical model to analyze how companies make financing choices from the perspective of risk-return trade-offs,the study found that the greater the risk of project investment,the more companies tend to choose equity financing,and the greater the risk of investment projects,the more they need to provide more The fixed assets are used as financing guarantees,and the higher value of fixed assets will make enterprises competitive in terms of equity ratio and interest payment.Second,the analysis of the relationship between the evolution of financial structure and corporate financing shows that in view of the dominant characteristics of banks in my country’s financial structure,the adjustment of bank credit scale is the most important transmission channel in the transmission mechanism of my country’s monetary policy.In addition,whether it is bank credit assets or equity assets such as IPO,additional issuance,and allotment,there is a rapid growth trend,but bank credit asset financing has always been the main method of financing for listed companies in my country.Finally,using empirical methods to study the impact of the“dual dominance”of the financial structure on corporate financing choices,the research shows that the marketization of the financial structure measured by scale and efficiency will promote the optimization of the financial structure of listed companies,that is,the debt-to-equity ratio and the asset-liability ratio will decrease.,The expansion of equity capital market scale of stocks and bonds and the improvement of service efficiency will promote the increase of the scale of equity assets of listed companies;in addition,research shows that the banking market structure and property rights structure have a regulatory effect,which can further strengthen the property rights of state-owned enterprises.The role of attributes and the financial background of the senior management is conducive to enterprises to obtain more bank credit resources.Fourth,defining investment and financing decision-making as a bilateral matching decision-making problem,draws on the bilateral matching decision-making theory and proposes a method to solve the problem of equilibrium between supply and demand of financial assets.First of all,under the background of the evolution of the"dual"financial structure,the supply of financial assets can be divided into debt-based financial assets and equity-based financial assets.When financing,companies often face whether to choose debt-based financial assets or equity-based financial assets.In fact,this is the issue of investment and financing decisions involving both supply and demand.Secondly,each financial institution as the main body of financial asset supply usually has its own set of evaluation index system when selecting investment objects,and each enterprise as the main body of financial asset demand also has its own set of evaluation index system when selecting financing objects.It should be pointed out that the evaluation index systems of financial institutions and enterprises are different,so the matching of financial assets supply and demand is a multi-index bilateral matching decision that takes into account the expected information of different evaluation indicators.Third,drawing on the idea of axiomatic design,it is considered that the solution with the smallest total information capacity is the best solution,and a bilateral matching decision-making method based on axiomatic design is constructed to obtain the best decision-making solution.Finally,given that the supply and demand of financial assets is a bilateral matching decision-making problem of multi-index evaluation information,when the supply and demand sides of financial assets construct indicators,they should fully consider the level of risk-return,and take into account the value of fixed assets and the depreciation rate of collateral discussed in the previous article.Factors such as those are included in the index system,and an example analysis is carried out.