| Private economy has evolved to a fresh combatant in the development of our national economy and plays a very important role. It is the basis for the growing socialist market economy and the establishment and improvement of the socialist market economy restructuring to develop and strengthen the private economy. Despite the tremendous development of the private economy, because of their own condition, external environment and other reasons, the funds needed of most private medium-and-small-sized enterprises except of minor large ones, during the course of their development, are seriously depended on the internal financing channel, while the external financing channel isn't smooth and it becomes the bottleneck restricting the private economy's development. And then, this paper carries out research in connection with the problem systematically and deeply.This thesis is divided into four parts. Firstly, the introduction sums up the present developing conditions of the private enterprises, their external financing predicament faced and the present major views of academic circles. And so, the researching train of thought and emphasis are put forward; The second sets forth the content of the private enterprises 'financing channels including internal financing and external financing ones that composes of equity financing and debtfinancing; The third expounds the external financing predicament and existing problems of the private enterprises and on this base, analyzes emphatically the fundamental reason that is the information asymmetry; The last part, from the foregoing, advances that governments, financial institutions and private enterprises make efforts to address this problem together.This paper's innovation lies in the following: on the grounds of the objective analysis of the external financing predicament, from the angle of the information asymmetry, reverse choice and morals risk, it dissects the sources and raises the solutions correspondingly.
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