The Effect Of Defect In Chinese Financing System To The Structure Of Capital

Since reform and opening policy, the enormous change has taken place in the enterprise financing system of our country. Through the development of more than 20 years, the pluralistic financing system, including bank credit financing, stock financing and bond financing, etc. has formed. But compared with other departments, the development in financing system of our country is delayed. The defect in financing system reform has influenced the enterprises' financing, and caused the special capital structure in our enterprises. In this paper, the author tries to give some explanation in theory and put forward some relevant improvement measure and policy recommendations.After the introduction of the theory of capital structure, the author explains the characteristic of enterprises' capital structure of our country in details, and points out the great differences in capitah structure between our country and developed-c'ountries, that is, the state-owned enterprises' does not observe the " The Pecking order " but the non-state enterprises observe totally. We cannot give perfect explanation to the phenomenon in the modern capital structure theory, but we can explain it by the character of the financial system that prefer to state-owned enterprises.Afterwards, the author makes some analysis to our country's financing characteristic and points out the question and contradiction in the enterprises' capital structure of our country are caused by the protection and support to the state-owned enterprises in financing.In the end of this article, the author has given some political suggestions as to how to reform enterprises' financing system and optimize enterprises' capital structure, and pointed out that the reform of the financing system is the precondition for enterprises' capital structure optimization. Through carrying on the financing system reform, we can relax interest rate controls, protect the normal competition in the financing market and dispel market ownership's discrimination; lead financial resources flow to the high-efficiency department.