| At present, the private-owned economy occupies a high ratio of national economy in China, the private-owned enterprises are making more and more contributions to the country and the society. However, it is difficult for the private-owned enterprises to finance, especially difficult to get the finances from the outside. Unsmooth financing channels and a high cost in financing has always been perplexing the further development of the private-owned enterprises, which prevents the enterprise from becoming bigger and stronger. How is the financing environment for the private-owned enterprises on earth, how to evaluate the financing environment for the private-owned enterprises, what factors restrict the financing of the private-owned enterprises, are the classic financing theory and methods in the west financial management of the instructional meaning to the decision-making in financing for our private-owned enterprises? In order to answer these questions, through reviewing the history of the development of our private-owned enterprises, this paper summarizes the characteristics of the private-owned enterprises in China: a short history, a small scale, low technology, un-scientific management internally, lower credit, shortage of enterprise culture, obvious influence by the state policy, lower degree in internationalization, restriction in the fields for investment, commonly non-standardized in business accounting, non-transparency in financial information and so on; on the basis of the financing actuality of the private-owned enterprises, through the comparison of the financing environments between the state-owned enterprises and the foreign ventures, summarizes the unfairness, discrimination and prejudice our private-owned enterprises suffer in financing; compared with the financing environment for the private-owned enterprises in the advanced countries, the degree of maturity is low in our marketing environment, the decision-making right is limited in the independent financing for the enterprise, the social position and political position of the private-owned enterprises are lower. On such basis, this paper creates an evaluating system for the financing environment of theprivate-owned enterprises, which lists six factors such as: political factor, financial-market factor, economic factor, credit-guaranty factor, legal factor and the enterprise-self factor, and each factor is further divided into total 20 specific agents, each of which is given a 5-points value; this paper analyzes every agent of each factor with more detailed information, and evaluates the points for each factor and then proceeds to calculate the total points for the financing environments. Through analysis, this paper finds: financial-market factor, legal factor, credit-guaranty factor and the enterprise-self factor condition the financing of the enterprises the most in the financing environment for the private-owned enterprises; meanwhile, draws the conclusion that the present financing environment isn't of the conditions required in the classic financing theory and methods in the west financial management, the private-owned enterprises can't indiscriminately imitate these theories and methods in the decision-making of financing, but the financial environment of their own shall be analyzed first and then the decision shall be made with reference to the conclusions in the financial theory and methods. Against the financial environment for the private-owned enterprises, this paper suggests that the private-owned enterprises promote the building-up of the enterprise system and perfect the mechanism of the scientific management; standardize the financial management in the enterprise and raise the ability in administering financial transactions; strengthen the building-up of the good faith and raise the credit grade for the enterprises. Against the government departments, this paper suggests that the legal system be perfected to promote the political reform; change the thought in the ideology about the private-owned enterprises so as to improve the financing environment for the private-owned enterprises. |
