The Study On The Problems And Settlements Of Private Enterprises' Financing In China

Private enterprises have taken an increasingly important status in our economy in recent years, and have become one of the main impetuses to the development of our economy. But there are many factors have limited the farther development of private enterprises, and the primary one is private enterprises' illogical financing structure led by the scarce channels of financing. So the study of this problem is attached with great theoretical and practical meanings.Firstly, the dissertation investigated foreign financing structure theories and practices. Secondly, through the way of empirical analysis, the author analyzed the actuality of private enterprises' financing structure in China. And found our private enterprises' financing structure have a quite high proportion on internal financing and a low proportion on bank credit financing, but they nearly have no direct financing from stock market and bond market. The six causes of such a financing structure are: the nonsupport of commercial bank; the high threshold of stock market; the hypogenesis of corporate bond market; the blockage of other financing channels; the undound credit guarantee system and the discredit of private enterprises themselves. Thirdly, the author compared the four financing channels mentioned before. After comparison and induction, the author concluded that the optimum financing order of small-medium-sized private enterprises is: internal financing — bank credit financing — bond financing — equity financing; and that of the large-sized private enterprises should be: internal financing — bond financing — equity financing — bank credit financing. Finally, the author presented some practical advices from the aspects of different financing channels.There are two innovations in the dissertation. At first, the author clarified that the...