Analysis On Financing Structure Optimization Of State-Owned Enterprise

With the establishment of market economy system in China and the deepen of reformation of state-owned enterprises, the financing behavior of state-owned enterprises is becoming the focus of theory field and practice field's attention. In the view of enterprise operating, financing fund for enterprises' survival and development; In the view of company governance, different financing structure lead to different governing mode and governance efficiency, these are the realistic meaning for us to research enterprises' financing behavior.The capital structure in the state-owned enterprises in our country is the result of a half century's evolution and comprehensive action of state-owned enterprises property right and financing system. It can be say that the evolution process of state-owned enterprises financing mode is the ramification of economy system marketing course in our country. So the behavior of state-owned enterprise financing itself is deeply impressed by economy system and there is series system dependence.Determining relevant concept concerning enterprise financing structure and giving a comprehensive summarize on company capital structure to provide theory basis for best capital structure research firstly; Then reviewing the enterprise financing system in our country which can be divided into three stages: The first stage is finance- oriented financing period, the second one is bank-oriented stage and the last stage is multiplex financing period. On the base of analysis on three times institutional changes of state -owned enterprise, combining with modern enterprise financing theory, dig up the deep-dyed problem, concluding that there are several kind problems in the financing structure of Chinese state owned enterprise shortage in interior accumulation and lack of endogenous financing, unlisted state-owned enterprises' preference for debt financing as well as listed enterprises' preference for equity financing; Thesis intend to seek the real root of these problem from property right system, relationship between bank and enterprise and development of security market . At last , putting forward relevant proposal on how to improving financing structure of state-owned enterprise. including system reformation on property right, establishment of modern enterprise system, standardization of enterprises' financing behavior, restructuring relationship between bank and enterprise, setting up and improving talented person competition mechanism.Thesis is divided into five parts. The content of every part is given below:Part 1, introducing the goal of this research, literature review and research method aswell as the framework of this thesis; Part 2, determining relevant concept concerningenterprise financing structure firstly, then giving a comprehensive summarize oncompany capital structure to provide theory basis for best capital structure research; Part...