A Study Of The Influence Of Financing Environment To The Financing Of New Ventures

Difficulty in financing and finding warrantor is one of the most important factors which constrain the new ventures. Our country's economy demands to pay attention to the finance of the new ventures. International experience shows that new ventures play an important part in world economy. Its effect in increase employment, flourish the market, income distribution, society stabilization and arrangement of the domestic economy is hard to be replaced. Therefore, countries successful in developing economic think much of the development of the new ventures, and better financing system for medium and small enterprise exists in these countries. Therefore, it is significant in advancing our country's development of economic and society by doing research on the financing environment of new ventures of our country.This thesis is divided into six chapters.The first chapter is introduction. This chapter concludes the research literatures from inside and outside of the country and finds out the theories and practice fruit out of the relative research, then puts forwards the background and the significance of the topic, and makes sure the research method and research content.The second chapter, based on the research of the characteristic of the new ventures, via the research of the relative theories of new ventures fund demand and external environment, provides theory foundation for the dividing and research of new ventures financing environment, finally sets up the research system on the new ventures financing environment. We think the new ventures have such characteristics as bellow: standardization and system of management is not formed perfectly; venture is big; lack of enough guaranty. At the same time, because the enterprise's fund is mainly used for purchasing production equipment, developing product and exploit sales channels and so on, the enterprise has a bad demand in fund. Therefore, the possibility of the failure in financing by new ventures is big. Thus it is significant in doing research on the new ventures financing environment system. This chapter is based on the research of regular environment for the financing of new ventures, analyses and builds the research system of new ventures financing environment, and considers that the new ventures financing environment should be divided into two parts: direct financing environment (DFE) and indirect financing environment (IFE), and DFE includes regular financing environment and irregular financing environment. IFE includes policy environment, law and statute environment and social service environment.In the third chapter, the article analyses the effect of the DFE to new ventures. The high finance restrain does not adapt to the requirement of the socialism market economy. It does not restrain the development and optimization of the enterprise financing structure but also slows down the economy. Under such a background, new ventures often get cold reception by the regular finance. At the same time, in order to survive and develop, the new ventures requires new finance system, that is to say, finance system that can provide finance to new ventures is needed. Thus, special finance market comes into being from the extensive business, and it brings irregular finance system. Because of the advantage of irregular finance in rate decision system, information cost, bargaining cost, credit restrict, operation mode and guaranty, it effectively helps new ventures in financing.In the fourth chapter, the article analyses the effect of the IFE to new ventures. In culture aspect, the article mainly discusses the relationship between credit culture and new ventures financing. In policy aspect, refers to the policy classification facing to medium and small enterprise, from the point of view of the relationship between finance policy and monetary policy, classifies the relative policy into finance and financing, finance includes preferential revenue, finance allowance and government purchasing and so on. Financing includes government assurance and export credit. In social service environment aspect, the article mainly considers credit system as the core of social service environment which influences new ventures financing. Contraposing to the effect in making up the credit deficiency in new ventures and improving external environment of new ventures financing, the article does a lot of research and analyses.Chapter 5, the conclusion and the expectation.