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The Reputation Mechanisms In The Process Of Private Enterprises Financing

Posted on:2010-06-19Degree:MasterType:Thesis
Country:ChinaCandidate:F PanFull Text:PDF
GTID:2189360272495075Subject:Finance
Abstract/Summary:PDF Full Text Request
During the three decades of reform and opening to the outside world, the development of private enterprises made very important contributions to our country's economic achievements that attracted worldwide attention, on the contrary, the living environment of private enterprises, especially the financing environment is not optimistic. Based on this social background, we choose the perspective of corporate reputation as a breakthrough point to study the reputation mechanism in the process of private enterprises financing. The core content and innovative points of this paper mainly includes three aspects as follows:Firstly, we used game theory methods to study the reputation of private enterprise financing mechanism. Through the different stages of the reputation of the game theory analysis, we derive that the reputation could increase the power of commitment to help enterprises obtain more effective long-term financing. On the financing market, the reputation mechanism will curb the motive of corporate fraud and reputation camouflage.Secondly, by empirical research, we analysed both reputation structures of private enterprises in the formal and informal financial markets. In comparison, we summed up the characters and emphsis points of financing reputation on the different markets, and found certain regularity conclusions that the types of financial institutions, the natural of corporate organizations are related to financing preference on the market. In order to fully exert the function of private financial markets, evaluation by reputation is trend to replace the traditional evaluation of the credibility.Thirdly, on the basic of theoretical and empirical study, we anaylse the cases from Wenzhou area to verify some of the important conclusions drown in the previous paper, and reveal the formative mechanism of the negative reputation environment in the formal fiancial market. Then, combined with the relationship under the Wenzhou-based social and cultural background, we found that endogenous Specialized Industrial Districts and other organizational arrangement forms like trade associations are the underlying reasons to answer why Wenzhou have been able to form a good reputation of the environment, and efficient system of private financing.
Keywords/Search Tags:private enterprises fianacing, reputation mechanism, reputation structure, Specialized Industrial Districts
PDF Full Text Request
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