The Research Of Enterprise Financing Behavior Based On Stakeholder Theory

Stable source of funds is more important for enterprises' long-term development, except for a scientific and reasonable allocation of human resources, this is the fundamental of an enterprise's survival and development. Since 2008, the contradiction between limited funds and increasing credit demands has become more acute, because the global depression caused by US subprime crisis. Although the banks have reduced the loan restrictions to minor enterprises, they still felt fund shortage, even affected the normal operations of enterprises. Under this circumstance, how to achieve reasonable financing, safeguard the interest of stakeholder, gain corporate growth, have became the primary problems of enterprises' survival and development.The most of existing researches of enterprise financing behavior are the financing way and financing preference based on the cost, including the research about equity financing preference and should to establish debt financing. All the stakeholders input specificity material and special relationship asset in the survival and development of enterprises, they codetermine enterprise' development. For an enterprise, it is unable to survive without their support.This research is about enterprises' financing behavior based on the stakeholder theory. With the guidance of the strategic management, using enterprise management, finance, economics, adopting theoretical analysis and empirical research method, following "interrogate-- analysis—solve ", from the outside to the inside, I made series of research. I fund out the current situation of minor enterprises through the investigation, defined the interest groups who closely related with the financing behavior, analyzed the interest requires, financing preferences of all the interest groups and the interest realization degree under various financing behaviors. According to the specificity of stakeholders' investment and capital, control and proceeds should be equivalent, I suggested interest groups should participate in enterprise financing behavior choice, also should establish interest balance mechanism from internal and mutual, in order to realize common development between enterprise and interest groups.I got the following conclusions by the research: the enterprise financing options are influenced by decision-making's value goal; shareholders, managers, creditors, employees, suppliers, and distributors which directly related to the financing behavior should be take into account in financing behavior research; the financing behavior research considers the irrational factors, is based on people's interest demand and the equivalent investment returns, so it is more conform to the essence that social man and capital are endlessly pursuit maximization profit.