Corporate Finance Reform And Development

In recent year, most Chinese enterprises are difficult in financing ,they have a marginal channel of financial resources. The refonn of financial system is later than the reform of enterprises. In indirect financial market banks loan capital chiefly to the nation抯 enterprises, specifiying to the big nation抯 enterprises. Bank loans become bad for the low efficient of the nation* enterprises. On the other hand, a great deal of smaller enterprises and other economical type抯 enterprises are very difficult to get loans even if they have a good future. ~Wh the deepening of the reform of financial system, the banks behave in compliance with market rules. The enterprises are more difficult in financing. Direct financial market is not mature, it focus on the nation抯 enterprises and leave the competition unfairly. Now most enterprises are not able to raise fund directly form direct financial market but also in indirect financial market mediated by banks. The enterprises are in hard condition to raise fund.In view of the Chinese situation and reference of Germany corporate financing model, it points out that target model of corporate financing structure in china should be lead by market and should be 搃ndirect financing oriented model with subsidiary direct financing and other financial system*. l抙is would help us diversii& corporate raising-fund channel and enhance efficient of corporate financing.Only after fasten the reform of enterprises and financial system, widen financing channel, improve financing environment and set up financing system which suit our nation抯 situation, the behave of enterprises can be regulated.