| Modern financing structure theory think the cost of endogenous financing is the lowest, the risk is minimum, so endogenous financing should become the main source of enterprise's financing .Then the other source financing can be considered. In other source financing, debt financing should be selected first, stock financing ranks second. The financing structure of enterprise of the western countries and some developing countries has confirmed this. The actual conditions and theories of our country have greater difference comparing with other countries. When financial instruments are single, enterprises can only rely on the bank loan. After security market takes shape, enterprise strives strong to list, for some enterprises, list has already become the purpose, but not a means of increasing enterprise's value.la the past 20 years, enterprise's financing behavior of our country has gone through an enormous change. From financial funds supply of last century to bank supply of credit funds to now utilize capital market to carry on stock and bond financing. On one hand, these reforms are caused by market and economic adjustment, on the other hand, it is also the initiative exploration of the administration structure But the exploration is unsuccessful, the corresponding results include that the financial burden is heavy, and bank and the listed companies sacrifice medium and small investor's interests etc. Because the listed company only regards security market of our country as the place to use the fund free at first, there is no comparativity between utilizing bond financing, bank loan, and other channels to raise enterprise development funds and stock financing. Though influenced by our country's special national conditions and planned economy originally, bond financing and bank loan have a restriction to enterprise's behavior. Comparing two means, stock way of financing is more attractive, for it does not have any restrictions. This thesis will explain the basic concepts of capital structure from theory of financing structure and to probe suitable financing way of state-owned enterprise of our country. The thesis includes four parts mainly:The first part Explains the basic concepts of the structure theory of the capitalmainly. The financing structure theories of classical enterprises include the theory of the net income, net business income theory and traditional theory, Three kinds of financing theories think that the financing in debt can increase enterprise's value. Modem enterprise financing structure MM theory and revising theory think that complete debt financing is the best.The second part: Introduce the characteristic and experience of American, Japanese financing mode. In U.S.A., 2/3 of outside funds are obtained through issuing debt, corresponding stock issued amount only accounts for about 1/3 of long-term debt. In Japan, an indirect mode of financing has been formed because of historical reason.The third part: Analyse the current situation of enterprise's financing way of our country and the existing problems. At present, enterprises of our country lean to stock financing, and the proportion of financing of bond drops relatively. The scale of endogenous financing is limited.The Fourth part: For the problems that our country exists in the way of financing, get corresponding settlements. Reinvent market-oriented relations between band and enterprises, develop bond market energetically, cultivate stock market, improve current situation of endogenous financing. |
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