| Guided with general theories of enterprise financing, this thesis has carried out conscientious analysis and research of the financing behavior of the state-owned enterprise of our country, combined with our country's changes of enterprise financing system, as at present, turning planned economic system to market economic system. Because of different types of state-owned enterprises are faced with system discrepancy, these differences have caused them completely different financial behaviors and the capital structure's final difference with administer structure. This thesis analyses only for the financing behavior of state-owned listed companies and state-owned unlisted enterprises. It studies the foundation of general process that forms in enterprise financing option and financing structure, leading into social system factors. It focuses on investigating from the aspect of enterprise financing behavior with revealing reasons for enterprise's twisted financing behavior. The consequences are incomplete market condition, incomplete company administer mechanism, un-sound legal system environment as well as the direct intervention of national policy. Enterprise financing structure forms is the result of enterprise suits for the awkwardness of macroscopic system condition, or the result of balancing between enterprise and government at policy system condition. On this foundation, the thesis has gone on exploring for standard enterprise financing behaviors, finally the countermeasures and the basic way of thinking of financing structural adjustment and the innovations of property relations are suggested . The full thesis is divided into five chapters altogether:Chapter One: Enterprise's financing theory evaluation and analysis. During these decades, the analyses of financing structure have been concentrating on the relationship of enterprise financing structure and enterprise's value. MM theorem has proved that they are independent. The theories afterwards put forward to be one kind of revision to change this kind of independence. Through loosening MM's strict supposition, financing structure analysis of decisive factor is to be advanced, and assume some loosened suppositions as one of the factors that determine enterprise's financing structure.Chapter Two: The domestic current situation of study on financing question and relevant concepts are defined. Chapter Two explains the domestic academia situation of study on enterprise's financing question at present mainly, and defines the relevant concepts in the article.Chapter Three: System background that the structure of financing of the state-owned enterprise forms in. The changes of the economic system have caused the changes of the structure of the capital. The neglect of main property right of the state-owned enterprise has made enterprise's effective administration structure difficult to take shape, with incomplete administration mechanism and imbalanced capital structure forming the poor mutual-relation .Chapter Four: Economic financing behavior analysis of state-owned enterprise of system period of transitional period of system. Demonstration analysis of state-owed unlisted enterprises and state-owed listed companies indicates that different types of economic systems that different enterprises are subject to have led to completely different financing behaviors in financing , making the investment , assigning ,etc. This text has analyzed the characteristic of enterprise's non-standard financing behavior and profound reason.Chapter Five: Some thoughts of standardizing enterprise's financing behavior. From the perspective of changing government's function mainly, the system innovation of the property right, the reform of system of the bank, the cultivation and development of the capital market of our country, the author offers the suggestions of standardizing enterprise's financing behavior. |
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