| I.The purpose and significance of this thesis The research of the enterprise's life-cycle theory begins from the 50's in 20 centuries, thrives on 70,80's, appears the new high tide at the end of 90's.Up to present, there are more than 20 life-cycle models. After a careful analysis, you'll find all model contains such stages: conceiving period, begging-existence period, growing period, matured period, recession period, and transmuting period. Analyzing these stages, you'll find different characters appearing in different stages in the life cycle of enterprise. These differences decide the outlet and the financing measures of enterprise. The financing system in a nation should meet the demands of enterprise in each period. Our country is a developing country, and the financing system is still not sound. Building the financing system of the whole country, we need to meet the demands of different periods of a enterprise. It's significant for us to put forward the perfect measure from the enterprise's life cycle. Ⅱ.Research logic and research method The author set out the research from lifecycle theories, analyzing the characters of different life-cycle stages of a enterprise, putting forward concerning financing measures of these stages, and thinking over the financing system of the whole country. As to research method, this paper mainly employs logical deduction. It combined theoretical research, qualitative analysis with quantitative analysis, normative analysis with empirical analysis. Ⅲ.Main content of this thesis This thesis is divided into four chapters. Chapter 1 is the theoretical basis of this thesis, elaborating the enterprise's life-cycle theory, analyzing the characters of different stages. According to these characters, the writer put forward related financial measures. The writer thought over how to build up the financing system of a country in chapter 2. This chapter is divided into three sections. According to the character of the start-ups in early stage, in section 1, the writer proposes that it' be necessary for the whole society to promote the industry of venture investment. Section 2 concerned on the commercial bank system, which includes a few big banks and numerous medium and small commercial banks. In the third section the writer proposes the healthy and complete capital market should be composed of main board market, second board market, over-the-counter market, and also property trading market. Chapter 3 analyzes the enterprises financing situation, which are in their different periods, and figures out some shortcoming based on the carefully selected sample of enterprises in their different periods. This chapter is composed of three sections. The first section analyzes the financing structure of two different companies–a stated-owned company and a private company and make out the conclusion that on the start-ups stage the indirect financing ratio is much higher than the other which is depended on its own private financing resource. This section also makes further analysis on the present situation of the venture investment industry. In the second section, the writer selects 36 stocks as the samples of growing and matured enterprise under the enterprise life-circle standards, which were utilized by Mr.Timmons in 1990 and Mr. ChenJiaGui in 1995. The standards are resorted as time of established, scale of capital. The writer analyzes the current situation of second board of capital market, and the credit guarantee system of medium and small enterprises, and finds that the second board of capital market can not satisfied the financing demands of medium and small enterprises, and there is a lot of problems existing on the credit guarantee system. In thethird section the writer analyzed annul financial report data of 17 stocks circulated on the third board and also the main operating revenue data from 1991to 2003 of 14 stocks among the above 17 stocks. After the analysis coming out the following conclusion: it's hard for the dieing enterprising to retreat from the main bo... |
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