Financing Pattern Of China's Telecom Companies

As the guide industry with important national economy and basic industry, the telecommunication industry is developing rapidly in recent years. With the deepening of reform and opening-up in China and China's entry into WTO, the structure of monopoly has broken up and the importance of the capital is displaying day by day. So capital becomes the key factor in restricting Chinese telecommunication operational enterprises'development. The first paragraph begins from concept of financing and traditional financing theories, and then makes an analysis of principal financing patterns.The second paragraph makes an analysis of economy property and financing characteristic of Chinese telecommunication operational enterprise and reviews four stages of historical gradual progress of financing of Chinese telecommunication operational enterprise, namely, government investment is the stage of the main fact; the preferential policy is the stage of the main fact; it is the stage of a main fact that the preferential policy is added to the financing indirectly; the preferential policy is cancelled; and give priority to indirect financing as well as try many kinds of financing way.The third paragraph introduces financing characteristic of foreign telecommunication operational enterprise, summarizes some revelation on choosing financing mode for Chinese telecommunication operational enterprise integrating typical financing case.The fourth paragraph elaborates difficult position,which Chinese telecommunication operational enterprises are facing with and the insufficiency of financing mode of our country presently such as few financing pattern, unreasonable financing structure and separation from investor and customer. Then analyzes the reason for the insufficiency and summarizes principles of choosing financing mode. Firstly, matching with the economy property of telecommunication operational enterprise; secondly, matching with the strategy of telecommunication operational enterprise; thirdly, matching with telecommunication trade developing competitive stage and product cycle; fourthly, matching with the degree of capital market.At last, the thesis puts forward proposals on choosing financing mode for Chinese telecommunication operational enterprise from financing tactics, financing patterns, financing structure and financing places.