The Research On The Financing Of Township And Villgae Enterprises

In the last century of1950's, Township and village Enterprises (TVES) appeared in China. After constant development and reform, TVES has become the important strengthen in our national economy, is the economic support in rural area of our country, which promotes the "agriculture, countryside and farmers" economic development and realizes the integration of urban and rural areas. With the continuous development of market economy, TVES is now facing the phase transformation task Therefore, the shortage of capital is the biggest obstacle to the development of township enterprises at present. So, do the research on the township enterprises' financing problems and help them to get rid of financing predicament is the first priority of promoting the development of TVES.We should not respond to apply the western financing theory mechanically and blindly copy the successful foreign experience of financing, and we should make a deep analysis of the internal and external financing environment of TVES, then to put forward the corresponding countermeasures after analyzing the financing difficult problems. This paper makes a empirical analysis of the financing status of TVES in Yunnan and Tianjin, and expounds overall situation of the financing of TVES, then concluded a few basic features in the financing situation of TVES, namely financing channel narrow, bank loans, private financing important extent rises with each passing day, direct financing is not smooth, the difference in the main source of funds from the different regions enterprises and so on.This paper analyzes some reasons of the financing difficulty situation of TVES from the fiour aspect of the TVES itself, rural financing environment, the policy and law and financing channel, then list the following reasons:First, the low level of enterprise credit and the financial information transparency, banks are reluctant to loan to the TVES under the guidance of the concept of cost efficiency and risk management. Second, the shortage of enterprise credit and the lack of collateral circumstances and intermediary guarantee agencies to provide guarantee for them which block up the loan from bank. Third, the capital market of our country lacks of level difference, and not suitable for TVES listing and financing of the low levels of capital market, and direct financing is not expedite which aggravates the financing difficulty of TVES.Based on the analysis of the present situation and the reason of difficulty of financing, this paper put the financing problems of TVES in the rural financial environment, and put forward a idea that construct diversified financing system of TVES from the three aspects of rural credit system, social auxiliary system, financing channel system and policy and law system. At the same time, this paper points out the most pressing task of building a multiple financing system of TVES, namely the implementation of TVE oneself phase transition, commercial bank management system reform, rural guarantee system perfection, regulation of private financing and low level capital market construction, and then put forward corresponding suggestions.