Focused On The Perspective Of The Efficiency, The Financing Structure Optimization Study On The Small And Medium-scale Private Enterprisen In China

Since the China’s economic reform and opening up, China’s private enterprises have developed rapidly. The private enterprises have become an important force in pushing the country’s economy going up, increasing the fiscal revenue, creating jobs, promoting urban and rural markets and maintaining the social stable. However, private enterprises never get rid of capital shortage for many years. Financing problem has plagued private enterprise and become the bottleneck of developing. Based on the practical investigation and theoretical analysis of small and medium-sized private enterprises in Sichuan province, this paper comprehensively analyze the main financing channel, financing structure and characteristics, the financing difficulties and cause. In addition, on the above basis, this paper has studied the financing efficiency of main financing ways by comparing endogenous financing, folk lending, bank loans and commercial credit and equity financing and using fuzzy comprehensive evaluation method from financing efficiency view. Finally, according to the problems existing in the private enterprise financing structure and financing efficiency, this paper gives recommendations and suggestions pertinently on optimizing private enterprise financing structure and improving private enterprise financing the efficiency.This paper includes four parts:The first part is an introduction. It includes the research background, significance, research status of the field, and the research contents and methods.The second part is the current situation analysis of private enterprise financing structure and the financing efficiency in China. It analyzes the status of the structure, efficiency and causes of small and medium-sized private enterprises through the investigation in Sichuan province. This paper believes that, financing of enterprises is funds raising activities of the enterprise to realize the financial objectives, and financing structure is the core of financing decisions. The choice of private enterprise financing structure in China is influenced by both external factors, such as financing environment, and internal factors, such as enterprise scale, the growth stage, and others. Different ways of financing decide different financing structure, which will ultimately affect the market value of the enterprise. Moreover, it believes from analysis that the financing difficulties of small and medium-sized private enterprises have become the main development bottleneck in the internal financing, particularly self-capital is lacking in internal financing and the financing channel is narrow in external financing.The third part is the practical research and studies of private enterprise financing structure and financing efficiency in China. First it defines the concept of financing efficiency and analyzes the inner link of private enterprise financing structure and the financing efficiency. Then it uses the fuzzy comprehensive evaluation method, from 5 aspects, including financing cost, financing risk, funds rate, capital financing mechanism, regulating and financing body, to compare the financing efficiency of different financing ways, such as internal financing, folk lending, bank loans and commercial credit and equity financing. It says that the internal enterprise financing is the highest financing efficiency, and the lowest are equity financing, and commercial credit, folk lending, bank loan financing efficiency between the internal enterprise financing and equity financing.The fourth part is the strategies and recommendations of optimizing the structure of private enterprise financing. Through the analysis of characteristics of the financing in different growth stages of private enterprises, Firstly it provides dynamic financing strategies in different development stages of private enterprise from microcosmic perspective. Then, it provides the specific suggestions of optimizing small and medium-sized private enterprises’ financing structure and how to increase the financing efficiency from the government, enterprises and financial organizations.