Research On Enterprises Financing System In China Based On Enterprises Life Cycle

As we all know, the sustainable development of a country’s economy depends on a heaithy and harmonious development of the real economy. As the core of the economy, finance plays a vital role in the development of the real economy. After30years of financial reform, China’s financial system is maturing. The overall strength of the bank system has been enhanced, the multi-level capital market system has been basically established. However, there is a prominent problem in the corporate financing system which is an important part of the financial system. The financial system that is based on indirect financing is difficult to meet demands for funds from a large number of small and medium-sized enterprises which are still in the growth stage with weak strength. Enterprises have different demands for funds in different life cycle. This paper comprehensively analyzes the financing characteristics in different stages of enterprises life cycle, then explores the problems of corporate financing system in China from the perspective of theoretical and empirical, and finally puts forward suggestions to improve our corporate financing system.The paper is divided into four parts. The first part is an introduction. It introduces the purpose and significance of this study firstly, and then summarizes the research results at home and abroad, follows by a brief introduction of the ideas and methods, and finally proposes possible innovation of this paper. On the basis of enterprises are divided into four stages of start-up, growth, maturity and recession, the second part summarizes the characteristics of each stage of the enterprise life cycle, and then sums up the reasonable financing methods of each stage. On the basis of the second part, the third part targets to study the current situation and existing problems of corporate finance system.The fourth part is an empirical analysis. From the growth enterprise market, the Shanghai Stock Exchange and the delisting companies, the author respectively selects a certain number of enterprises as samples to study the financing situations of the growth, maturity and declining enterprises. The fourth part is to put forward suggestions to improve our corporate financing system from macro and micro dimensions.