Research On The Financing Channels Of Township Enterprises In China

China’s township enterprises already accounts for a pivotal position in the nationaleconomy since the fifties of the last century the development so far. In recent years,"threerural" issues, new rural construction issues have been put on the agenda, the townshipenterprises is given the task of in history by the government. However, with the developmentand improvement of the socialist market economic system, Intense competition in the marketmakes the township enterprises’ development environment deteriorating. In addition, thedrawbacks in the operation and management of township enterprises are gradually revealed,financing difficulties have become the primary factor of restricting further development oftownship enterprises, and financing channel is not smooth is the root cause of the problem offinancing generated.On the basis of related theory research, this article collects large amounts of data, deeplyanalyzes the current situation of township enterprises financing channels, and come to theconclusion of China’s township enterprises’ financing channel is not smooth and own fundshas became the major source of fixed assets at this stage.Then, the article analyzes the reasonof financing channels is not smooth from three aspects of theory, township enterprisesthemselves and macro-financial environment. On this basis, the article selects10from2006to2012data from township enterprises have been listed in, adopts the methods of empiricalanalysis to analyze the impact factors of exogenous financing channels, and come to theconclusion of credit viability of enterprises mainly depends on the rigid constraints,such asthe scale of operation, assets tangible and so on.Through the above research,the article put forword the policy recommendations of makeChina’s township enterprises financing channels more perfected from two aspects,townshipenterprises themselves and governments.