Research On Affecting Factors And Mode On Financing Of Militray Enterprises Military And Civilian Integration Based

Military enterprises are one of the most important pillars of defense industry in China. Their development plays a huge role in promoting economic construction. Nevertheless, the financing problems, which have a great significance on the improvement and international competitiveness of military enterprises, have been restricting military enterprise development all the time.The country has created a series of policies anout military enterprise reform, which lay the foundation for marketization and securitization of the national defence industries. Especially that civil military integration has been hoisting height to the national strategy. Under this background, how to financing efficiently is what military enterprises should be concentrating on.Based on available documents and the existing research, In this paper, we study with prospective and practical principle. Logic analysis methods, such as comparison, induction, deduction, have been used for qualitative analysis. Through analyzing on a large amount of data, which come from 74 listed military enterprises by the end of 2014, we found that financing modes for military enterprises are facing some problems in those aspects such as internal financing, equity structure, bond financing. Focus on the currently existing problems, combining development experiences of foreign defense companies such as Amercia etc., this paper puts forward several suggestions to optimize financing modes for military enterprises. Next, on the basis of principal theory, identify the various influential elements of funding model of military enterprises through DEMATEL method. The paper ultimately found major factors, cause factors and result factors. After that, we constructed the empirical perspective multifactor model combined with cross-section regression and econometrics for inspection and recognition, in which funding model was regarded as dependent variable, influential factors were regarded as independent variables.Focus on the currently existing problems, combining development experiences of foreign defense companies, this paper puts forward several suggestions to optimize financing modes for military enterprises. Specific measures are as follows, such as exploit Merge & Acquisition market positively, speed up the reduction of proportion of state-owned stock, actively guide and encourage financing in bond market, apply venture capital vigorously, set up a special fund for defense.