Research Of Financing Problems On Listed Private Enterprises In Zhejiang Province

Private enterprises in national economy in China has a very important and irreplaceable role, it is an important force in the support of China’s economic development, its development is good or not is closely related to the whole country and the people’s living conditions. Private enterprises in our country just starts to grow, its vitality is relatively fragile, easily because of capital chain and at risk, and even lead to bankruptcy is closed, so for the private enterprises, not only closely related with its life, whose main business is financing channel is also very important factors to influence its fate. To our country private enterprise financing problems in-depth study, can more clearly understand our country private enterprise financing problems, also helps to grasp and control the risks of medium-sized enterprises.This paper combines the status of the financing of private listing Corporation in Zhejiang province and the value of the collateral value to the financing structure of the changes, selects the data of 2008-2014 years of the private listing Corporation in Zhejiang as a research sample, which is based on the relevant theoretical analysis. Through the empirical analysis, we can get the relationship between the rate of mortgage and asset liability ratio, and then study the impact of asset liability ratio on profitability.The main conclusions of this paper are as follows:in the aspect of the mortgage, the asset liability ratio is positively related to the ratio of fixed assets, and the positive correlation between the ratio of asset liability ratio and the fixed asset ratio is also existed. The higher fixed asset ratio is, the higher the proportion of mortgage assets is, and the more loans are got from the banks. In the effect of asset liability ratio on corporate profitability, net asset return (ROE) is negatively related to asset liability ratio, and in the robustness test, the core ROE (operating profit/average equity) and asset liability ratio is also negative correlation. It is showed that the higher the rate of assets and liabilities is, the lower the profitability of the enterprise is, which is mainly caused by the excessive investment in the bubble economy not the real economy.At the end of the article, the paper puts forward the policy suggestion on the financing of private enterprises in Zhejiang province for the management department and private enterprises themselves, which is based on the previous theoretical analysis and the empirical analysis.