Ownership, Marketization And Financing Dilemma:Evidences From Non-listed Firms

External financing plays an important role for the modern company operating in promoting the company management, mastering investment opportunity etc. This paper attempts to discuss, under different property rights system and locating in regions of different degree of marketization, different enterprises face discrimination in the external financing and may encounter financing constraints.That is to say, the enterprises face a kind of financing dilemma. After a large sample test on the un-listed companies, this article arrives at such conclusion. For financing discrimination, state-owned enterprises has stronger lending ability than private enterprises, and the rising of the degree of marketization will promote the enterprises to optimize their debts' term structure, and the state-owned enterprises can use this optimization opportunity better. For financing constraints, both private enterprises and state-owned enterprises are subject to the influence of financing constraints, and there is no significant difference between the two different types of enterprises.