Research On C Company’s Financing Optimization Strategy

State-owned enterprises have always been the pillars of China’s economy.In view of the government support for all aspects of state-owned enterprises,commercial banks are also giving "green light" for state-owned enterprises,these lead to the debt ratio of state-owned enterprises to continued rise.The high debt ratio means high risk.In recent years,the central government decided to decrease the leverage,and one of the way is that strict supervision for the financing of state-owned enterprises.Under the circumstances,state-owned enterprise debt financing is bound to be affected.The financial pressure must be increased for state-owned enterprises that are used to easily get financing from commercial banks.The new financial environment has higher requirements for the financing capacity of state-owned enterprises.This paper selects a state-owned enterprise,“company C”,which wholly owned by the R city government.Under the requirement of “decreasing leverage”,the company C faces to the limitation in different financing channels and the increasing capital pressure.In addition,the company C has not been listed,resulting extremely limited in equity financing.Therefore,it is an important problem for company C that how to choose the appropriate financing strategy in the current situation.Based on the analysis of the current situation of company C and the financing environment,this paper analysis the financing problem of company C,and gives the financing strategy and implementation path of company C.It hopes to help company C solving the financing problem and improve the operating situation.This paper draws the following main conclusions through research:(1)It is conductive to its financing because state-owned enterprise,“company C”,has accumulated experience in the past few years;(2)The financing environment faced by company C is extreme complicated.The changing of policy lead to a decreasing in financing advantages from the state-owned enterprise.Meanwhile,the financial environment has more strict financing requirements;(3)The company C need to face a variety of financing risks from inside and outside,including mismatch risk of financing products,maturity mismatch risk,financing structure risk,national policy risk,business risk,etc.;(4)The company C can optimize financing channels from debt financing strategy,equity financing strategy,stock and debt strategy,and overseas capital market strategy;(5)To approach goals,the company C also requires a number of support,including financial management capabilities,capital allocation efficiency,and the capacity of financial staff.In general,it is excellent of the company C own conditions,but under the circumstance of “decreasing leverage”,the increasing financing risks requires multiple financing channels and strategies to improve financing capabilities.