Research On The Financing Mode Of Pribate Capital Investment In Small Enterprises

In recent years,with the rapid development of market economy,private capital has accumulated in China.Its scale has been continuously expanded and its position in the capital structure has become increasingly prominent.However,due to the poor investment and financing channels and imperfect models,most private capital has always been in a slumber,forming a great waste of resources.In the meantime,the small and micro enterprises that occupy 90% of the total number of enterprises in our country and provide employment opportunities for 70% of the residents of our country are confronted with relatively strong financing constraints.Financing difficulties and financing are always the bottlenecks restricting the development of small and micro enterprises.It can be seen that trying to activate the liquidity of private capital and finding a matching financing model to guide it into small and micro enterprises is of great practical significance for promoting the balanced and healthy development of Chinese economy in the new phase.In view of this,this study is closely linked with the stage development characteristics of large non-governmental capital stock and small and micro enterprise financing coexistence.First of all,this part sorts out the domestic and foreign private capital investment in small and micro enterprises and defines the concept of private capital.The classification of small and micro enterprises to be clear;Second,based on the theory of enterprise life cycle,capital structure theory and information asymmetry theory,this paper analyzes the characteristics and financing needs of different stages of the life cycle of small and micro enterprises,and based on the reality of our country,discusses the main ways private capital is involved in the investment and small and micro enterprises Financing model,seeking a foothold for the construction of small and micro enterprise financing model of inflow of private capital.In order to solve the prominent problems in the non-matching mode of private capital and small and micro enterprises investment and financing,this paper uses the evolutionary game theory to analyze the selection of financing modes in the seed stage,the early stage,the mature stage and the mature stage in small and micro enterprises,different stages of small and micro enterprises to invest in different modes.On this basis,this study follows the trend of "Internet +",and discusses the way of private capital investment in small and micro-enterprises under the new environment,and builds a multi-mode loan guarantee model suitable for small and medium-sized technology-based SMEs and analyzes the mode operating mechanism,to guide private capital to a reasonable micro-enterprises to provide a reference and reference.The study found that the stock of private capital in our country is enough to meet the financing needs of small and micro enterprises,but most of them invest in debt-based mode while small and micro-enterprises prefer to choose equity financing model,which may be the demand of private capital supply and small and micro enterprises matching the important reason;Evolutionary game analysis shows that for small and micro enterprises in the seed stage and early stage,private capital tends to choose a debt-based investment model,whereas for small and micro-sized enterprises in growing up and maturing stage,private capital prefers equity financing model.It can provide a reference for the selection of financing modes in different stages of small and micro enterprises.Based on the Internet Finance,the construction of the compound insurance mode can effectively alleviate the financing constraints of small and medium-sized technology enterprises and broaden the channels for private capital to invest in small and micro enterprises,providing new ideas for solving the financing difficulty of small and micro enterprises.