| Family enterprises is an important part of the market economy in our country,the Chinese family enterprises are numerous,but most are small and medium-sized enterprises,failure to grow,the small and medium-sized family enterprises in the start-up stage of development,the demand for money is great,but in our country’s financial market,small and medium-sized family businesses get bank loans difficult,this mismatch between supply and demand situation provides the soil for breeding of relationship financing.Another factor that promotes the emergence and development of relationship financing is the unique "family nature" of family business,which is influenced by Chinese traditional social culture and has Chinese local characteristics.In short,the relationship financing discussed in this paper is the borrowing behavior between family business owners and other individuals.It is carried out in the name of individuals,but the funds flow to the enterprise,so as to influence the financing structure of the enterprise and thus affect the performance of the enterprise.This type of financing is based on the "relationship" between the business owner and the individual lender.The business owner can provide no clear financial information,and loans are easier to obtain and financing costs are lower.Individuals can invest more profitably than bank deposits,and because of the trust of the owner’s "family and friends" for many years,lenders are more secure than investments such as stock funds.After it is known that relationship financing has a strong beneficial effect in the initial stage of family business,this paper tries to analyze whether relationship financing will still have an advantage after the development of family business,or will it become a dilemma to restrain the business? Therefore,this paper takes relationship financing as the starting point and takes X Company as the case for analysis to discuss the changes in the performance of X Company after its listing,so as to analyze the impact of relationship financing on family business after its listing.This article describes and analysis of relevant information of the listed company X enterprise,according to the relationship between the financing affect the financing structure,which affects the equity structure and debt structure,thereby affecting the performance of the logic chain to expounds and studies,and is also proved that the related relationship of X enterprise financing will adverse influence on the development of family firms in the late this conclusion;Then,this paper discusses the failure of relationship financing.It believes that the main reason is that after the development of the enterprise,the interest is increasingly involved,the "favor" is gradually dissipated,and the relationship financing is transformed into "profit-oriented",and the disadvantages are constantly highlighted.Finally,this paper puts forward two suggestions based on the research conclusions: from the perspective of the enterprise itself,it can establish and improve the information disclosure mechanism of the enterprise,strengthen its talent construction,and build three-dimensional financing channels;From the point of view of government formulation,we can develop community cooperative financial organization,and at the same time,we can develop mutual financing guarantee organization of family business. |
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