Study Of The Financing Problems Of State-owned Enterprises

There have different ways to study the financing of State-Enterprise. In literature, some experts study this problem from the point of Chrematistics, Finance and so on. It is helpful to deal with the financing of State-Enterprise and to get more methods. But all these literature just pay attention to the technique lay. So this dissertation studies what is the institutional affection on the financing of State-Enterprise , and provides the new method to reconstruct the system of financing of State-Enterprise. This dissertation consists of the following seven chapters:Chaper 1 presents most basic important concepts in this dissertation, include: finance, financing of enterprise, the mode of financing of enterprise, directly finance and indirectly finance, debt finance and equity finance; internal finance and external finance, the financing mode of enterprise.Chaper 2 evaluates a general commentarial description of the existing research literature. Traditional viewpoints in this regard are Traditional Theory of Enterprise finance, Modem Theory of Enterprise Finance and The New Theory of Capital Structure. Traditional Theory of Enterprise Finance based on experiential hypothesis. It analyze the relationship between market value and the cost of debt finance and share finance of the enterprise, but neglect the correlation among the rate of debt and the cost of share, finance venture. Furthermore it is devoid of precisely mathematical deduction and statistical analysis. Modern Theory of Enterprise Finance includes MM theorem and the other theories what are based on MM theorem. There have no relationship between market value and capital structure of enterprise by MM theorem, which are based on rigorous market hypothesis and precisely demonstrate in logic. Although this conclusion cannot explain phenomenon in the real world, but establish the basic analysis of modern capital structure of enterprise. The New Theory of Capital Structure drive study from the enterprise finance to the design of institution by dissymmetrical information theory, but still existing some factors, such as conflicts because of different benefits among dormantpartners, influence the explanation of all kinds models in The New Theory of Capital Structure.Chaper 3 compares and analyzes four modes of financing of enterprise in the world, include securities business leading mode in America, main bank mode in Japan, almightiness bank mode in German, government leading mode in Korea. This chaper expatiates the four modes, reduce that the main causation which make these countries difference, is boundary between the government and market. Because of special history, government must take important function in the capital gaining and apportion in the developing countries. The bank is the most important in enterprise finance. But enterprise finance by themselves and available capital market in west countries.Chaper 4 reviews the history of enterprise finance mode in our country. Enterprises before reformation, had such characteristics: enterprises finance relied on government budget; government intenerated the budget restriction to enterprise; obdurate of enterprise finance mode. This mode establish the basis of industrialization of our country in short period, but efficiency is low and capital is hard up. While reform, State-Enterprises' internal finance are changed by congregating Subsistence of income; State-Enterprises' external finance though debt to obtain the investment capital; State-Enterprises' currency manage system have changed; Finance by share become more and more general, but existing problems of institution in the development.Chapter 5 analyzes the debt finance of state-owned enterprises. This chapter firstly analyzes the character of high debt and low efficiency in state-owned enterprise, and secondly analyzes the debt finance of enterprises by way of their investment, management and financial restrain, in the end analyzes the behavior of debt finance of state-owned enterprise. The main ideas are as follows: when the efficiency o...