Study On The Choice Of Chinese Private Enterprise's Financing Methods

There is a lot of research about financing of private enterprise at present, but most concentrates on the stage of normative study, comparing and describing quantitatively. Western theory of financing structure is received based on some assumed conditions, but the assumed conditions do not conform to the conditions that the private enterprise in our country. The factors influencing enterprise's financing way to choose is varied, not only including financing cost, agent cost and bankrupt cost, but also including obtainable rate of capital, standardized degree of capital market, freedom degree of financing subject, property right arranging and liquidation ability. Proceeding from financing way that private enterprise can get really, this text has considered the factors that influences the choice of the financing way of private enterprise synthetically, and has evaluated the financing efficiency of the three financing ways of the internal financing, debt rights financing and stock rights financing by using the multifactor fuzzy comprehensive appraisal methods. Thus this text has drawn the priority order that the private enterprise how to choose the financing way at different developing stage of the life cycle. The above-mentioned conclusions offer certain theoretical direction to choose the best financing way according one's own conditions during the financing.