Private Enterprises' Financing Development And The Evolution Of The Financing Structure

This paper's object is to analysis the private enterprises financing choosing path and the financing development in a dynamic way. This paper insists that the domestic private enterprises' financing development is accomplished by the process of financing structure's evolution, and the financing development cycle model is good in illustration of the enterprise's financing structures' changing principle in both a long-term and dynamic way. However, we find that under the Chinese special market-oriented economy, both the finance market inefficiency and the private enterprises' structure problem together can cause the private enterprises to become lag in the financing development process.In this paper, we use the econometrics method to analysis the data base, which includes the private enterprises, national-owned enterprises and the listed private enterprises in the year 2004. After than, based on the information gathered by a research activity, this paper makes a statistic analysis, and indicate that in the actual selection procedure, private-owned enterprises' financing arrangements and their financial development routes.Based on a large scale database, this paper combined the theory and empirical method to describe the domestic private enterprises and compare them with other kinds of enterprises, and find out why the different path happens, thus analysis the circumstance and system background which cause the difference, and based on which to make some policy suggestions. In propose of the further research, this paper illustrate some available research angle and the research frame for the next stage in the field of the private-owned financial development at the end of this paper.