Study On Heilongjiang Old Industrial Base Enterprises Financing Problems

The energy, the raw material and the mechanical industry are playing very important roles in Heilongjiang old industrial base enterprises. Most of them are the skeleton industries and have massive state assets. The high share of state owned and the heavy debt are their characteristics. In order to optimize the state enterprises'capital structure the country cleaned up the bad account of bank and increased the number of listed companies in 1995. But the ways to pour a large sum of resources into the project can't solve the problem radically. The investment of government is going up but the benefit of enterprises is dropping. Financing is still a troublesome problem in the revival of the old industrial bases. A lot of money continuously poured into the old industrial base enterprises in the different ways. But the enterprises are separated from the market, the project that isn't needed in the market induces a large amount of loss, That's so called"the project strange circle"; It also caused most of the fund to become Non-Performing Loans. In order to solve the problems, the enterprises must truly become the main body of market, get rid of the dependence on the government, use the social fund to support their own development and enhance the efficiency of fund.In the research process this paper demonstrated the Heilongjiang old industrial base enterprises financing realistic by many kinds of mathematical statistics methods, contrast and induction means and so on. First, in the introduction of this paper summarized the domestic and foreign financing theory; then reviewed the correlation financing theory which was involves in this article; Summarized financing experience in the transformation process of the developed country old industrial base; The key part of this paper is based on the real diagnosis research, the paper has analyzed financing characteristic of the enterprise in the Heilongjiang old industrial base: financing channel sole, relying on strongly to the bank loan, utilization of foreign capital is low, unreasonable capital structure, financing by property right transaction is deficient. Then use analytic hierarchy process based on accelerates the genetic algorithm, The result indicated that utilization of foreign capital is low, the property right trading market imperfect as well as the direct financing proportion low have the tremendous influence. Unifies the financing experience of the developed country old industrial base, pointed gives following comments and suggestions: we should open up the financing channel, positively advocate financing by property right transaction, at the same time improve the investment environment, attract investment from various, mufti-channels, optimize financing structure of enterprises, enhance the efficiency of fund using.