Empirical Study On Influencing Factor Of Enterprise Financing Of List Defense Industry Enterprise

The development and expansion of defense industrial enterprises related to the national economic development and security.,Source of funding for defense industrial enterprises mainly rely on national appropriation in the planned economy era.With the restructuring of the defense industrial enterprises and the country encourage these enterprises listed,these enterprises has faced a new problem in enterprise financing. As the reason of security and national restrictions,listed defense industrial enterprises can not be raise funds by Equity financing. Coupled with the decline of government`s appropriation, the listed defense industrial enterprises had to rely on debt financing. The paper based on the data of listed defense industrial enterprises in the year of 2006-2008,and had an empirical study of the relationship between the defense industrial enterprises good relations of the government of and banks and government executives and the finance convenience.The results showed that the listed defense industrial enterprises had some convenience in debt financing by other listed enterprises. But the politics background of senior manager in defense industrial enterprises had no convenience in debt financing by others.These conclusions show that although the defense industrial enterprises had a reform of the joint-stock system and listed,the defense industrial enterprises still acquired the bank loan by used traditional good relations with the government and banks now.The way of the enterprise financing is single. And the enterprise had more financial risks.We should be further accelerated the pace of the defense industrial enterprises listed and improve the capital market.We should accelerated the speed of the reform of the joint-stock system of the defense industrial enterprises by guaranteed the security of the country`s secrets.The funding source of the defense industrial enterprises should be expanded and opitimzation of the way of financing for these enterprises, enhance the capacity of equity financing of the defense industrial enterprises.So that the defense industrial enterprises could developed better in the environment of the market economic. And participated in the international competition and enhanced their own capacity.