Fiancial Crisis, The Nature Of Property Right And The Ability For Financing

2008 financial crisis hit, attracted many scholars of the context of the financial crisis, business economics and management of related areas. However, financing constraints of state-owned enterprises has been the hot topic in financial research, combined with the impact of the financial crisis, the financing capacity of state-owned enterprises is how to change, now to be discussed. Based on 2005-2009 annual economic data, whether the financing capacity of the manufacturing sector because of differences in property rights is different from another, in the context of the financial crisis, whether the financing capacity of companies to change and how to change.Through this study, we found in the manufacturing enterprise, private property rights relative to the state-owned property companies with greater financial capacity, which is smaller financing constraints. In normal circumstances, the financing of state-owned enterprises have more advantages, and the over-financing. However, the financial crisis, these advantages have a negative impact on the financing, in the reduced state, but overall, the financing advantage and not completely eliminated. In addition, the private sector financing capacity of the financial crisis fell, and appeared to some extent the external cash flow shortage.In addition, the company's management ability, profitability, growth, ownership structure, firm characteristics (such as assets and number of employees), and other background of enterprise property rights are subject to different effects, but previous studies did not adequately consider this point. External shocks and as the financial crisis, differences in property rights will serve as a buffer or zoom mechanism, the financing capacity of enterprises with different degrees of correction.In the financial crisis, state-owned enterprises to further improve the financing capacity, indicating that the state-owned enterprises in the financing capacity of the financial crisis did not fall, but rise, which is obviously not consistent with a market economy as the main characteristics of the countries, indicating that excessive government intervention.In addition, the financial crisis, companies in the financing capacity of the overall decline, but the decrease is not obvious, that our government in the implementation of macro-economic stimulus plan, the financing capacity of the enterprises did not appear as the financial crisis caused a significant decline.Based on existing research, this proposal is to reduce intervention in the financing of large state-owned enterprises, the funds for high-growth enterprises, to help them avoid bankruptcy and growth because of insufficient financing decreased the growth of non-efficiency. Factor analysis results showed that private companies have higher operating capacity and profitability, the government's policy towards private enterprises is an efficient choice. Moreover, the Government provided assistance in the hands of state-owned enterprises should be considered when companies have an incentive to increase earnings management in order to obtain government support, empirical results also show that the context of the financial crisis, the state-owned enterprises more than the general Rongzi 46,090,000, so companies motivated by financial crisis and the external shock as the "excuse" to get government support.