External Restraint Of The Private Enterprises’ Financing Behavior Tendency

As an indispensable important part of China’s socialist market economy, private enterprises has become the most dynamic economic growth, in promoting economic growth, promoting market development, absorbing employment, stimulating export and other aspects plays an irreplaceable role. From the view of the development of private enterprises, external financing as the inevitable choice of the development of private enterprises to a certain stage, has an important role in promoting scale expansion, reform and innovation, etc. But there is a serious imbalance between private enterprises’ contribution rate and financial resource allocation, in the social transition, Chinese financial system is not yet perfect, market development is not mature,financial market environment that private enterprises are facing is not perfect,all these have resulted in the flow of financial resources in a serious master-slave order. Meanwhile, in the external financing process, under the impact of the existing financing system, private enterprises will face a variety of financing constraints in different capital markets, thus forming a serious financing bottleneck.Relationship and reputation as an alternative mechanism can make up for the shortage of formal financial system, and can effectively ease financing constraints in the external financing market. In the financing activities of financial institutions and private enterprises, the two sides will form an implicit social contract relationship in the invisible.On the one hand,it is benefit for financial institutions to obtain soft information, thereby reducing the information asymmetry between the two, reducing the information costs, supervision costs and the potential risk costs; on the other hand, the private enterprises can through recessive guarantee achieve financing transactions, alleviate the financing dilemma, beside it is good for the private enterprises to reduce the incidence of the potential moral hazard and for the financial institutions to guarantee the expected benefits.From the existing financing behavior tendency of private enterprises, this paper studies it’s origin:external financing constraints.And it elaborated the private enterprises’ general financing constraints, considered that ownership discrimination and scale preference are the objective existence of the existing financial environment. In addition, on the basis of collecting a large number of relevant data, we analyzed the private enterprises’ credit constraints and distribution constraints in capital segmented market by combining qualitative analysis and quantitative analysis. In the credit market, we studied the information constraints and credit rationing of private enterprises, and referring to the signal transmission model, analyzed the credit constraint,mortgage and guarantee constraint of the private enterprises’external financing under the information asymmetry.Besides, in the securities market, we analyzed the enter threshold constraints and information disclosure constraints in private enterprises’financing process,and using of IS-LM curve, studied the issuance of government bonds and financial bonds have an extrusion effect on private enterprise bond financing. Finally, based on the three party participants in the external constraints of private enterprises, we put forward the relevant checks and balances mechanism.This paper is divided into six chapters. The first chapter is the introduction. It mainly elaborates the research background, significance, method, content and the innovation and the insufficiency of this paper, is the general outline. The second chapter is the literature review and related theories of financing constraints. It introduces the research status at home and abroad, and points out the related theory and its concrete contents. The third chapter is the trend of private enterprises’ financing behavior. From the two angles of the compliance and non compliance, this paper expounds the financing behavior of private enterprises. The fourth chapter is the external financing constraints of private enterprises. Combined with data statistics and model, this paper analyzed the reason that private enterprises have the existing financing behavior, that is, the overall constraints,and the constraints in the credit market and the securities market. The fifth chapter is the system of checks and balances. Based on the analysis of the trend of private enterprise financing behavior and the external constraints, from the perspective of the three party participants, this paper given the relevant policy recommendations. The sixth chapter is the conclusion of the article. Summarize the main research results of the paper.