中国民营企业融资困境出路之股权融资研究.pdf

Abstract Abstract ThedevelopmentofNSOEs(Non-State-Owned-Enterprises)notonlyrelatesto thecontinuingdevelopmentofourwholeeconomybutalsodramaticallyaffectsthe stableandharmoniousdevelopmentofoursocieytbecauseNSOEsplayavery importantroleinthefieldsofemploymentandenhancementofresidents'income. ButnowthebiggestobstacleNSOEsarefacingisthedifficulytinfniancing,andthis problemwouldinducesaseriesofotherproblem.Sohowtoresolvethisproblemhas beenthekeyofpromotingthedevelopmentofNSOEs.Therearemanynew charactersemergedinrecentyearsnotonlyinthedevelopmentoffinancialmarketof Chinabutalsointheself-developmentofNSOEs.Sothispaperconcentrateson searchingorsuggestinganewwaydifferentrfomtheoldwaythatemphasizes developingdebt-financingespeciallyfinancingfrombankloansystem.After analyzingthecharactersofdevelopmentofNSOEsandthereasonsofdifficulytin financing,wecomparetheadvantagesanddisadvantagesbetweenequity-financing anddebt-financingforNSOEs,andwehaveaconclusionthatequity-financingis preponderantnotonlyonthecostoffniancing,scaleoffinancing,durativeand preferenceindevelopmentbutalsoontheequiyt-incentiveandinnovationofproperty right,ifwewanttoresolvetheNSOEs'puzzledominfinancingthoroughlyand satisfythelongrequirementofcapital,promotethedevelopmentoftheNSOEsina moredeepconsideration,ourNSOEsshoulduseequiyt-fniancingactively.Besides, thepaperalsointroducesallkindsofequiyt-financinginstrumentsandtheir respectivecharactersinfinancialmarketnowadays Keywords:NSOEs(Non-State-Owned-Enterprises),Difficulyt infniancing, Debt-financ吨 南开大学学位论文版权使用授权书 本人完全了解南开大学关于收集、保存、使用学位论文的规 定，同意如下各项内容:按照学校要求提交学位论文的印刷本和 电子版本;学校有权保存学位论文的印刷本和电子版，并采用影 印、缩印、扫描、数字化或其它手段保存论文;学校有权提供目 录检索以及提供本学位论文全文或者部分的阅览服务;学校有权 按有关规定向国家有关部门或者机构送交论文的复印件和电子 版;在不以赢利为目的的前提下，学校可以适当复制论文的部分 或全部内容用于学术活动。 学位论文作者签名: