By contrasting and inducing , the paper analyses the history condition , nowadays economy policy , outside financial environment and so on . it studies the relation between financial institutions and nongovernmental enterprises , finds out the discrimination and the service limitation that financial institutions impose on nongovernmental enterprises by means of information asymmetric . it anatomizes the issues of the inside management system of nongovernmental enterprises 采用对比、归纳的方法，对民营企业融资障碍从历史条件、现有的经济政策、外部融资环境等各要素送行分析；使用信息不对称的分析方法，对金融机构和民营企业的关系进行研究，找出金融机构对民营企业存在所有制歧视、服务方式和方法上的缺陷；对民营企业的内部管理机制存在的诸多问题进行剖析。
This paper examines the effect of china ' s local financial development on financing constraints and then growth of listed companies , the empirical results show that the improvement in financial development can not only reduce firms ' financing constraints ; but alsp promote the growth of those firms that depend on external financing ; and size expansion of firms 摘要本文研究了我国各地区金融发展对上市公司融资约束进而对公司成长的影响，研究结果表明：金融发展水平的提高能减轻企业的融资约束；对于那些依赖外部融资来成长的企业而言，金融发展水平的提高能促进企业的成长性；金融发展水平的提高能促进企业的规模扩张。
Part 4 is the empirical analysis to chinese listed companies " financings behavior . reaching for the company ' s financing structural analysis of the developed country , making the conclusion : profit financing ratio is the highest financing , bank loan is the most important way in the external financing , final just selecting equity financing , analyzing to the financing structure of chinese listed companies , the listed company ' s financing 第四部分我国上市公司融资行为的实证分析这部分包括第四章是本文的另?个重点，先对发达国家公司融资结构分析，发达国家公司融资顺序为:留存收益比率最高，银行贷款是最重要的外部融资方式，最后才’选择股权融资。
This article is to find out the feasible way and strategy , which are suitable for the debt financing of the small and medium - sized enterprises , in order to solve their actual problems in the financing practices , through this discussion for the financing problems of the domestic small and medium - sized enterprises under the current financing environment . the enterprise financing strategy shall be the strategy choice and judgment on the basis of enough analysis for the external environment and internal resources of the enterprises 本论文以中小企业债务融资为研究对象,运用实证分析和比较分析方法,对中小企业的外部融资环境及中小企业内部特征加以综述和分析,并着重介绍债务性融资中的一些新型融资业务和操作方式,在此基础上结合具体案例,对中小企业债务融资行为的策略性进行探讨和分析。
I will borrow terms as " external finance premium " , " net worth " , " coverage ratio " and " financial accelerator " , etc . to demonstrate the transmission mechanism and process of different channels in context of asymmetric information and credit market imperfections . the sizes of firms and their alternative funding sources , which may significantly influence the transmission process 本文将借用“企业外部融资成本” 、企业可抵押资产“净价值” 、 “利息负担率” 、 “财务加速器”等概念，详细阐述信息不对称及信贷市场存在缺陷条件下各种货币政策传导渠道发挥作用的机理和传导过程，同时，强调企业规模及其外部融资渠道的多少对货币政策传导的影响。
The main study content of this thesis is ( 1 ) analysis of present financing and its generated deep cause , growth system and the necessary financing strategy to be taken at the various growing stages of small and medium enterprises ; ( 2 ) analysis of relationship between capital structure and financing management and determination on the importance of financing management of small and medium enterprises ; ( 3 ) using the growing stage , financing management and strategy of zhejiang qw as reference case , specifically analyses the financing channels , comparison of financing methods , forecast of cash requirement , exploring the characteristics on how the financing of small and medium enterprises is being structured at different ( 3 )通过以浙江qw所处的成长阶段、融资管理和策略为案例,具体分析了中小企业的融资渠道、融资方式的比较分析和资金需求量的预测,探讨了中小企业如何在不同发展阶段中的融资结构特点和不同发展阶段下小企业在选择融资方式时表现出的不同倾向性,及如何在各种融资方式中进行选择。 ( 4 )针对加强中小企业融资管理和目前融资现状不协调的矛盾情况下,探索中小企业融资方式的主要途径? ?一方面是加强企业的融资意识,积极开拓融资渠道和融资方式,另一方面是外部融资环境的逐步建立和完善,为各中小企业选择其适合的融资方式和渠道提供好的融资环境。
Our research begins with analyzing the economical inbeing of cb , summarizes the history and status in quo of chinese cb financing . we conclude that cb financing can decrease many types of equity - related and debt - related costs in firm ' s external financing contrasting with debt and equity financing . we also contrast our experimental evidence in chinese market with the overseas evidences , and find some characteristics and flaws of domestic issuers 本文从分析可转换债券经济学本质入手，总结了中国上市公司可转换债券融资发展历程与现状，认为可转换债券融资与直接股权和债权融资相比能减少公司外部融资时同时面临的多种股权和债权性相关成本，同时将针对国内的实证结果与理论结果进行比较，揭示出国内融资主体的特征与有待改进之处。
