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On the institutional reform of financing of private enterprises

The introduction of corporate board for the future launch of the GEM gain experience, and ultimately the transition to GEM. 2. Corporate bond financing. Corporate bonds are an important part of the capital market is an important way of direct financing. Should actively foster and develop the corporate bond market, straighten out the corporate bond issuance examination system, China's corporate bond markets are monopolized by large enterprises, the scale should be gradually relaxed restrictions on expansion of distribution lines. To improve the guarantee of the bonds and credit rating system, and actively support the operation of effective, repayment ability of the private enterprises to raise funds by issuing corporate bonds. Bond interest rates also can be properly relaxed, rich bond products, so companies get their exposure to interest rate may be needed to fund the development of production. 3. Encourage enterprises to overseas GEM. Some excellent private enterprises in China have been to the U.S. Nasdaq, Hong Kong and Singapore, the number of GEM and has reached a considerable scale, according to incomplete statistics, the Nasdaq, Hong Kong, Singapore, the three major stock market to domestic assets as its core assets of the listed company has nearly 1oo companies. And local governments and the private sector are often held in overseas market promotion for the comprehensive development with a strong strength of private enterprises to provide an international security agencies, financial investment institutions, leading financial and investment experts the opportunity to meet face to face, to the private business promotion, introduction of overseas securities markets; strengthening of private enterprises and banks, investment institutions understanding and cooperation; expand private enterprise capital operation and development of vision and ideas; enhance private enterprises by international standards management awareness; to help private enterprises to the international market, with the international standards. 4. Vigorously the introduction of foreign investment funds financing, project financing, foreign loans and trade finance. With the 2006 round of opening up China's financial sector draws near,[link widoczny dla zalogowanych], many overseas banks have set up branches in China, and now many cities have been given permission to allow foreign banks to conduct Renminbi business for Chinese enterprises to provide loans. At the same time many of the world famous investment funds have also seen the market potential in China, have set up branches in China. * 57.5. Promote the development of industrial investment funds. Industrial investment funds primarily invest in development potential of the non-listed company's equity, to be business listing, or when the time comes, the transfer of ownership, access to high returns. Can learn from foreign experience, to take the official investment companies and private venture capital firms with the means for private enterprises, especially small and medium private enterprises to provide financing. Therefore,[link widoczny dla zalogowanych], the development of China's capital market as soon as possible. In the pilot phase should be accorded appropriate policy support. Such as the implementation of tax incentives to attract investors to participate, reducing the cost of collection of funds to reduce its operating costs. Third, the concluding remarks of today, private enterprises in China's economic life has become the most dynamic part. In order to promote the development of private enterprises to improve their competitiveness,[link widoczny dla zalogowanych], China's private enterprises should be accelerated at this stage and financing system reform. After the government,[link widoczny dla zalogowanych], enterprises, banks through the joint efforts to create a diversified financing channels,[link widoczny dla zalogowanych], improving the social environment of social credit. References [1] Jun. Corporate finance [M]. Beijing: Democracy and Construction Press, 2005. [2] Zhang Yuming. Private enterprise financing system [M]. Jinan: Shandong University Press, 2004. OntheReformtotheFinancingSystemofPrivately - runnedEnterprisesSHIPing (WuhanUniversityofScienceandTechnology, Wuhan430070, China) [Abstract] Private1y-runnedenterpriseshavebecomeamajorpowerinmostoftheindustriesinChina. Presentlyitisamajorissuetocarryoutareformtobreakthebottleneckinfinancingandsetupamulti - levelfinancingsystemtoprovidecreditsupportforprivately - runnedenterprises. [Keywords] privately - runnedenterprises; financing; financingsystem ・ 58 ・

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