As social history, culture and systems, especially systems of the different social environment, the financing of enterprises in different countries are not the same model. Currently the corporate finance model developed basically divided into two types : one is represented by U.S.-led securities financing model that maintain distance-based financing system to another, such as Japan and Germany are represented by the bank-oriented financing model that relationship-based financing system. Through financing model developed and the efficiency of enterprises and their financing options, such as comparative analysis, referring to foreign practices, and to consider the reality of our country, I think at this stage of our corporate finance model should be carried out in two steps : the first step to the recent excessive style financing model that led to the banks for financing mainly indirect and gradual reduction, and vigorous development of the direct financing subsidiary excessive patterns; Second, future goals financing model, the goal of the model should be consistent with the world trend of financing, securities financing and bank loans equal, the market binding strong diversified financing model.
Keywords : financing modalities; Securities financing; Bank financing
Because the social history culture and the system are specially social environment the and so on enterprise system difference, the different national enterprise's financing pattern is dissimilar. At present the developed country enterprise financing pattern basically divides into two kinds: One kind is take Britain and America as representative take negotiable securities financing as the leading pattern, namely the maintenance being away from financing system, another kind is has waited take Japan Germany as representative's bank guidance financing pattern, namely relations financing system. Through and so on carries on the comparative analysis to the developed country financing pattern and its the efficiency as well as the enterprise financing way choice, the model overseas procedure, and considered our country the actual situation, I thought the present stage our country enterprise financing pattern should be divided the gait: First step for the short-term excessively -like financing pattern, namely primarily and will reduce gradually take the bank as leading indirect financing, direct financing for auxiliary and will develop excessively the pattern vigorously; Two will be the future goal financing pattern, the goal pattern should conform to the world financing pattern tendency, namely negotiable securities financing and the bank loan will pay equal attention to, market boundedness strong multiplication financing pattern.
Key word: Financing pattern; Negotiable securities financing; Bank financing
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