Different economic environments and different levels of market development have different financing methods for enterprises. Chinese enterprises should learn from the financing models of developed countries and choose the financing model that suits them.

◆ Combination of endogenous financing and external financing

Listed companies should strengthen internal accumulation and adopt a financing model that combines endogenous financing and external financing, as follows.

First, listed companies should enhance their self-generating ability, which is the premise of strengthening internal accumulation, and there are two specific methods. First, listed companies should improve their operation and management capabilities, including profitability, competitiveness, and the ability to achieve sustainable development. Second, enterprises should improve their corporate governance structure.

Second, listed companies should create a self-accumulation mechanism, specifically to innovate the property rights system, and clarify the property rights and interests, so that the problem of no clear boundary constraints on the property rights and interests of enterprises can be completely solved. In addition, China should create a corresponding tax system and financial system to support enterprises to increase internal accumulation, reduce the tax burden of enterprises, effectively standardize the profit distribution of enterprises, create a profit rollover system, and guide enterprises to carry out endogenous capital expansion on the basis of improving operating efficiency, continue to enhance their self-development capabilities, and achieve better development.

◆ Actively develop the bond market

The capital market is composed of the bond market and the stock market, the former undertakes the functions of bond financing and bond trading, and the latter undertakes the functions of equity financing and equity trading. For the capital market, the bond market and the stock market are indispensable. Compared with developed countries such as the United Kingdom and the United States, the proportion of enterprises using bond financing in China is small, and the resource allocation function of the bond market cannot be fully utilized.

Excessive reliance on equity financing will lead to an imbalance in the development of the capital market, and the national economy will not be able to achieve healthy and sustainable development. Only when the bond market has developed to a certain extent will it be possible for companies to expand their direct financing. Therefore, China should first comprehensively promote the development of the bond market, establish and improve the bond issuance system, clarify the information disclosure responsibilities of bond issuers, maintain the operation order of the bond market, and ensure the normal issuance and trading of bonds; secondly, it is necessary to increase the types of bonds that can be traded and promote the bond market to achieve a high degree of liquidity; Finally, it is necessary to establish and improve the laws and regulations related to the management of enterprise bonds, clarify the detailed rules for the implementation of these laws and regulations, and do a good job in the management of credit rating agencies.

◆ Strengthen supervision of the stock market

The rapid issuance of new shares and the frequent completion of sky-high financing have made the capital market the best place for listed companies to gather funds. Under such circumstances, investors lost confidence in the company's equity financing and began to collect funds, causing the stock market to plummet continuously. Under the conditions of the modern market economy, the main task of market supervision is to protect the legitimate rights and interests of investors, create an open, fair, and just market environment, and lay the foundation for the construction of an orderly and effective stock market. From the perspective of regulatory authorities, improve the stock market, standardize the equity financing behavior of enterprises, effectively supervise the issuance of stocks, the use of funds, and the distribution of profits from the legal level, improve the efficiency of capital use, and provide a strong guarantee for the legitimate rights and interests of investors.

◆ Cultivate and improve the convertible bond market

Within a specified period, the holder of the convertible bond can convert the bond into shares of the bond issuing company at an agreed price. On the surface, a convertible bond is a special bond that can be converted into a stock. In fact, a convertible bond is a variant option. In simple terms, a convertible bond is a combination of a common bond and a call option to buy common stock. Convertible bonds play an active role in the expansion of financing channels for listed companies and the enrichment of product categories in the bond market.

Convertible bonds have become a commonly used financing tool for some large state-owned enterprises in China due to their long maturity. Because the issuance of convertible bonds can not only meet the financing needs of these large state-owned enterprises, but also optimize their financing structure. The convertible bond market in the United Kingdom, the United States and other countries has a high degree of development, and China's convertible bond market is still in its infancy, and the market size is small. In order to meet the demand for convertible bonds of domestic enterprises, China can appropriately expand the scale of issuing convertible bonds abroad, that is, issuing convertible bonds in the European market and the US market. In this way, enterprises can not only complete their financing plans, but also adjust their operational strategies according to the development and changes of the international market, and connect with the international market.

◆ Improve the corporate governance structure

Corporate financing behavior is largely influenced by corporate governance structure. Among China's listed enterprises, state-owned enterprises account for a very large proportion. Under the dual ownership structure, enterprises have shown a strong preference for equity financing. Trad-flow shareholders have different objectives from non-tradable shareholders, who hold control of the company, and no matter how the stock price changes in the secondary market, the returns of these shareholders will not be affected, and they can obtain premium income through premium allotments. In the rights issue of listed companies, the costs borne by shareholders of non-tradable shares are much less than those borne by them in bond financing, which is why listed companies prefer equity financing.

To improve the corporate governance structure is to optimize the equity structure of the enterprise, and the specific measures are as follows: first of all, it is necessary to reduce the shareholding of state-owned shares and reduce the proportion of state-owned shares in listed enterprises; Second, it is necessary to develop institutional investors, so that their role in the corporate governance structure can be brought into full play, and the proportion of control over enterprises by state-owned shares should be reduced, so that the efficiency of corporate governance can be effectively improved.