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Over the past20years time, China is the fastest growing stage of water. However, the present nationwide water facilities the overall investment, and social development of water demand has very big difference, especially the small and medium-sized city, because for many years in the municipal infrastructure construction investment is not enough, already by far could not meet the social economy and people’s life level requirements. It is the20time next year, with the water marketization reform, diversity of investment main body pattern in Chinese water industry has been formed. Most water bodies, as the traditional government management institution and state-owned enterprises are gradually quit the stage of history, replace sb. Is that after the reform of state-owned enterprises, state-owned enterprises, joint-stock enterprises, foreign-funded enterprises and private enterprises and other forms of new investment main body. This stage, accompanied by water project investment of the government gradually reduced, city water supply enterprise faces the water price reform supporting mechanism behind, leading to severe shortage of funds for city water supply enterprises. Because the water industry the existence of their own investment return rate is low, long recovery period, funds owned enterprises limited features, decided this one industry can not completely rely on self-financing model for large-scale water project construction, most of the funds needed by financing mode to solve.On2009, the Yunnan Provincial State-owned Assets Management Committee and the Kunming Municipal People’s government approval, Kunming water group company (hereinafter referred to as " Kun water group ") and Yunnan City Construction Investment Group Co., Ltd.(hereinafter referred to as the " City Investment Group ") jointly established the F water limited company. F water limited company now gained certain success, but it is still in the enterprise financing has great randomness and contingency, the lack of effective control of the enterprise’s financing risk.So this paper research angle of view is to take what financing strategy or strategies to reduce F Water Service Company financing cost, improve the company’s earnings, and effectively control the financing risk. This paper mainly uses information limited and pecking order theory, according to the financing mode of financing, internal financing, debt financing and stock financing analysis of F Water Service Company financing strategy, and analyzed their risk, put forward risk prevention measures.
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