Most of the Liaoning old industrial base enterprises are the skeleton industries and have massive state assets. The high share ofstate owned and the heavy debt are their characteristics. In order to optimize the state enterprises’capital structure the country cleaned up thebad account of bank and increased the number of listed companies in 1995.But the ways to pour a large sum of resources into the project can’tsolve the problem radically. The investment of government is going up but the benefit of enterprises is dropping. Financing is still atroublesome problem in the revival of the old industrial bases. Most of the Liaoning old industrial base enterprises are the skeleton industries and have massive state assets. The high share of state owned and the heavy debt are their characteristics. In order to optimize the state enterprises’ capital structure the country clean up the bad account of bank and Increased the number of listed companies in 1995.But the ways to pour a large sum of resources into the project can’tsolve the problem radically. The investment of government is going up but the benefit of enterprises is dropping. Financing is still atroublesome problem in The revival of the old industrial bases.