对融资制度与企业融资行为选择的思考.pdfVIP

第16 卷第1期 重庆工商大学学报( 西部论坛) 2006 年2 月 Vol. 16 No. 1 J Chongqing Technol Business Univ. ( West Forum) Feb2006 , ( , 310018) : 比较国际上两种主要融资制度绩效, 实证分析我国的融资制度, 仍存在着一定程度的扭曲, 距 真正市场化有差 距, 成因在于融资制度本身的内部结构缺陷和外部宏观环境改革滞后, 根源在于银企都不是真正的融资主体, 导致企业融资 行为出现变异鉴于融资制度同企业融资行为模式存在内生 一致性, 推进政府的经济金融制度改革, 实现企业融资行为的 合理回归, 使之朝着以银行中介为主的融资模式向以股票市场股权融资为主的融资模式转换, 才是中国企业融资行为模式的 理性选择 : 市场主导型融资制度; 银行导向型融资制度; 融资行为; 银企关系 : F830. 2 : A : 100 8- 6439( 2006) 01- 0096- 04 Thoughts of financing system and enterprise s financing behavior choice YANG Shu- lin , HUANG Hai- cang ( F inance Dep artment, Zhej iang Financial Prof essional College , Hangzhou 310018 , China) Abstract:A ter comparing tw o kinds o main inancing system per ormances, China s inancing system has not really realized marketabili ty, at a certain degree the distortion still exists, the reason lies in the de ect o structure inside and macro- environmental re orm o outside o the inancing system itsel lags behind. The origin lies in the de ect o the relation betw een bank and enterprise, namely the relation o bank and enterprise is not all real inancing subjects, w hich cause the inancing behaviors o enterprises to make a variation. Seeing that endogenous consistency ex ists in the inancing behavior mode and the inancing system, advancing the re orm o inancial institution, promoting monetary system , capital market and small and medium - sized enterprises inancing system innovation , and realizing the rational return o enterprise s inancing behavior make it change to the inancing mode relying mainly on stock inancing o stock market tow ards inancing mode relying main ly on intermediary o the bank . It is a rational