Chap08金融资料.pptVIP

Copyright ? 2010 Pearson Addison-Wesley. All rights reserved. 8-* Copyright ? 2010 Pearson Addison-Wesley. All rights reserved. 第8章 金融结构的经济学分析 图8-1 非金融类工商企业的外部资金来源：美国与德国、日本和加拿大的比较 资料来源：Andreas Hackethal and Reinhard H. Schmidt, “Financing Patterns: Measurement Concepts and Empirical Results,” Johann Wolfgang Goethe-Universitat Working Paper No. 125, January 2004. The data are from 1970–2000 and are gross flows as percentage of the total, not including trade and other credit data, which are not available. 8个基本谜团 对于工商企业而言，股票不是最为重要的外部融资来源 在企业为其经营活动进行融资过程中，发行可流通债务工具和股权证券不是主要的融资方式 与直接融资相比，间接融资的重要