中小企业融资契约与治理结构的文献综述.docVIP

中小企业融资选择与治理理论：综述与展望 ZHONG Tian-li1，LIU Qi-gui 1 School of Business Administration of Northern University, P R.China,110004 摘要： 融资结构与企业价值关系的最优融资结构理论，为关注企业价值最大化形成和决策过程的融资选择与治理机制的理论研究奠定了基础。基于代理成本的企业融资选择理论，研究如何寻求企业代理总成本最低的负债与权益融资比例。基于控制权的企业融资选择理论，从负债融资契约和股权融资结构两个角度，研究控制权转移和如何制衡大股东控制权。但是这些理论不能完全解释我国中小企业所具有的融资选择和治理特征。根据我国研究现状，中小企业负债代理成本、建立适合我国市场环境的中小企业最优融资选择与治理机制决策模型、中小企业非均衡的治理结构能够持续存在的原因，应当成为未来的研究方向。 关键词： 中小企业 融资选择 治理机制 Abstract：Optimal financial structure theories which mainly include the relationship between financial structure and the value of the firm, also form a basis theory of financing choice and corporate governance in order to maximize the value of the firm and make optimal financing decisions. Theories based on agency cost mainly explore optimal ratio between debt and equity to result in lowest total agency of the enterprises. Theories based on control right mainly search the diversion of control right and how to balance the financial-right of the majority shareholders, from two aspects, that is the liability financing contract aspect and equity financing contract aspect. But all these theories can not interpret the choice of financing contract and corporate governance mechanism of Small and Middle Sized Enterprises in China. According to domestic literatures on this problem, we think the agency cost of liability financing of Small and Middle Sized Enterprises, the establish of Small and Middle-Sized Enterprises’ optimal model which adapt domestic market circumstances and the reasons why the no-optimal corporate governance structure of Small and Middle-Sized Enterprises can sustain, should be put much attention in the future. Keywords：Small and Middle-Sized Enterprises; financing choice; corporate governance 1 引言 企业融资选择是指企业在融资过程中，以口头的或文字的、明示的或默示的、复杂的或简单的、自愿的或强制的、正式的或非正式的等多种形式，对其融资结构的安排。企业治理机制是企业所有者对经营者的监督和制衡机制，其实质是解决因所有权与控制权分离而产生的代理问题。企业融资过程是融资结构的选择过程，也是企业剩余索取权和剩余控制权如何分配的治理机制的制度安排过程。不同的融资选择对企业相关主体的行为和利益会产生不同的影响，涉及到企业控制权在不同利益相关者之间的分配。所以，企业融资选择的实质体现为不同的治理机制。