摘要
本文通过考察发达国家自公司制企业诞生以来企业融资方式的变化,发现企业融资具有明显的阶段性。在工业化阶段广泛选择外部融资,外部融资中以股权融资为主,在后工业化阶段以内部融资为主,外部融资中债权融资比重提高;差异性源于金融体制的不同,市场主导国家股权融资是分散的,债权融资以公司债券为主,在银行主导国家股权集中化程度较高,债权融资以银行贷款为主。结合我国所处的经济发展阶段、企业制度和金融体制现状,本文认为银行贷款仍将是不可忽视的融资方式,股权融资偏好在一定时期内仍然存在,公司债券融资在短期内不会成为主要的融资方式。考察发达国家自公司制企业诞生到以成熟的股份制公司为主体的现代企业制度,可以发现,虽然公司制企业的长期融资方式不外是内部融资、股票融资、债券融资和银行贷款,但在融资顺序选择上表现出了非常明显的阶段性特征和国别差异。
The paper finds that the finance of different enterprises has evident particularity of phase by inspecting the changes of enterprises＇ finance method since company system enterprises have come out in developed countries. External financing is largely choosed in the industrialization times, which is mostly made by stock finance ; while interior financing is mainly used in the post-industrialization times, exterior financing gives priority to credit financing. The difference comes from that of the finance system. The stock financing is dispersed in the marketed-countries, bond is mostly in credit financing; The stock financing is rather centralized in banked-countries and loan is mostly. Combined with the period of economics development and the present system of enterprise and finance in China, the paper still regards loan as mainly financing method, the preference of stock financing still exist in a period of long time, and company bonds will not become the major financing method in a short time.
出处
《中央财经大学学报》
CSSCI
北大核心
2005年第9期35-39,共5页
Journal of Central University of Finance & Economics
关键词
企业融资
阶段
国别差异
Enterprises＇s financing Phases Country disparities
