摘要
源自不对称信息的验证成本提高了外部融资的成本,而健全的信号机制有效弱化验证成本,促进资源良性配置;股权与债权合同各有优劣,验证成本和信号机制的健全与否成为我们评价融资合同的主要因素。金融结构调整的路径选择是摆脱行政干预模式,寻找存在市场调节机制的融资方式。金融改革中亟待加强信号机制的建设与发展中国的企业债券市场。
The cost of verification arising from information asymmetry increases the cost of external financing, while a well-developed signalling mechanism may effectively minimize the cost of verification and optimize allocation of resources. As either shareholding contracts or liability contracts have advantages and disadvantages, the cost of verification and the signalling mechanism are taken as the main factors in evaluating a financing contract. Financial structural adjustment is to be carried out by getting rid of administrative interference and looking for financing means that contain market adjustment mechanisms. We urgently need to improve signalling mechanisms and develop the corporate bond market in China's financial structural reform.
出处
《中国社会科学》
CSSCI
北大核心
2005年第6期67-78,共12页
Social Sciences in China
