摘要
风险与收益非对称性下的资本市场失灵迫使高风险企业转向内源融资。但是,企业需要在传统资本公积转增股本之外寻找其他创新性内源融资模式,并转移其风险。赋予经营模式、组织形式以上述两种功能,是一重要举措。为此,企业可在上下游环节,将它与对方的经济关系从买卖交易反串为管理交易。以生产型农业企业为例,"公司+农户"的内源融资与风险外部化机制是:在农户购买环节,以市场交易方式获得商业信用和内部货币市场,以管理交易方式使农户投入变异为内源融资;在农户销售环节,以市场交易实现风险外部化,以管理交易使农户成为成本(费用)中心。此外,公司也能通过职工股份合作的组织形式的内部资本市场融入长期资本。本文研究表明,正是借助于以上机制,温氏成功破解风险与资本的双重约束,以防御性财务战略实现持续成长。
Because of the capital market failures resulting from the dissymmetry of risk and earnings, the firm with high risks has to resort to the inter-financing, In order to grown renewable, the firm must find some new tools of inter-financing except of the capital surplus and transfer its risk. The firm realizes the two goals by its mode of operation and organization with the function of financing. Therefore, the firm may transfer the mode of the upriver and downriver step of produce. As for the agriculture enterprise, the operation of ＂enterprise plus farmers＂ has the inter financing and transfer the risk by the following mechanism. On the step of buying of farmer, the firm can acquire the inter found of the form of credit of commercial and inter-market of money through the form of trading; make the input of farm becoming the inter found. On the step of sale of farmer, the firm can transfer its risk through the form of trading; make the farmer becoming the centre of cost. Moreover, those firm with organization of employee stock ownership can finance long term by the inter capital of market. We find that, by using that mechanism, the Wins Groups resolve the problem of capital and risk, realize its prudential financing strategy and grows rapidly and steadily.
出处
《中国工业经济》
CSSCI
北大核心
2008年第8期132-142,共11页
China Industrial Economics
基金
教育部人文社会科学基金青年项目"信息
代理与国有银行信用风险"(批准号06JC790016)
关键词
“公司+农户”
经营模式
组织形式
交易反串
温氏集团
enterprise plus farmer
the mode of operation
the mode of organization
transformation of transaction
the Wins Groups
