摘要
本文认为,与西方成熟的市场化投、融资制度背景不同,我国转轨期间的企业投融资期限错配现象严重,这一现象很难用西方传统的期限结构理论进行解释。主要表现企业的投融资期限结构错配主要是由融资制度性约束所引起。投融资期限结构的错配,不仅会使债务治理效果弱化、企业和银行的风险加大,最终会加剧宏观经济波动风险。应不断完善法律法规,加大对债权人的保护力度;还应建立多层次、多渠道的融资市场。
Financing system backgrounds are very different between china and west. During transitional period in china,mismatch of listed company's debt and investment maturity structure are very common and serious,but this phenomenon is hard to be explained with agency-principle theory. Checking through the institution background,the author found that it can be explained by the institutional restraint on financing. Mismatch of listed company's debt and investment maturity structure make the debt governance become weaken,increasing the risks of enterprises and the bank. As a result it will aggravate the macro-economic fluctuation risk. So the main policy recommendations are:firstly,we should improve the laws and regulations constantly and also strengthen the protection of the creditor; Secondly ,we should set up the multi-level and multi-channel market of financing.
出处
《财会通讯（下）》
2009年第7期93-95,共3页
Communication of Finance and Accounting
关键词
负债期限结构
投资
制度性约束
风险
Debt maturity dtructure Investment Institutional constrain Risks
