摘要
企业负债不仅起着税盾和财务杠杆作用 ,还能改善企业金融结构和提高市场价值、强化对企业经理的监督和约束。偿债保障机制分为事前保障和事后保障两大类 ,有自动履债、债权人的审慎和信用配给、流动性和可转换性、戳穿公司面纱等机制。我国的偿债保障机制薄弱 ,是因为在企业控制权转移、声誉机制、限制企业和企业经营者行为及介入企业治理、破产清算等方面都出现了障碍 ,而且目前实施的债转股也不符合可转换性的一般规则。
Debt of enterprises not only works as tax shield and financial leverage,but also improves financial structure and promotes market value as well as enhances supervision over and constraint on managers.Debt-safeguarding mechanisms can be categorized to two classes:pre-nonperformance safeguarding mechanisms and post-nonperformance safeguarding mechanisms,including automatic debt performance mechanism,creditor's prudence and credit-rationing mechanism,and the mechanism of liquidity and convertibility,puncturing corporation's veil,etc.The weakness of the debt-safeguarding mechanisms in China stems from problems with the shift of controlling rights,with reputation's function,with constrining on enterprises' and their managers' behavior,with creditor's interfering in enterprises' governance and liquidation.Moreover,the current debt-equity swap policy in China doesn't comply with the general rules of convertibility.
出处
《经济研究》
CSSCI
北大核心
2000年第7期48-55,共8页
Economic Research Journal
