企业融资效率分析

【作者】 卢福财；

【导师】 吕政；

【作者基本信息】 中国社会科学院研究生院 ， 产业经济学， 2000， 博士

【摘要】 企业融资，是指企业从自身生产经营现状及资金运用情况出发，根据企业未来经营与发展策略的要求，通过一定的渠道和方式筹集生产经营所需资金的一种经济活动。企业融资问题的实质是储蓄向投资的转化。近年来我国经济生活中出现的一系列广为人们关注的热点难点问题都直接或间接地与企业融资相关联。它体现的正是企业融资对一国经济的作用和影响，也即企业融资效率问题。本文研究的任务，就是要创立一个全面分析企业融资对经济各方面的作用和影响的框架体系，这就是“企业融资效率”体系，通过企业融资效率这一分析体系把企业资金融入的成本与风险、企业治理结构、资金融出者的收益与风险、金融机构的资产质量、资金使用的宏观效应、国家经济安全等问题有机地结合起来。然后用这个体系来对与我国企业融资相关的一系列问题进行分析，并就如何解决这些问题的对策措施作一探索。从而既为国家制定有关企业改革和金融政策提供参考，也为企业选择高效率的融资模式、以及金融机构选择和评价贷款与投资项目、管理信贷业务等提供评价标准和帮助。 企业融资效率，是指某种企业融资方式或融资制度在实现储蓄向投资转化过程中所表现出的能力和功效。企业融资效率可以从微观和宏观两个方面进行分析。企业融资的微观效率是从微观经济主体的角度对某种企业融资方式或融资制度的作用和影响进行分析，主要包括企业资金融入效率、企业法人治理效率、企业资金融出效率三个方面。企业融资的宏观效率是就企业融资活动对一国经济整体的作用和影响而言的，是企业融资活动的外在效率，具体可从资金配置、资金作用和经济安全等方面进行分析。企业融资的微观效率分析是本文的侧重点。 企业资金融入效率，是指某种融资方式以最高成本—收益比率和最低风险为企业提供生产经营所需资金的能力。它主要从融入资金的企业角度，考察企业在融入资金过程中发生的相关成本、收益和风险。就融入资金的企业而言，任何一种融资方式，都会有融资成本和风险，不同融资方式的融资成本和风险也是不同的。债权融资对股东利益是一把双刃剑。债务比例的提高既会使权益资本的收益率相应提高，但随着收益的增加，风险（主要指财务风险）亦同时增加。虽然最优资本结构确实存在，然而大量的研究都充分说明，企业的资本结构是与其所在行业的技术经济特征、由企业发展阶段和获利能力决定的企业经营中的现金流量分布、企业信誉与融资能力、经营者的经营理念和行为特征、以及宏观环境对企业的影响程度等因素紧密相关的。并不存在一个适用于任何企业和任何情况下的最优资本结构。 在企业融资过程中，伴随着资金的转移会发生权利和义务的变化，各利益相关主体间为确保各自的利益，必然要对与企业资金的使用、收益和控制等相关的权责利关系进行界定，形成一种相对稳定的有效的均衡态势，从而决定企业股东、债权人和经理人员之间的关系。由于不同的融资方式决定着不同的企业资本结构，进而对上述权责利关系的界定也不同，这样企业制度的运作效果，也即企业的治理效果必然不同，这就是企业融资的法人治理效率，简称企业法人治理效率。企业融资对法人治理结构有较大的影响，首先，企业融资方式的选择决定企业破产可能性的大小；其次企业融资方式决定投资者对企业的控制程度和干预方式；再次企业融资方式决定投资者对企业破产清算的控制方式的选择。企仆融资方式的不同选择会形成不同的法人治理结构模式，如保持距离型融资与目标型治理模式相对应，而控制导向型融资则与干预型治理模式相对应。 企业资金融出效率，是指某种融资方式以最低的成本和风险为资金融出者带来最大收益的能力。它主要从资金融出者角度j 考察企业融资过程中发生的相关成本，收益和风险。就融出资金的经济主体而言，企业融资收益，是企业资金融出者在企业融资过程中获得的各种好处。包括近期收益和长期收益。企业融资收益的大小受四方面因素的影晌：一是名义收益率，如银行贷款的利率等；二是时间，包括时间先后的安排，回收期的长短等；三是物价水平，即通货膨胀率；四是融资风险，融资风险对企业融资的长期收益影响最大。企仆融资风险则是指融资的预期收益篷实际收益率之间的偏差。企业融资风险主要来自两个方面：（1）融资企业的营业风险和财务风险；（2）金融市场风险。 资金配置效率，是指企业融资活动将稀缺的资金资源按效率最高原则进行配置的有效程度。资金配置效率的高低反映了企业融资活动能否将稀缺的资金资源投入到使用效率最高的用途上去。资金配置效率可以通过资金动员程度和资金分配效果两个方面来反映。资金作用效率，是指企业融资活动对经济增长的贡献和影响。经济安全效率，是指企业国际融资对一国经济安全的影响。企业国际融资对经济安全的影响主要表现在两个方面，酋先是企业国际融资对金融风险的作用与影响，其次是企业国际融资对一国经济主权与产业控制的影响。更多还原

【Abstract】 Enterprise financing, or Corporation financing, is an economical activity, in which enterprise raises money for its operation by a particular channel and method according to its future strategy of operation and development as well as based on the current status of its own management and the situation of the operation of fund. The nature of enterprise financing issue is the transference from deposit to investment. In recent years, a series of issues popularly concerned in our economy have been directly or indirectly associated with enterprise financing. This is a reflection of the impact of enterprise financing on a country’s economy, namely the issue of efficiency of enterprise financing. The objective of this dissertation is to create a framework system, which can be used to thoroughly analyze the impact and influence of enterprise financing on the economy in various aspects. This is called the system of "Efficiency of enterprise financing" by which some issues can be organically bound with each other, such as the cost and risk of collecting fund in a firm, corporate governance, the profit and risk of fund provider, the asset quality of the financial institute, the macroeconomic effect of the operation of fund, the safety of national economy, and so on. And then my research will use such a system to analyze a number of issues related to enterprise financing in our country, and try to come up with solutions. I expect that such a research will not only give some consults for the government to make enterprise reforming and financial policies, but also provide the criteria and helps for corporations to choose efficient financing model, and the financial institutes to select and evaluate loan and investment project or administrate credit businesses.The efficiency of enterprise financing is an ability and effect which is showed off by a certain method or system of enterprise financing in the process transforming from deposit to investment. It can be analyzed from both microcosmic and macroscopic ways. The micro-efficiency of enterprise financing analyze the impact and influence of a certain method or system of enterprise financing in the view of the main body of micro-economies, consisting mainly of the efficiency of the corporate fund-collecting, the efficiency of the corporate governance and the efficiency of the corporate fund-providing. The macroscopic efficiency of enterprise financing refers to the impact and influences which enterprise financing activities act on the whole national economy. It’s the external efficiency of the activity of enterprise financing. It can be analyzed in detail from the fund-distribution, the impact of the fund and the economical safety. This thesis will give special emphasis on the microcosmic analysis of enterprise financing.The efficiency of the corporate fund-collecting is a capacity that an enterprise feeds capital into its operation by a certain financing method at the lowest risk but for the highest cost-earnings ratio. It surveys, mainly in the view of the fund-collecting enterprises, the relevant cost, income and risk incurred in the fund-collecting process. As far as fund-collecting enterprises are concerned, any kind of the financing method has its cost and risk, different financing methods embody different costs and risks. Credit financing is a "double-blade sword" to the stockholders’ benefit. Theincreasing of liability ratio could accordingly stimulate the increase of the profit rate of the equity capital, but on the other side, the risk would also accordingly increase. Although optimum capital structure really exists, lots of researches have shown that the capital structure is closely related to many factors, such as the technique-economy characteristics of the industry the enterprise belongs to, the distribution of cash flow in operation determined by profitability and the life-cycle period, business credit and financing ability, managing concept and behavioral characteristics of managers and the extent of macro-circumstance’s influence on the enterpris更多还原