企业融资方式研究

【作者】 蔡银燕；

【导师】 叶彩文；

【作者基本信息】 对外经济贸易大学 ， 国际金融， 2000， 硕士

【摘要】 目前，国内教科书和大多数论著对融资的定义大致有两种：一是资金融通，它包括资金供给者融出资金和资金需求者融入资金；二是储蓄向投资转化，即从储蓄与投资关系出发，考察资金在经济主体部门借助于金融工具而流动完成储蓄向投资转化的过程。但在储蓄向投资转换中又有两种形式，即同一经济主体内的转化和不同经济主体之间的转换。前一种形式就是内源融资，即纯粹依靠同一经济主体内的自有资金；另一种形式叫外源融资，如依靠金融机构贷款和资本市场上发行证券。外源融资范围不仅局限于国内，还扩展到了国外。本文研究的是全方位多元化的企业融资问题，但主要是对外源融资的研究，而不包括内源融资。同时，对于多种融资方式，本文仅侧重于证券融资方式的讨论，而未能涵盖所有融资方式。虽然如此，但由于证券融资恰恰是在西方市场经济发达国家中最重要的融资方式之一，也是中国未来市场经济条件下将所选择的最重要的融资方式之一，因此这种侧重也具有重要价值。因为我们认为，就某一种融资方式进行深入研究，是非常必要的。同时，西方国家成熟的理论体系和融资思想一定会对我国融资方式的研究带来许多启迪和借鉴。本文除引言外，主要分为四个部分：第一部分，融资方式新分类体系。第二部分，国外融资理论考察。第三部分，企业融资模式国际比较研究。第四部分，中国企业证券融资行为考察及政策建议。在市场经济体制下，需要建立多种融资方式并存的融资体系和融资结构，形成全方位、多层次的融资新体系。由于融资方式的传统分类只包括直接融资和间接融资，不能全面反映市场经济下多融资体制的要求，所以有必要在继承以往研究成果的基础上发展新理论，进行融资方式的分类创新。正是在这一大的体制背景和经济发展的要求下，本文在归纳总结过去的基础上系统地提出了五种融资方式，即财政融资方式、银行融资方式、商业融资方式、证券融资方式和国际融资方式。新的分类体系运用资金流量分析方法，涵盖了全社会资金的所有供给主体或融资来源，因而是全方位的；此外，这五种融资方式可供社会资金使用者或融资者进行比较、选择和组合，因而其融资结构是多层次的。该五种融资方式并列发展的格局是市场经济融资制度的发展方向和内在要求，同时也是克服过去畸轻畸重的财政、银行融资制度所造成的严重弊端的重要机制条件。而这一点对于正在进行深化金融改革、投资体制改革和建立现代企业制度的中国市场经济而言，尤为重要，更现其现实意义和政策价值。MM理论是西方融资结构理论的经典理论，它揭示了融资方式构成的意义及其融资结构中负债的价值。根据MM理论，企业融资结构的变动无任何意义。企业融资决策也就是去了它存在的理由。但它的生命力恰恰在于，它分析了企业融资决策中最本质的关系—企业经营者目标和行为与投资者目标和行为的相互<WP=3>冲突和一致性，并由此奠定了现代企业融资结构研究的基础。该理论设定了非常严格的高度抽象性的假设条件，使其在实际使用中的作用并不大。不过后来的学者对其理论的发展就有用得多，特别是权衡理论、激励理论和不对称信息理论，使之更接近于实际情况，从而对企业融资方式的选择有着重要的参考价值。西方融资理论对我国资本市场发展有如下的启示：企业最佳融资结构应当是在负债价值最大化和债务上升带来的财务危机成本以及代理成本之间选择最适点；由于债务和股票对经理者提供了不同的激励，应当孤立企业举债，借以迫使经理者努力工作以避免破产；债券融资是一个高质量的积极的市场信号，而股权融资则是一个不被投资者看好的消极的市场信号，所以，在市场经济条件下，企业应遵从先后顺序的融资结构，即内部集资-->发行债券-->发行股票。这些理论的重要结论，不仅对西方国家企业融资决策有价值，而且对我国发展资本市场、建立现代企业制度都有着重要的借鉴意义。融资模式是多种融资方式结合的结果，但突出以某一种融资方式为主，其它融资方式为辅的融资格局。融资模式包含融资方式，是多种融资方式的组合。国际上一般认为，目前市场经济发达国家的融资方式主要分两大模式：一种是以英美代表的以证券融资为主的模式，证券融资占企业外部融资的55%以上；另一种是以日本和德国（包括韩国）为代表的以银行融资为主的模式，银行融资占企业外部融资的80%以上。不同融资模式对公司治理结构的形成和影响有很大差异。我国证券市场是在传统的计划经济向市场经济转轨过程中，作为补充银行信贷融资的一种辅助性渠道建立和发展起来的。由于所处的社会和经济发展阶段的局限，我国证券市场的制度创新一开始就在功能定位上严重偏离市场经济内在需求，违背了证券市场正常运行规律。股票市场对我国经济体制改革的重要作用难以发挥，反过来制约和阻碍了我国股票市场自身更深层面的制度创新。我国股票市场功能定位的缺陷主要表现在于：一是融资功能的过渡发挥，资源配置效应相对欠缺; 二是缺乏对股利政策的分析，企业在股利分配中过多地采用送配股方式；三是企业通过股票市场实现制度创新不足，还未能建立有效的激励和约束机制。发行股票和债券是企业从资本市?更多还原

【Abstract】 With the deepening of the reform of economic system, enterprises, the main players in a dynamic market environment, must operate all their production activities in compliance with market rules. Since the development of enterprises is basically determined by whether they have stable sources of financing, fund-raising has become a matter of primary importance. The transformation of fund supply system, the maturing of capital market and the diversification of raising-und channels, all have created conditions for autonomous corporate financing and therefore has made the study of corporate financing sensible and meaningful.In view of the current situation in China, it is stated in this thesis that the most urgent research task is to study the contradictions and problems of corporate financing in the process of economic transition, and to find out origins of these problems as well as solutions to them. The thesis tries to provide theoretical basis for the reform of corporate system by analyzing corporate financing behaviors of State-owned Enterprises, and revealing reasons behind their rational and irrational behaviors. Corporate financing behaviors can only become standardized when the reform of corporate and financial systems is deepened, the channels of fund-raising widened, the financing environment improved, and effective incentive and restraint mechanisms set up through hardening external restraint and innovating corporate ownership system.Apart from the introduction, the thesis comprises four chapters.The introduction primarily presents the theme and background of the research, defines and clarifies the concepts used in the thesis, and briefs the approaches and structure of the study.In Chapter Two, new classification of financial methods is discussed from the viewpoints of development economics. Traditionally, enterprises are thought to have two main methods of financing accordingly: direct financing and indirect financing. However, such classification cannot meet the need of the multi-financing system under the market economy. Using the analytical method of capital flow, the thesis puts forward the new classification of financial methods, i.e. fiscal financing, banking financing, commercial financing, security financing, and international financing. Compared with the traditional one, the new classification is multi-level as well as all-round. Therefore, it is more realistic and with great policy value.Chapter Three deals with foreign financing theories, which give theoretical support for the empirical study. Any action taken pursues a given goal. Corporate financing is a choice of corporate capital structure in the pursuit of a given goal. Thus, the rationality of corporate financing can be assessed by how capital is structured. In <WP=6>this chapter, theories (including traditional ones and MM Theory) are reviewed, factors affecting the result of MM theory are analyzed, and the implications of MM theory to China’s current capital market are described. Under the market economy, enterprises are advised to raise money according to the following order: internal financing à bond issuing à stock listing.Chapter Four is about international comparison, which discussed the characteristics of corporate financing models in different countries in the perspective of international comparison and their significations for China. In the U.S., the relations between banks and enterprises are loose and the major restraint on the management is stock market. High liquidity of stock market and shareholders’ interest in short-term lead to the short-term behaviors of enterprises. In the Japanese model, corporate funds are supplied by banks so that banks andenterprises become interdependent. Corporate holding stabilizes the structure of shareholding and enables Japanese enterprises to focus more on their long-term development. Germany has a universal banking system, by which banks are not only the biggest shareholders of enterprises, but also the biggest creditors.The last Chapter is empirical analysis of China and p更多还原