【作者】 覃予；

【导师】 韦德洪； 杨秋风；

【作者基本信息】 广西大学 ， 金融学， 2005， 硕士

【摘要】 当前,我国资本市场融资效率不高,究其原因主要是由于我国资本市场结构失衡和缺乏能满足投、融资双方需要的资本工具。因此,大力创新资本工具,将有助于提高我国的资本市场融资效率。但目前的金融理论中,专门研究用于投融资功能的资本工具的理论还很少,而软硬资本理论恰填补了这项空白。软硬资本理论是传统资本理论的创新与发展,它产生的理论土壤是委托代理理论和金融市场有效风险分担理论,现实基础是资本市场上种类繁多、功能各异的资本工具。构建软硬资本理论具有重要的理论和现实意义。在软硬资本理论下,资本工具被划分为硬资本工具和软资本工具,其中软资本工具赋予投资者退股或赎回或转换为另一种资本工具的选择权。定期股权是在软硬资本理论指导下创新出来的一种软资本工具,它的推出将会改变我国资本市场中投融资工具活力不足的局面;有助于提高商业银行资本充足率、优化商业银行资本结构;有助于改善我国股票市场结构,给股票市场增加一种可供调节的“杠杆股票”,促进股票市场的进一步规范和完善。更多还原

【Abstract】 The Flexible and Non-flexible Capital Theory is the innovation and development of the traditional capital theories. Principal-agent Theory and the Risk-allocation Principle construct its basis in theory, meanwhile, a great variety of financial instruments in financial market construct its basis in reality. After all, setting up the Flexible and Non-flexible Capital Theory has great important theories and realistic meanings. Under the theory, the capital instruments are divided into the flexible capital instruments and the non-flexible capital instruments. The flexible capital instruments give investors option, so that they can withdraw the stock, redeem from share or convert into another kinds of capital tools. And we create a new capital tool named the Periodical Stock, which belongs to the flexible capital instruments. If the flexible capital instruments can be wildly used in financial market, they will improve the situation that there are not enough capital instruments in our financial market. They will contribute to increase the rate of capital sufficiency and optimize the capital structure in commercial banks. In additional, they will help to optimize the structure of stock market in our country, and create kinds of flexible capital tools that are flexible, and promote stock market in our country to further regular development.更多还原