金融市场的完善与企业行为

Financial Market Perfection and Enterprise Behavior

金融市场与产品市场的有机结合成为许多企业寻求发展的一条重要的途径。企业是生产有形产品的，但要获得足够的金融支持，特别是金融资本市场的支持很重要。否则企业的财务杠杆会很大，这时面对外部的市场冲击企业只能从内部作出艰难的就业与价格调整，这不仅降低其竞争力，阻碍其生存与发展．而且会使经济产生自增世震荡。本文对此进行理论上的探讨，并从理论分析中引伸出完善我国金融资本市场在企业改革层面上的现实意义。

The organic integration of the financial market and the product market has become animportant approach followed by many enterprises for their development. Enterprises turnout tangible goods, and they must ensure enough financial support, the support of thefinancial capital market in particular. Otherwise, owing to great financial leverage,enterprises will have to make very painful adjustment in employment and prices in the faceof the punch of the market. This will not only reduce their competitiveness,thus hinderingtheir development and threatening their existence,but also lead to self-inducing shocks.This article approaches the issue in a theoretical way and the analysis bears out thepractical significance of the perfection of China's financial capital market with regard tothe reformation of enterprises.