摘要
本文通过在相同的制度前提下直接融资与间接融资成本与效率的比较 ,说明这两种融资方式本身并无优劣之分。单纯地扩大股票直接融资的比重并不能解决我国储蓄向投资转化的低效率问题 ,要实现储蓄向投资转化的高效率 ,关键是解决融资的制度性前提 :充分竞争的市场、明晰的产权关系及完善的银行与企业治理结构。
The paper compared the cost and effectiveness of indirect banking finance and shares direct finance under the same system, and regards that there is no real differences between the two ways of financing.The realization of turning savings into investment depends on the institutional financing,a full competitive market,a clear property right relations and a perfect banks-enterprises governance.
出处
《东北财经大学学报》
2000年第4期45-48,共4页
Journal of Dongbei University of Finance and Economics
关键词
银行间接融资
股票直接融资
成本
效率
indirect banking finance
shares direct finance
cost
effectiveness
