从非对称信息理论看我国企业债务融资选择

View Financing Choices of China's Enterprises Using Un-Reciprocity Information Theory

企业债务融资一般包括直接融资中的债权融资和银行间接融资。文章以直接债权融资和银行间接融资为代表 ,由非对称信息所导致的“道德风险”和“逆向选择”来分析企业不同债务融资选择的经济学含义 ,指出在我国企业债务融资选择中存在内源融资和外源融资的结构失衡 ;直接融资与间接融资的结构失衡 ;与资本市场债务融资相比 ,货币市场债务融资发展失衡 ;债券市场融资结构失衡的问题。提出加快金融体制改革 ,完善金融市场结构 ,深化金融企业改革 ;完善我国企业的法人治理结构 ,提高企业资信程度 。

In general, enterprises' debt financing includes creditor's rights financing in direct financing and indirect financing through banks. The paper, based on the above-mentioned two kind of financing, using un-reciprocity information theory, disclosed the different financings' meanings in economics according to “moral crises” and “back choices” caused by un-reciprocity information and points out that there are some unbalances in enterprises' debt financing choices such as unbalance between financing by own capitals and financing by outside capitals, direct and indirect financing, developing unbalance of debt financing in money market compared with capital market, financing structure unbalance in bond market. The paper also puts forward some suggestions such as to speed up the reform of finance system, perfect structure of finance market, deepen up the reform of finance enterprises, improve the artificial person's governing structure in enterprises, enhance enterprises' reliabilities and strengthen enterprises' credit standing in direct debt financing.