融资模式效率比较与中国企业融资模式选择

Efficiency Comparison between Financing Models,and the Choice of Financing Models for China's Enterprises

在区别企业融资与企业融资模式、企业融资效率与企业融资模式效率概念的基础上,比较了保持距离型融资模式和关系型融资模式两种典型的企业融资模式效率,发现两种融资模式在不同的制度背景和经济发展阶段都有各自的效率优势,模式的选择关键是看本国的法律和经济背景。我国现阶段应在创造制度环境的基础上,发展以关系型融资为主、保持距离型为辅的融资模式。

On the basis of distinguishing the concepst of enterprise financing and enterprise financing models, concepts of enterprise financing efficiency and enterprise financing model efficiency, this paper compares the efficiency of two typical models, arm＇ s length financing and relational financing, and thus concludes that the two models have their own strengths under different systems and economic development phases. The choice of a particular financing model should be determined by a country＇ s legal system and economic background. At this stage, China should develop a financing model which is based on an institutionalized environment, gives priority to relational financing and takes arm＇s length financing as complement.