企业的资本结构、治理结构和融资模式比较

A Comparison between Capital Structure,Coporate Goverance and Financing Style of Enterprise

世界各国的金融体系按融资结构的不同通常被分成两种:一种是市场主导型金融体系,另一种是银行主导型金融体系。不完全契约理论认为,融资结构不同,是因为在不同的法律环境中,微观个体所面临的约束条件不同,因此在企业的资本结构和治理结构上所作出的融资决策也不同。金融中介在一定意义上可以代替法律体系,在脆弱的法律体系中,银行等金融中介会变得更加重要。

This essay argues that the imperfection of contracts makes laws and institutions among the most important factors in determination of the capital structure,corporate governance,and financing style of enterprises.The commonlaw gives investors more protections,so market-based financial systems survive in these countries while the statue law gives investors less protections,so in these countries bank-based financial systems survive.