企业内部资本配置和金融体系二分法

Internal Capital Allocations in Firms and the Dichotomy of Financial System

从投融资实践看,企业内部存在一个活跃的资本市场;企业内部资本配置是区别于外部资本市场运作的资本配置机制。企业管理者运用内部资金实施投资项目的同时也就实施了一定的融资功能,因而企业组织本身就是金融体系的重要组成部分。传统的直接融资—间接融资或银行主导型—资本市场主导型二分法不足以刻画和概括金融体系的特征,新二分法"外部资本市场—企业内部资本市场"是对传统研究视角的有益补充。

The investment and financial behaviors imply that there exits an active capital market in firms.Internal capital allocation is a special mechanism which differs from mechanisms in external capital markets.When firm's managers use internal capital to fund investment projects,the firm implements the financing function.In fact,the firm is an important part of the financial system.The traditional dichotomy such as direct-indirect finance,bank-oriented and market-oriented,is not complete enough to describe the financial system.The new dichotomy of internal-external markets is a beneficial complement to the old dichotomy.