企业融资:成本、风险与选择

Enterprise financing: costs, risks and selection

本文通过全面理解企业融资成本和风险的含义 ,比较了不同融资方式给企业带来的成本和风险的差别 ,从中说明了我国企业融资行为存在着极为普遍的非理性现象 ,并指出按照“内源融资———债权融资———股权融资”的次序来修正我国企业的融资行为 。

WT5BZ] The thesis deals with the cost of enterprise financing, which contains finance cost and chance cost. The risks of it includes bankrupcy and financial predicament. Through analyzing costs and risks of different patterns of enterprise financing, the thesis claims that reasonless behaviors of financing exist in our enterprises. The conclusion is that it is sensible to adjust financing acts of our enterprises according to the sequence: “inside rights——creditors rights——stockholders rights”. [WT4”HZ][