内、外源融资与经济增长

Endogenous Financing,Exogenous Financing and Economy Growth

探讨了内源融资的形成、内源融资向外源融资的转化及两者的关系 ,论证了内源融资能力的提高是外源融资得以实现的前提条件之一 ,并分析了不同效率经济单位的产出 .结果表明 ,增强经济单位内源融资能力是经济健康发展的基本条件 ;外源融资作为内源融资的补充 ,其作用不只是限于解决资本不足问题 ,也是增强经济单位的手段之一 ;低效经济单位在进行外源融资时 ,不能只局限于量的扩张 ,而必须有质的突破 .在依据效率原则的前提下 。

The existence necessity of endogenous financing is described by discussing the formation and transformation of endogenous financing and exogenous financing.It is demonstrted that the endogenous financing capacity improvement is one of the premises to realize the exogenous financing. According to the efficiency principle,the expansion of exogenous financing not only is an effective way to enhance the endogenous financing ability of economy unit,but also play a positive rule in increasing the social production.This article is directive for China enterprises to enhance the internal capital accumulation and positively adopt the external capital.