认证在企业融资中的作用和成本分析

The Role and Cost Analysis of Certification in Enterprise Financing

文章建立委托代理数理模型分析认证在企业融资中的作用和成本,分析表明:认证可以消除或减弱投资者和企业之间信息不对称问题,认证机构具有一定的声誉和公信力是发挥其认证功能的重要条件;企业的认证成本与资本市场逆向选择程度、信息不对称程度和企业的道德风险程度有关。文章最后就如何促进认证市场发展和降低企业认证成本提出相应的建议。

This paper establishes a principal-agent mathematical model to analyze the role and cost of certification in enterprise financing.The analysis shows that certification can eliminate or weaken the information asymmetry between investors and enterprises,and the reputation and credibility of certification institutions are the important conditions to play their certification functions;The cost of certification is related to the degree of adverse selection of capital market,the degree of information asymmetry and the degree of moral hazard of enterprises.Finally,the article puts forward corresponding suggestions on how to promote the development of certification market and reduce the cost of certification.