从经理人激励角度考察我国企业债券市场萎缩成因

A Study on the Causes of the Shrinkage in the Chinese Debenture Market from the Perspective of Management Incentives

现阶段我国融资结构不合理 ,特别是企业债券市场萎缩 ,已严重影响效率的提高 ,导致储蓄不能有效转化为投资 ,制约了经济增长。文章试图通过介绍一个最优控制权配置的经理人激励模型来分析企业债券市场萎缩的原因 ,并结合我国当前实践对模型进行了修正。

At the present stage, irrational financing structure in China, the shrinkage in debenture market in particular, has severely influenced the improvement in efficiency, hindered the effective transformation of savings to investment, and restricted economic growth. This paper attempts to analyze the causes of the shrinkage in debenture market by introducing a management incentive model with optimal control allocation, and make modifications to the model in the light of the Chinese realities.