摘要
缺失有效的债券市场,就没有完整的利率期限结构,股票价格只能建立在粗略的预测基础之上,波动性必然上升。企业以银行为主要融资渠道,其成本显著高于债券市场发展完全的情形,过度依赖银行融资将导致经济更易陷入危机。
In the absence of a well-functioning bond market,there will lack a term structure of interest rate,and equity price can only be set on a rough estimation which can certainly lead to higher volatility.Firms relies exclusively on bank loans faces significantly higher costs than in an economy with a developed bond market.Heavy reliance on banks can make an economy much more vulnerable to a financial crisis.
出处
《金融市场研究》
2012年第6期63-70,共8页
Financial Market Research
