我国企业资本结构二元化趋势研究

A Probe into Tendency of Dualization of Business Capital Structure

我国上市公司凭借其上市的优势更多地依赖于股权融资方式 ,而非上市公司尤其是中小企业 ,只能通过银行贷款或内部积累融入资金 ,从而使不同的企业组织形成了股本注入为主与债务注入为主的二元化资本结构。要转变资本结构的二元化趋势 ,需要建立多层次的资本市场体系 ,调整失衡的公司治理结构 ,优化企业资金结构 ,并通过建立新型的银企关系解决中小企业融资难的问题。

Listed companies rely more on equity financing because of its good conditions than non-listed companies,especially small and medium-sized businesses,who can only raise capital through bank loans or inner accumulation.That means different kinds of companies have different main sources of financing,either stockinput or liabilities input,either outer financing or inner financing,which leads to a dual structure of capital.To change the tendency,it is necessary to establish multiple-level capital market system,to adjust imbalanced corporate governance structure,to optimize business capital structure,and to solve the financing problem of small andmedium-sized businesses through different ways.