摘要
上市公司在不同时期选择的外源融资方式具有较强的倾向性。20世纪80年代除了银行贷款外,发行企业债券是企业的主要外源资金来源;20世纪整个90年代,已上市的公司大都以发行股权证券为主要的外源资金来源;本世纪初以来,上市公司外源融资方式开始由集中走向多元化。发现能够被各方接受的规律与规则是至关重要的,为此,政府与市场这两只手必须控制转换的方向盘,政府要发挥关键的引导与支配作用,同时证券市场则是政府行为的裁判官。
Listed companies show an obvious tendentiousness in selecting financing forms from external aids in different period. In the 1980s, this major capital source comes from issuing enterprise bonds, besides loans; in the 1990s, the source shifts to equity securities for these listed companies; since the beginning of this century, it turns from centralization to decentralization. Grasping this rule is important, for both government and market should adjust the changing. This paper holds that government functions in a guiding or controlling position, while security market acts as a referee to judge government behaviors.
出处
《学术交流》
北大核心
2003年第8期100-103,共4页
Academic Exchange
关键词
外源融资方式
上市公司
证券市场
financing forms of external aids, listed company, security market
