经济转轨时期企业融资模式的选择与规范

CHOICES AND NORMS OF FINANCING MODES FOR ENTERPRISES DURING THE ECONOMIC CHANGING PERIOD

在银行主导型融资与市场主导型融资两种融资模式中 ,由于我国经济转轨时期的特殊国情 ,客观上与这两种模式尚有相当差距 ,因此 ,现阶段我国企业的融资模式应采取以银行间接融资为主 ,证券直接融资为辅 ,两者相结合并共同发展的模式。目前 ,我国存在着企业高负债过度投资和投资低效等问题 。

Through comparing the two modes of bank-oriented financing and market-oriented financing,this essay analyses their objective conditions when performed according to the special condition in our country,at present enterprises should adopt this financing mode:mainly indirect bank financing,secondly direct stock financing,and uniting and developing these two ways.In the end,as to problems of heavy debt,investment thirst,and low investment effect of enterprises in our country,this essay also provides some steps to normalize financing actions of enterprises.