企业融资与国企改革

Firm Financing and SOE Reform

本文首先对企业融资进行了阶段性分析,在此基础上,通过对股东的保证收益、经营者的逆向选择和道德风险对企业治理结构的影响以及股东和中介机构对企业经营者的监督的模型化分析,探讨了新形势下对我国国企改革的启示。

The papers put forward a periodical analysis of firm financing, on the basis of which a model the impact of shareholder's pledgeable income, manager's adverse selection and moral hazard to corporate governance and the monitoring of shareholder and agency to manager. At last the paper analyzes the implications for the reform of State-owned Enterprises in China.