摘要
中小民营企业融资难问题的实质是中小民营企业不能在较高层次的货币市场和资本市场上如愿地获得资金支持。目前解决中小民营企业融资难问题的关键在于,创新金融制度安排,构建一种能够使外部投资者与中小民营企业建立起横向信用联系的内生性融资契约。在我国既有的金融契约框架下,通过适当的融资结构设计和制度安排,信托私募融资能够最小化中小民营企业融资的代理成本和信息成本,从而使中小民营企业能够沿着既有的融资路径有效地获得所需的资金。
The research of this paper indicates the essence of the problem of financing difficulty of privately owned enterprises of small and middle size is the enterprises are difficult to get fund supports from the higher level money markets and capital markets at their wills, Therefore, nowadays, the key point to solve the problem lies on innovative financial system arrangement to set up a kind of endogenetic financing contracts which can found the credit connection between the outside investors andprivately owned enterprises of small and middle size. Under the framework of Chinese current financial contracts, trust contracts can be a significant realization form for endogenetic financial contracts. Through appropriate financial structttre design and system arrangement, trust private replacement can minimize the proxy and information costs, and orovide an effective wav to solve the oroblem of financine difficulty of nrivalelv owned enterprises of small and middle size.
出处
《经济管理》
CSSCI
北大核心
2008年第16期10-15,共6页
Business and Management Journal ( BMJ )
关键词
中小民营企业
外源性融资
内生性契约
信托私募融资
privately owned enterprises of small and middle size
external financing
endogenetic contracts
trust private replacement
