摘要
基于对银行主导的金融格局及企业融资偏好的分析,发现银行贷款在公司债务融资中占有绝大部分。这和传统理论所突出的公司债券相对于银行贷款具有比较优势是不相符的。从契约期限角度可推出银行贷款契约和企业债券契约的关系,即银行贷款在短期债务中具有比较优势,而企业债券在长期债务中具有比较优势。我国企业债券市场和银行信贷市场是一种静态的替代关系和动态的互补关系。这为我国企业债券市场的发展提供了一个新的思路。
Based on the analysis of the financial market guided by the bank and the preference of the corporate financing, this paper finds out that in the composition of corporate debt financing, bank loans hold the dominative part. This is contradictory to the comparative advantages of corporate bonds over bank loans highlighted by the traditional theories. From the angle of debt maturity, the relationship between bank loan and corporate bond can be deduced, i.e. the bank loan has a comparative advantage in the short term debt, while the corporate bond has a comparative advantage in the long term debt. This paper argues that in China there is a substitutive relationship under the static state and a complementary relationship under the dynamic state between the corporate bond market and the bank loan market. This argument provides some new ideas for the development of the corporate bond markets in China.
出处
《当代财经》
CSSCI
北大核心
2009年第6期59-65,共7页
Contemporary Finance and Economics
基金
国家社会科学基金项目(07CJY059)
国家自然科学基金项目(70602033)
广东省科技厅项目(2007B080703005/07)
