摘要
尽管人们非常关注公司的最佳负债权益结构，却忽略了债券融资与（长期）银行融资之间的“最优”或最佳平衡。本文分析了不受政府干预的、成熟的公司债券市场的经济与以银行融资为主的经济（如在东亚）的主要差别。当出现非常成熟的公司债券市场时，市场力量会有更多的机会来自我决断，从而降低系统风险和危机发生的可能。因为，与这种环境相联系的是：更加透明的会计制度、大量的财务分析人员、信誉良好的评级公司、需要进行复杂信用分析的各种公司债券和衍生工具以及公司重组和清算的有效程序。此外，丰富的证券种类可以提高经济效益，而且影响债券价格的市场力量有可能尉银行系统的健康性产生较强的间接效应。
While much attention has been focused on the optimal ratio of a firm＇s debt to equity, the ＇optimal＇ or best balance between bond financing and （longer-term） bank financing has scarcely been addressed. This article examines the principal differences between an economy with a well-developed corporate bond market free from government interference and an economy in which bank financing plays a central role （as in East Asia）. When a full-fledged corporate bond market is present, market forces have a much greater opport, unity to assert themselves, thereby reducing systemic risk and the probability of a crisis. This is because such an environment is associated with greater accounting transparency, a large community of financial analysts, respected rating agencies, a wide range of corporate debt securities and derivatives demanding sophisticated credit analysis, and efficient procedures for corpo- rate reorganization and liquidation. In addition, the richness of available securities will tend to enhance economic welfare, and the market forces at work on the wide array of bond prices are likely to have a strong spillover effect on the health of the banking system as well.
出处
《中国会计与财务研究》
1999年第1期98-114,共17页
China Accounting and Finance Review
关键词
公司
债券市场
经济
避免危机中的作用
corporate bond, bond market, financial crisis, bond financing
