论文部分内容阅读
金融抑制理论为利率市场化奠定了理论基石。利率市场化是我国金融体制改革的重要内容,也是我国国有企业在融资过程中面临的重要课题。目前我国利率市场化的进程已经过半。伴随着利率市场化改革,以债券融资为代表的直接融资市场将保持高速增长。在信息不对称的前提下,假设国有企业也有利润最大化的经营诉求,我们认为国有企业最优的融资策略为:首先利用低成本的内部融通资金,其次以债券融资逐渐替代银行贷款融资,最后则是进行股权融资。
The theory of financial repression has laid a theoretical foundation for the marketization of interest rates. The marketization of interest rates is an important part of China’s financial system reform and an important issue that Chinese state-owned enterprises are facing in financing. At present, the process of marketization of interest rates in our country has more than half. With the market-based interest rate reform, the direct financing market represented by bond financing will maintain its rapid growth. Under the premise of asymmetric information, assuming that state-owned enterprises also have profit-maximizing operating demands, we think that the optimal financing strategies for state-owned enterprises are: firstly using low-cost internal financing funds and secondly, using debt financing to gradually replace bank loan financing; and finally It is for equity financing.