金融结构、企业融资与管理激励  

Financial structure,firm financing and managerial incentive

作　　者：张庚淼[1] 慕继丰[2] 

机构地区：[1]西安交通大学管理学院,陕西西安710049 [2]美国华盛顿大学商学院,美国西雅图353200

出　　处：《西安工程科技学院学报》2007年第1期96-100,共5页Journal of Xi an University of Engineering Science and Technology

摘　　要：一个国家的金融结构如果能更有利于企业的成长,则其应具有以下特征:国家要大力保护私人投资者在经济中的地位和利益;要有良好定义的产权,可以使企业家通过出售权利而换得资金;保持金融部门的稳定;一个流动性强的股权市场的存在,以便企业和公众投资者有一个退出机制.同时本文还认为,股权融资和债务融资在企业治理过程中发挥着不同的作用,融资方式的多样互补性和金融结构的完善有利于企业融资和管理激励.The financial structure of a country will enhance its economic development if it has the following features： to strongly protect the interests of private investors; to have the well-defined property rights to help the entrepreneurs to gain capital by selling their assets easily in the markets; to stabilize the financial sector; to have a equity market with good liquidity which will facilitate that the investors and the firms exit the markets when their need to do so. Meanwhile, equity financing and debt financing play different roles in the corporate governance. The complementarities of diverse financing and the perfection of financial structure can facilitate the firm financing and managerial incentive.

关 键 词：金融结构 企业融资 管理激励 

分 类 号：F810.2[经济管理—财政学] F830