银行主导融资下企业债券市场的发展:替代还是互补——从契约期限看银行贷款和企业债券的选择  

To Substitute or to Complement:on the Development of Corporate Bond under Bank Financing with the Choice between Bank Loan and Corporate Bond from the Viewpoint of Debt Maturity

作　　者：李湛[1] 曹萍[1] 

机构地区：[1]广东金融学院,广东广州510521

出　　处：《当代财经》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)

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.

关 键 词：债务期限 银行贷款 企业债券 

分 类 号：F830.91[经济管理—金融学]