基于企业可持续发展的融资战略  

Financing Strategy Based on Firms' Sustainable Development

作　　者：戚拥军[1] 严小燕[1] 

机构地区：[1]三峡大学经济与管理学院,湖北宜昌443002

出　　处：《改革与战略》2011年第1期153-155,共3页Reformation & Strategy

基　　金：国家社科基金项目"国有控股公司的资本结构与财权安排研究"(项目编号:06BJY015);湖北省教育厅人文社科项目"资本结构与产品市场竞争研究"(项目编号:2009y021)的阶段性成果之一

摘　　要：传统的财务理论仅从负债的税盾收益和财务困境成本等角度研究企业的融资战略,忽略了高负债对企业未来可持续发展的影响。负债比例过高不仅会影响企业的投资行为和市场竞争行为,还会改变客户、供应商、雇员、债权人和股东等利益相关者正常的交易行为,进而直接威胁到企业未来的生存和发展。基于上述考虑,企业在制定融资战略时应适当降低其负债程度,以更好地实现未来的可持续发展。Traditional financial theories considered firms＇ financing strategy only from the perspective of debts＇ tax shield benefits and its financial distress costs, but overlooked the effects of high debt ratio on firms＇ sustainable development, High debt ratio not only affects firms＇ investing behavior and market competition behavior, but also affects the trading behavior of their stakeholders such as customers, suppliers, employees, creditors and shareholders, These could further affect firms＇ future development and survival. Based on the above considerations, finns should reduce their debt ratio accordingly to achieve more sustainable development when making their financing strategy.

关 键 词：融资战略 利益相关者 可持续发展 

分 类 号：F275[经济管理—企业管理]