融资模式效率比较与我国融资模式的选择  

Efficiency Comparison of Finance Models and Our Selection

作　　者：王佩艳[1] 耿强[1] 汪建[1] 

机构地区：[1]南京大学国际商学院,江苏南京210093

出　　处：《财经研究》2000年第8期39-45,共7页Journal of Finance and Economics

摘　　要：从保持距离型融资模式与关系型融资模式的内在效率分析 ,两者都具有经济合理性 ;从世界融资模式的发展趋势来看 ,两者有相互融合的趋势 ;由于我国的特殊情况 ,现阶段企业的融资模式应采取过渡模式 ,即间接融资为主并逐渐减少 ,直接融资为辅并大力发展的过渡模式 ;目标模式应符合世界融资模式的趋势 ,是融两种融资方式于一体的有中国特色的融资模式。It is considered that both arm's length financing and relational financing possess economic rationality from the analysis of their internal efficiency, with the trend of combination.The frangibility of financial and banking system isn't the inevitable result of relational financing but because other causes distort the incentive mechanism.The article indicates that at present china should choose the transitional model-giving priority to indirect financing diminishingly and expanding direct finaneing strictly. Our target model should accord with the development of international finance model.

关 键 词：信息租金 金融约束 融资模式 中国 效率比较 

分 类 号：F832.5[经济管理—金融学] F830.9