基于两个监督模型的企业家融资分析  

Analysis of entrepreneur's financing based on two models of supervision

作　　者：孙永风[1] 张睿[2] 

机构地区：[1]西安交通大学管理学院,陕西西安710049 [2]西安交通大学经济金融学院,陕西西安710049

出　　处：《郑州轻工业学院学报（社会科学版）》2004年第1期37-39,43,共4页Journal of Zhengzhou University of Light Industry：Social Science Edition

基　　金：教育部优秀创新研究群体基金项目(70121001)

摘　　要：通过对企业家能力、道德风险和自有资本的分析,并结合两种监督模型,给出了企业家融资中的企业家自身影响因素与不同融资来源之间的关系。企业家能力的增强、道德风险减小和自有资本的增加都利于企业家融资。资产状况较佳、企业家能力较强的企业更适合通过市场融资,承担相对低的融资成本;而资产状况差、企业家能力较弱的企业则更多地通过中介机构融资,并承担相对较高的融资成本。The relationship between entrepreneur's factors and different financing sources in the process of financing is studied by the analysis of entrepreneur's ability,moral hazard and the capital.The factors are beneficial to the entrepreneur's financing such as the strengthening of entrepreneur's ability,the reduction of moral hazard and the increasing of the capital.The enterprises which have more capital and good ability of entrepreneur are suitable to make financing by market and take low financing cost,and those which have less capital and poor ability of entrepreneur are suitable to make financing by financial agencies and take high financing cost.

关 键 词：融资 道德风险 企业家能力 监督模型 

分 类 号：F272[经济管理—企业管理]