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论文编号：	1923
作者编号：	1999001
上传时间：	2010/5/6 10:20:50
中文题目：	不同融资体制下的企业融资行为的国际比较研究
英文题目：	Business Financing Financing System Market-based
指导老师：	齐寅峰
中文关键字：	企业融资 融资体制 市场主导型
英文关键字：	Business Financing Financing System Market-based
中文摘要：	企业融资是企业生存和发展的重要手段和基本保障。在中国经济转轨的关键时期，对不同融资体制下的企业融资进行研究，并做国际比较，借鉴外国先进经验，选择适合中国的融资体制和企业融资模式以疏通企业资金来源的各个通道，保持资金的良性循环,为经济持续、平稳、较快发展提供强有力的金融支持显然具有重要的理论价值和现实意义。 尽管世界各国的融资体制千差万别，学术界按照金融中介(主要指银行)和金融市场在金融体系中各自发挥作用的大小，根据它们所处地位的不同，将融资体制分为两个主要类型，即以英国、美国为代表的市场主导型融资体制(Market -based Financial System)，和以德国、日本为代表的银行主导型融资体制(Bankbased Financial System)。前者以股票市场作为金融资源配置的基础，后者以商业银行作为融资模式的核心。中国经济发展该选择何种融资体制？国内外有很多学者对这个问题进行了研究，主要集中于定性研究，有的进行了定量研究，也就是实证研究，得出过一些重要的结论。但是，研究还存在一些问题：第一、他们的研究要么局限于微观层面，要么局限于宏观层面；第二、他们的研究混淆了融资结构和资本结构的概念，对融资的研究不是建立在增量数据的基础上，而是建立在存量数据的基础上；第三、他们的研究使用的样本较少，研究的方法只局限于简单的相关性和回归研究，这种方法有失全面性和精确性。 鉴于以上的研究现状，本文使用了如下的研究方法和研究思路： 1. 将宏观与微观研究相结合, 将融资体制与企业融资联系起来，研究何种融资体制既能促进经济的增长，又能促进企业的成长和资源的合理配置。 2. 采用定性分析与定量分析相结合的方法，文章在定性分析基础上，采用了回归计量方法，面板模型统计分析的方法，从定量分析的角度来探讨融资体制对经济增长的关系。 3．运用比较分析方法，本文对中外融资体制的历史和现状进行比较，分析其利弊得失，借鉴国外的先进经验，并结合分析中国的融资体制的历史演变，中国现行的融资体制提出改善的建议。 本文共分9章。第一章是引言，提出了需要研究的问题，对研究的现状进行了描述。介绍了本论文研究的逻辑、研究方法和论文的创新点。 第二章是对现有的关于融资体制的研究和企业融资理论的回顾。 第三章是关于美国市场主导型的融资体制和美国的银行、资本市场、信用制度、金融监管制度，以及美国企业的融资顺序、融资模式和融资结构。 第四章是关于日本的银行主导型融资体制和日本的主银行制、资本市场、信用制度、金融监管制度以及日本企业的融资模式和融资结构。 第五章是关于德国银行主导型的融资体制和德国的全能银行、资本市场、信用制度、金融监管制度，以及德国企业的融资模式和融资结构。 第六章是关于中国的融资体制的历史演变和中国的银行体系现状和存在的问题、资本市场的现状及存在的问题、中国的信用制度和监管制度以及中国企业的融资模式、资本结构和融资顺序存在的问题。 第七章是对两种融资体制的多个国家的对比。首先对不同融资体制下的国家的金融体系进行比较。然后分析这些国家GDP的增长。最后将两种融资体制下的企业融资特点和融资结构进行比较。 第八章是关于我国融资体制选择的实证研究，它是基于我国上市公司融资偏好与国际融资体制的面板模型(Panel Data)计量分析。它建立在增量数据的基础上，抽取了我国795家上市公司的数据和17个有代表性国家的宏观数据，利用面板模型方法和多元线性回归等方法，分别对我国上市公司的融资偏好和不同融资体制对经济的影响进行了实证分析。本章的创新点是，分别从微观层面和宏观层面来建立模型，其中有微观层面的基于我国上市公司偏好面板模型计量分析，还有宏观层面的基于面板模型建模的全球宏观经济与融资的关系，和中国、美国、日本、印度基于多元线性回归的融资与宏观经济关系的模型，用大量的数据来检验模型，得出我国的股票融资率与GDP增长率正相关，与美国和印度相同，与日本相反；我国的银行信贷率与GDP增长负相关，与其它三国相同。综合微观和宏观模型，推导出如下的结论：选择何种融资体制要考虑微观主体的融资偏好和宏观经济的发展方向。我国经济微观主体企业的融资偏好是股权融资；我国经济发展选择何种的结构融资体制取决于我国经济发展的偏重，如果以经济增长为经济发展的核心，就应该发展资本市场，选择市场主导型的直接融资体制。 第九章总结，是从宏观层面和微观层面进行总结的章节。对中国融资体制的选择提出了思路，并对资本市场和信用制度以及金融监管制度的改善提出了建议。 全文的最终结论，是我国应分阶段有步骤地发展市场主导型的融资体制，在现阶段的选择是“混合融资”，在信用环境和金融监管完善后，应采用市场主导型的融资体制。本文对如何改善资本市场、信用制度和金融监管提出了建议。在微观层面，对我国企业的融资顺序提出建议，这就是“倒啄食顺序理论”。我国企业融资模式应以债券为主，尤其以资产债券为主。
英文摘要：	Business financing is a very critical and necessary component for ensuring a business’s existence and continued development. At the crucial turning point of Chinese economy, researching for different financial systems related to business financing, comparing them at international level, learning from foreign countries’ experience, and selecting one that is more suitable for Chinese financing system including for business financing modules to gather business funds from all sources, put funds into a profitable circle, provide strong financial support and guarantee the economic growth as underlined within this research is very important and has meaningful value in both theory and reality. Even though different countries have different financial systems, most academic circles divide them generally into two distinct financial systems according to the role and the position of the financial intermediaries and securities in the financial system. These two financial systems are the market based financial system and the bank based financial system. For example, the USA and the UK are market based financial systems, while Japan and Germany are bank based financial systems. A market based financial system is based on the stock market as the financing source, and bank based financial systems rely on commercial banks as the core financing source. In China, the question remains which kind of financial system should be chosen to enhance economic development. Lots of scholars from China and other countries have done some research on this issue, and most of research focuses on this issue using the qualitative analysis method. In addition, some scholars have also used a quantitative approach. They have drawn some important conclusions. However, there are several problems with this research. First, this research is either limited to the macroeconomic level or limited to the microeconomic level. Second, some of these researchers have obscured the concepts of the financing structure and the capital structure, and the research was not based on incremental data analysis, but rather on the balance amount’s analysis. Third, most of these researchers used a few samples to construct the model, and the research was limited to simple interrelated analysis and regression analysis. Therefore, their conclusions lacked comprehensive results and accuracy. In consideration of the above current research status, this thesis uses the following research way and the train of thought. First, this thesis’ research combines both macroeconomic and microeconomic analysis. It also includes an analysis of the proper financing system and the best business financing solution. The research will examine which kind of financial system can best accelerate the development of economy, and also promote business development, and make rational usage of sources. Second, this thesis uses the method of combining the qualitative analysis and the quantitative analysis to analyze the relationship between the financing system and the economic development. This thesis also constructs the Panel Data model and the Multiple Linear Regression model with large samples to draw a conclusion from the relationship between the financing system and the economic development. Third, this thesis uses contrast analysis. This thesis compares China and foreign countries financial system’s difference, compares different financing benefit and loss, advantage and disadvantage and use foreign countries’ advanced experience, and combines analysis of the history of China’s financial systems. The thesis gives suggestions for improving the current Chinese financing system. This thesis has nine chapters. The first chapter is the introduction of the main issues that need to be researched. It describes the current status of that research, and introduces the thesis’ research train of thought. It also introduces the method of research and most recent conclusions. The second chapter is summarized the research situation of financial systems and business financing structure theory. The third chapter introduces the American financing system or the market-based financial system, and the American bank, securities market, credit system and financial monitoring systems. It introduces the method and the sequence of American business financing, and also addresses the business financial structure. The fourth chapter introduces the Japanese financing system or the bank-based financial system, and addresses the Japanese main bank system, the security market, the credit system and the financial monitoring system. It presents the method of Japanese business financing and the business financial structure. The fifth chapter explains the German financing system (also a bank-based financial system), and explores the German bank, securities market, credit system and their financial monitoring system. It also explores the method of German business financing, and their business financial structure. The sixth chapter introduces the history and current situation of China’s financing system, and the status of China’s banking system. It points out the problems of China’s banking system, and describes China’s securities market, with its current problems. It also addresses problems with China’s credit system and financial monitoring system. It also addresses the method and the sequence of Chinese business financing, and explores their dominant business financial structure, and points out the major problems associated with these systems. The seventh chapter is a comparison of the different countries that use the two primary bank-based and market based financial systems. First, it will compare the different country’s financial system, and then it will examine GDP resulting from the two different financing systems. Furthermore, it will compare the two different methods of business financing: hand-off business financing or relational business financing. Finally, it will compare the competing business financing structures based on the two financial systems. The eighth chapter contains the empirical research. The empirical research on financing systems in this paper is fundamentally based on Panel Data analysis. This paper collects micro-data of 795 public-listed enterprises in China and the macro-data of 17 representative countries. With this data this paper constructs the Panel Data model and the Multiple Linear Regression model to analyze the financing preferences of public-listed companies in China and the impact of the different financing systems to the economy. Ultimately, this thesis obtains the conclusions as follows by combining the microeconomic level and the macroeconomic level. First, the enterprises of China prefer equity financing; second, which kind of financing system China should choose depends on its preference for the many variables associated with its economic development, and if China’s leadership determines that continued economic growth is preferable, then it should develop the market based direct financing system. The ninth chapter is the final conclusion of whole thesis. The thesis obtains the following conclusion from macro level and micro level. At the macro level, China should develop the market-based financing system step by step. Then, it should probably employ a combined market-based and bank-based financing system. After improving China’s capital markets, credit markets, and its financial monitoring systems, China should evolve into a pure market-based financing system. This thesis will also suggest improvements to China’s capital markets, credit markets, and its financial monitoring systems. At micro level, it will suggest a business financing sequence termed the “reverse pecking order theory”. It will suggest that China adopt a business bond or asset-backed business bond financing system.
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