经济经纬
經濟經緯
경제경위
Economic Survey
2006年
1期
137~140
,共null页
融资结构 股票 企业债券 可转换公司债
融資結構 股票 企業債券 可轉換公司債
융자결구 고표 기업채권 가전환공사채
financing structure ; stock ; debenture ; convertible debenture
目前,中国直接融资发展缓慢,直接融资工具仅国债一支独秀、股票和企业债券萎缩。要实现中国融资结构的调整和优化,突破口就在于发展属于直接融资范畴的可转换公司债:它不仅能最大限度满足所有市场参与者的需要,有利于保护投资者利益、缓解股票市场的扩客压力、满足上市公司和非上市公司的融资需求,而且也能起到完善公司治理、提高企业经营水平的作用,同时,也能更好满足政府部门大力发展直接融资,防止风险集中于国有银行的政策目标。
目前,中國直接融資髮展緩慢,直接融資工具僅國債一支獨秀、股票和企業債券萎縮。要實現中國融資結構的調整和優化,突破口就在于髮展屬于直接融資範疇的可轉換公司債:它不僅能最大限度滿足所有市場參與者的需要,有利于保護投資者利益、緩解股票市場的擴客壓力、滿足上市公司和非上市公司的融資需求,而且也能起到完善公司治理、提高企業經營水平的作用,同時,也能更好滿足政府部門大力髮展直接融資,防止風險集中于國有銀行的政策目標。
목전,중국직접융자발전완만,직접융자공구부국채일지독수、고표화기업채권위축。요실현중국융자결구적조정화우화,돌파구취재우발전속우직접융자범주적가전환공사채:타불부능최대한도만족소유시장삼여자적수요,유리우보호투자자이익、완해고표시장적확객압력、만족상시공사화비상시공사적융자수구,이차야능기도완선공사치리、제고기업경영수평적작용,동시,야능경호만족정부부문대력발전직접융자,방지풍험집중우국유은행적정책목표。
At present, the development of direct financing in China is slow, and only the government bond is outstanding among the direct financing tools, however stocks and debenture are shrinking. The author believes that the key to realize the adjustment and optimization of the current financing structure in China lies in the development of convertible debenture. It can not only meet all participants" needs to the maximum, protect the investors'benefits, alleviate the stock market g financing pressure, satisfy the financing demands of listed companies and non - listed companies, but also play the role of perfecting company - governance and improving the operation of enterprises, and at the same time it can meet the government's policy goals to develop direct financing vigorously and prevent the financial risk from being concentrated on state -owned banks.