CAJ | 학술논문

比较国际上两种主要融资制度绩效，实证分析我国的融资制度，仍存在着一定程度的扭曲。距离真正市场化有差距，成因在于融资制度本身的内部结构缺陷和外部宏观环境改革滞后，根源在于银企都不是真正的融资主体，导致企业融资行为出现变异。鉴于融资制度同企业融资行为模式存在内生一致性。推进政府的经济、金融制度改革。实现企业融资行为的合理回归。使之朝着以银行中介为主的融资模式向以股票市场股权融资为主的融资模式转换，才是中国企业融资行为模式的理性选择。
비교국제상량충주요융자제도적효，실증분석아국적융자제도，잉존재착일정정도적뉴곡。거리진정시장화유차거，성인재우융자제도본신적내부결구결함화외부굉관배경개혁체후，근원재우은기도불시진정적융자주체，도치기업융자행위출현변이。감우융자제도동기업융자행위모식존재내생일치성。추진정부적경제、금융제도개혁。실현기업융자행위적합리회귀。사지조착이은행중개위주적융자모식향이고표시장고권융자위주적융자모식전환，재시중국기업융자행위모식적이성선택。
After comparing two kinds of main financing system performances, China＇s financing system has not really realized marketability, at a certain degree the distortion still exists, the reason lies in the defect of structure inside and macro- envircommental reform of outside of the financing system itself lags behind. The origin lies in the defect of the relation between bank and enterprise, namely the relation of bank and enterprise is not all real financing subjects, which cause the financing behavicrs of enterprises to make a variation. Seeing that endogenous consistency exists in the financing behavior mode and the financing system, advancing the reform of financial institution, promoting monetary system , capital market and small and medium- sized enterprises financing system innovation, and realizing the rational return of enterprise＇s financing behavior make it change to the financing mode relying mainly on stock financing of stock market towards financing mode relying mainly on intermediary of the bank. It is a rational choice of the financing mode of Chinese enterprises.