科技和产业
科技和產業
과기화산업
SCIENCE TECHNOLOGY AND INDUSTRIAL
2013年
1期
112~117
,共null页
债券融资 军工企业 融资结构优化
債券融資 軍工企業 融資結構優化
채권융자 군공기업 융자결구우화
bond financing; the military enterprises ; financing structure optimization
随着社会的发展，军工企业资金筹集的渠道和融资结构也在不断变化，由计划经济时期的财政拨款逐步向市场经济体制下的多元融资转化。目前军工企业的发展资金除财政拔款外，多来源于银行贷款，部分来源于股权融资，而从优化融资结构理论及通货膨胀理论来看，债券融资是对企业较为有利的一种融资方式。本文将从军工企业发展需要及融资理论等方面论证军工企业债券融资的必要性，并通过总结近年来军工企业债券融资情况，分析目前存在的问题及相关发展建议。
隨著社會的髮展，軍工企業資金籌集的渠道和融資結構也在不斷變化，由計劃經濟時期的財政撥款逐步嚮市場經濟體製下的多元融資轉化。目前軍工企業的髮展資金除財政拔款外，多來源于銀行貸款，部分來源于股權融資，而從優化融資結構理論及通貨膨脹理論來看，債券融資是對企業較為有利的一種融資方式。本文將從軍工企業髮展需要及融資理論等方麵論證軍工企業債券融資的必要性，併通過總結近年來軍工企業債券融資情況，分析目前存在的問題及相關髮展建議。
수착사회적발전，군공기업자금주집적거도화융자결구야재불단변화，유계화경제시기적재정발관축보향시장경제체제하적다원융자전화。목전군공기업적발전자금제재정발관외，다래원우은행대관，부분래원우고권융자，이종우화융자결구이론급통화팽창이론래간，채권융자시대기업교위유리적일충융자방식。본문장종군공기업발전수요급융자이론등방면론증군공기업채권융자적필요성，병통과총결근년래군공기업채권융자정황，분석목전존재적문제급상관발전건의。
With the development of the society, military enterprises ＇ financing channels and financing structure is constantly changing from alloca- tion financial under planned economy to diversified financing under market economy system. At present, addition to financial allocations, the devel- opment of war industry enterprises mostly fund in the bank loan and in part derived from equity financing, meanwhile, from optimize financing structure theory and theory of inflation, bond financing is a more advantageous financing method to enterprise. This paper will show the necessity of military enterprises＇ bond financing via the military industrial enterprises＇ development and financing theory, in addition, it summaries the mili- tary enterprises＇ bond financing cases in recent years and gives several relevant proposals based on the problems.
