最优短期流动资本管理规模的实证研究

20世纪90年代亚洲金融危机以后,短期流动资本管理再次成为关注的重心.在中国,由于企业不能自主的在国际金融市场上募集资金,只能通过政府作为"中间人"代其在国际金融市场中融资.因此政府实质上充当"最后贷款人"的角色,既承担国际短期债务的催偿风险,又要承担融资成本,我国政府应该从国家金融安全与降低国际融资成本方面考虑,选择最佳短期资本流入规模,既降低金融风险,又降低国际融资成本.

Positive study on optimum short-term flowing capital management scale

After 1990s Asia financial crisis,short-term flowing capital becomes a focus again.In China,Chinese enterprises can not raise money from international financial market by themselves and can do this by "the agency" of Chinese government.As a result,the government practically works as a final borrower and the government assumes the responsibility for international short-term debt risk and financing cost.Chinese government should take national financial safety and financing cost into consideration and choose optimum short-term capital flowing scale in order to decrease financial risk and international financing cost.