现代企业的融资安排与公司绩效的改善--兼论我国国有企业资本结构的重整战略

在现代企业理论中,企业的融资安排不再是仅涉及融资成本的问题,更重要的是它在公司治理中发挥了意想不到的作用,债权和股权两种不同性质的契约在约束经理人行为和解决代理问题上有着不同的约束力,甚至在某种程度上还可以互相补充.我国国有企业经营效益低下大部分是因为国有企业缺乏合理的融资结构,因而导致治理的低效率.所以,要提高企业效益就必须改革企业融资制度,让企业在自由的、市场化的融资条件下作出正确的融资决策.

Financial Arrangement of Modern Enterprises and the Improvement of Corporate Performance

In the modern enterprise theories, financial arrangement of enterprises is not only a problem concerning financial costs, more importantly having played an unexpected role in corporate governance. Debt and share as two different contracts have different constraints on restricting manager's behavior and solving agency problem, and to some degree they can complement each other. Stated owned enterprises in our country mostly have poor performance, mainly owning to irrational financial structures that lead to low efficient governance.Therefore, financial system must be reformed for the improvement of corporate performance and let them make right finance choices under free and market oriented financial circumstance.