公司增长机会与债务融资特征

本文通过梳理现有主要文献,从保持管理柔性、减少借贷双方的信息不对称以及降低代理成本等角度出发,总结出拥有丰富增长机会的公司其债务融资通常具有数量少、期限短、可赎回、可转换,以及具有较高优先级别等特征。据此本文得出我国应该推进商业银行的业务创新,发展设备租赁以及健全政府信用担保体系的政策启示。

Firm Growth Opportunities and the Debt Financing Characteristics

By summarizing the existing main papers, we conclude that firms with abundant growth opportunities are usually financed with debts with such characteristics as less, premature, convertible, callable, secured and etc., which are helpful to reduce the information asymmetry and agency costs between the lenders and borrowers, whilst maintaining the managerial flexibility of the firm. Hence we get some policy implications for Chinese financing systems.