为什么股权融资?——与借贷比较

为什么市场上会存在入股与借贷两类金融合约?权利差异、政策环境、财务风险、信息不对称、代理成本、资产专用性、风险偏好、风险分担等理论都无法充分地给予解释。预测合作收益所需要的信息费用,是导致股权融资安排的关键。当预测合作收益的信息费用越高,债权安排被股权安排替代的可能性就越大。相关的制度安排如控制权优先向股东分配、债权人享有破产优先受偿权等也可以由此得到解释。

Why Equity Financing:A Comparison with Debt Arrangement

Why are there differences between financing contracts of equity and debt This paper demonstrates the deficiencies of such classical theories as differentiation of rights,policy environment,financial stress,agent costs,asset specificity,risk preference and risk sharing.We argue that difficulties or information cost for predicting future income may be the key to explain the widespread practice of equity financing.Information cost could also be the explanation of sucharrangements as contracting control rights ...