【作者】 钟爱贞；

【导师】 谭训鸣；

【作者基本信息】 江西财经大学 ， 会计学， 2004， 硕士

【摘要】 融资方式决定融资结构，融资结构与治理结构又紧密相关，这一直是理论界研究的热点，我国在改革过程中受传统的体制影响，融资结构问题一直未得到很好的解决，表现为融资结构扭曲，治理效率低下。为什么融资结构与治理效率紧密联系、相互影响?如何在优化融资结构，提高治理效率?本文通过四个部分来分析融资结构与企业治理效率问题。第一章导论。主要介绍了本文的选题思路、研究现状和相关的概念。第二章融资结构与企业治理的关系。融资结构与企业治理结构相联系的理论不断推陈出新，根据现代契约理论，融资结构至少会从以下三个方面影响企业的价值：1． 融资结构会影响经营者的工作努力水平及其行为选择，从而影响企业的收入流和企业价值。2． 融资方式的选择就会通过其信息传递功能影响投资者对企业经营状况的判断，从而影响企业价值。3． 经营者对控制权本身的偏好不同，融资结构会通过影响控制权的分配而影响企业价值。上述三种理论分别称为委托代理理论、信息不对称理论和控制权理论。它们分别阐述了融资结构与企业治理的内在联系，分析融资结构是如何通过治理来影响企业价值的。融资结构对企业治理的基础性影响是：企业融资结构决定企业的干预程度和干预方式，企业融资结构决定企业的破产概率，企业融资结构决定企业破产清算的控制方式。企业融资结构与治理结构之间存在有机联系，孤立地分别地研究它们对于企业价值的影响可能是片面的。融资结构不仅仅体现了企业资本的不同来源，它还影响到企业权力在各个利益主体之间的分布关系，决定了各个利益主体所受到的约束与激励强度。因此，债务融资和股权融资不仅仅是不同的融资工具，还应该被看成是不同的治理结构，它从融资来源的角度，反映了不同的投资者在公司治理中的角色和地位。股权融资与债权融资分别表现为不同的治理效率。第三章国外融资模式与治理机制分析及启示。首先分析了美国与日本两大融资模式与治理结构的特点，分析评价各自的优缺点，进行比较之后，提出对我国的借鉴作用。美国直接融资比重大，股权结构的特点是分散化，对经理人员的约束主要来自证券市场。由于资本市场具有很强的流动性以及股东对短期收益的关注造成企业行为短期化。日本企业资金主要由主银行提供，法人交叉持股，主银行事前、事中、事后对企业实施有效的监督和控制。根据我国实际情况，借鉴国际经验，提出我国融资结构的模式在以间接融资为主，直接融资为辅前提下，着重加强两者之间的协调与配合，进一步发展和完善直接融资。第四章优化我国融资结构，提高治理效率的思考。我国企业融资结构扭曲，治理效率低下，分析其产生的原因，主要是：所有者控制权残缺，股权结构不合理，未能有效建立偿债保障机制，债券市场发展缓慢，资本市场不发达，机构投资者发展滞后，市场机制对经理人约束弱化等。造就现代企业制度及有效的法人治理，并不仅限于企业制度本身，从优化融资结构的角度入手，将涉及银企关系、资本市场发展开放等一系列的措施:1.建立健全企业法人资产制度。促进国有股股权自由流通，强化企业内部治理机制。2.重塑银企关系，强化银行债权相机治理功能。银行商业化改革，重塑银企关系，建立有效的偿债保障机制。3.大力发展资本市场。建立开放的多层次的资本市场，加快发展债券市场，培育机构投资者。4.积极推进经理人激励约束机制。发展资本市场，培育经理人市场，逐步为经理人持股激励约束机制有效实施提供基本的制度环境。更多还原

【Abstract】 The financing way determines the financing structure, Financing structure and governance structure are closely. It is the focus that theory circle studies. In our country it is influenced by traditional system in the course of reforming, the financing structure problem has not been settle all the time, shown as the financing structure twisted, low governance efficiency. Why are financing structure and governance efficiency contacted, influenced each other closely? How to optimize the structure of financing, improve the efficiency of governance? This text analyses the question in financing structure and enterprise governance efficiency through four parts.Chapter one: The introduction. Train of thought of selected title, research current situation and relevant concept of introducing this text mainly are defined.Chapter two: The relation between financing structure and enterprises governance. According to modern contract theory, financing structure can influence the value of enterprises from following 3 at least. 1 .Financing structure will influence the operator’s hard-working level and behavior choice. 2.Financing choice of way will influence investor’s judgement of enterprise management state through their information transmission function. 3.Operator different partiality to control power by itself, financing structure will influence distribution of control power. Above-mentioned three kinds of theories are called the authorize agency theory, information asymmetry theory and control theory separately. They explain inner link financing structure and enterprises governance separately, analyse how financing structure influenced enterprise’s value by governance. Enterprise financing structure determines intervention degree of enterprise and intervention way, determines the bankrupt probability of enterprises, and determines the control method that enterprises bankrupt liquidate. There are organic connections between financing structure and governance structure. Financing structure not only reflect different source of capital, but also influence enterprise power distribution relation between each interests subject, and determine the intensity of accumulation and restraint of each interests. So, debt financing and stock financing should be regarded as different governance structure and are shown as different governance efficiency separately.Chapter three: Foreign financing mode and governance mechanism analysis and enlightenment. Analyse the characteristics of U.S.A’s and Japan’s financing modes and governance structure, compare and appraise their advantages and disadvantages,propose to enterprise financing and governance of our country. In U.S.A the large proportion is direct financing, the characteristic of stock structure is decentralized, the restraint of executives mainly comes from the security market. Because the capital market has very strong mobility and shareholder’s concern about the short-term income, it causes enterprise’s behavior to take in a short sight. Japanese enterprise fund offer by main bank mainly, main bank in advance, in the courts, afterwards implement effective supervision and control to enterprise. According to the actual conditions of enterprise in our country, international experience for reference, propose that the mode of the financing structure of our country is: rely mainly on financing indirectly, the direct financing acts as an auxiliary way, strengthens the coordination and cooperation between the two ways emphatically, develop and perfect the direct financing further.Chapter four: The thinking of optimizing financing structure of our country and improving governance efficiency. In our country financing structure twisted, low governance efficiency. Reason produced is: Owner control power incomplete, stock structure unreasonable, fail to set up security mechanism of paying the debts effectively, the bond market develops slowly, the capital market is undeveloped, institutional investors develop lagging, the market mechanism of manager restraint weakens etc.. Bring up the moder更多还原