As human society entered a society of mass production in the period , business and capital expansion of the size of the problem of insufficient demand increasingly prominent , and therefore have a stake in the company form , the shareholders of enterprises co - financed organizations ; shares of the changes and development company had a stock form of financing activities ; equity financing to the development of the transaction needs ; demand for trading in shares of the stock market contributed to the formation and development ; but ultimately the development of the stock market and promote the share financing activities and joint - stock companies and improve the development 随着人类社会进入了社会化大生产的时期,企业经营规模扩大与资本需求不足的矛盾日益突出,于是产生了以股份公司形态出现的,股东共同出资经营的企业组织;股份公司的变化和发展产生了股票形态的融资活动;股票融资的发展产生了股票交易的需求;股票的交易需求促成了股票市场的形成和发展;而股票市场的发展最终又促进了股票融资活动和股份公司的完善和发展。
As to the transformation of financing institution , the financing structure of firms , especially state - owned enterprises , develops disproportionally : external financing proportions relatively higher than internal financing ; indirect financing higher than direct financing ; stock financing . higher than bond fmacing ; and total debt financing higher than equity financing 在融资机制的变革中,企业,特别是国有企业的融资结构呈非均衡发展:相对来说,外部融资比重高于内部融资比重;间接融资比重高于直接融资比重;股票融资比重高于债券融资比重;全部负债融资比重高于股权融资比重。
Since 1990s , directing financing in the financial market developed rapidly , but corporate bond financing , as an important part of direct financing , obviously lagged behind stock financing . and its development lagged behind government bond and financial bond in the bond market 20世纪90年代以来,我国金融市场中的直接融资有了较快的发展,但是,作为直接融资重要组成部分的企业债券融资明显滞后于股票融资;而在债券市场中,企业债券的发展又严重滞后于国债和金融债。
Firstly , based on the essential m - m theorem , this paper contrasts stock financing and bank credit . it then analyses the comparative advantage of bond financing . in addition , according to “ corporation bond management regulation ” , it analyses the differentiation and relationship between corporation bond in our country and that in the international market , indicating that corporation bond has played a critical role in the economic construction in china 首先,本文以债券融资的基本理论m - m定理为基础,对比股票融资和银行信贷融资方式,分析债券融资的比较优势,并根据我国《企业债券管理条例》分析我国企业债券与国际上的公司债券的区别和联系,以及我国企业债券在我国的经济建设中发挥的重要作用。
At the same time , together with increasing bank crediting and indirect financing , capital markets should be further developed to change the unused social funds into capital funds . in terms of direct financing , corporate bond financing markets is important and needs consideration . and hi stock financingjspecial attention should be paid to adjust the relationship of financing scale and stock ownership structure 同时,应在继续扩大银行信贷、发展间接融资的同时,大力发展资本市场,在直接融资中应注意发展企业债券融资市场,在股票融资中应注意调整融资规模与股权结构之间的关系。
On one hand , these reforms are caused by market and economic adjustment , on the other hand , it is also the initiative exploration of the administration structure but the exploration is unsuccessful , the corresponding results include that the financial burden is heavy , and bank and the listed companies sacrifice medium and small investor ' s interests etc . because the listed company only regards security market of our country as the place to use the fund free at first , there is no comparativity between utilizing bond financing , bank loan , and other channels to raise enterprise development funds and stock financing 从上世纪80年代初期以前的财政资金供给到银行信贷资金的供给,再到利用资本市场进行股票及债券等融资方式的出现,这些改革一方面是市场以及经济环境的变化引起的迫不得已的调整,另一方面也是企业(或主管部门)为了提高企业效率,完善企业内部治理结构的主动探索。但从结果上来看,这些探索并不成功,相应的出现了财政负担过重,银行不良资产过多以及上市公司牺牲中小投资者利益,在市场上“圈钱”等现象。由于上市公司最初仅仅是把我国的证券市场当作获取免费使用资金的场所,利用债券融资、银行贷款等渠道筹措企业发展资金和股票融资没有可比性。
The listing road companies have their unique features and must tackle many obstacles . they should attach much importance to the re - financing . the convertible bond is one of the proper methods of re - financing . fujian expressway development co . ltd is a typical case of the road infrastructure financing 为了比较系统地探索这方面问题,本文从三个方面进行阐述:第一章首先研究了公路建设融资的基础理论和发展概况,认识公路建设融资的重要性,并通过对现有几种公路建设融资方式的评析,从各种融资方式的不适应性引出主题,提出股票融资方式应作为当前公路行业筹集建设资本金的首选方式。
With different financing modes , there will be different capital structures . when given a gross financing amount , how a firm choose a reasonable capital structure or financing mode such as bond , stock and bank loan under a rational pecking order according to it ' s target function , cost and income is a hot topic that is focused on by both financial theory and practice 所以在给定企业融资总量时,企业如何依据其目标函数、成本和收益,选择合理的融资结构或融资方式即采取债券融资、股票融资还是银行信贷,并在一定融资顺序( peckingorder )安排下形成合理的融资结构,实现企业市场价值最大化,一直是财务理论和实践中人们十分关注的问题。
After clarifying the classifications of financing patterns , there are two financing patterns in it , internal financing and external financing . the former includes the items of profit - deducted capital , depreciation funds , internal money raising and owner collecting , etc . the latter includes the items of bank loans , commercial credit , financing lease , stock financing , venture capital , joint operation and joint venture , etc . meanwhile , the thesis designs a system of functional evaluation index which is composed of six indexes , they are financing cost , financing risk , financing elasticity , financing facility and society effects . finally , the thesis has evaluated the above financing patterns with fizzy comprehensive evaluation methods ( fcem ) and drawn the following conclusions : 1 在全面阐述融资方式不同分类的基础上,提出可供涉农小企业利用的融资方式分为内源融资和外源融资,前者具体包括留利资金、折旧基金、内部集资和业主自筹;后者包括银行贷款、商业信用、融资租赁、股票融资、债券融资以及风险投资、联营、合资等新型融资方式,并设计出由融资成本、融资风险、融资弹性、融资便利性、控制权影响性和社会影响性六个指标组成的功效评价指标体系,运用模糊综合评价方法对上述融资方式功效进行评价,得出结论: 1
According to the analyses of the management environment , the industry background , the capital status and so on , this paper brings forward the managerial idea that the company should be guided by the management of capital , and operates both by the management of capital and production , both by renewing the reserve and importing the increase , both by direct investment and indirect investment , both by stock investment and loan investment 文章通过对公司所处的经营环境、产业背景、资产状况等方面的分析,提出了公司在资本经营思想的指导下,资本经营与生产经营相结合,盘活存量与引进增量相结合,直接融资与间接融资相结合,股票融资与债权融资相结合的运作构想,并且对实施方案进行了具体分析。