论文部分内容阅读
融资问题是企业经营发展过程中考虑的首要问题,企业资金来源分为内部融资和外部融资,外部融资包括债务融资和股权融资。由于市场参与各方的信息不对称、管理层代理问题、交易成本因素等问题的影响,企业对资金的获得遇到了一定的限制,即融资约束问题。债务融资相对于股权融资,有偿债务的利息在税前支付,并能够一定程度缓解股权融资带来的委托代理问题,因此,债务融资是企业融资选择的重要因素。
The financing problem is the most important issue to be considered in the process of business development. The source of corporate finance is divided into internal financing and external financing. The external financing includes debt financing and equity financing. Due to the asymmetric information of the parties involved in the market, management agency issues, transaction cost factors and other issues, enterprises have encountered certain restrictions on the access to capital, that is, financing constraints. Debt financing relative to equity financing, interest payments on paid debt before tax, and to some extent, to alleviate the problem of principal-agent agency brought by equity financing. Therefore, debt financing is an important factor in the choice of corporate finance.