缺失有效的债券市场,就没有完整的利率期限结构,股票价格只能建立在粗略的预测基础之上,波动性必然上升。企业以银行为主要融资渠道,其成本显著高于债券市场发展完全的情形,过度依赖银行融资将导致经济更易陷入危机。 Lack of an effective bond market, there is no complete term structure of interest rates, the stock price can only be established on the basis of rough forecasts, the volatility will inevitably rise. Enterprises with banks as the main financing channels, the cost is significantly higher than the bond market development completely over-dependent bank financing will lead to the economy more easily into crisis.