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目前市场经济发达国家的融资方式主要分为两大模式:一种是以英美为代表的证券融资方式为主的模式,证券融资占企业外部融资的55％以上;另一种是以日德为代表的银行融资方式为主的模式,银行融资占企业外部融资的80％以上。 英美企业的融资模式 由于英美是典型的“自由主义市场经济”国家,资本市场十分发达,企业行为完全是市场行为,因此,企业资金来源主要依靠自我积累和证券融资。在美国,
At present, there are two major modes of financing in the market economy developed countries: one is based on the securities financing mode represented by Britain and the United States, securities financing accounts for more than 55% of the enterprise's external financing; the other is based on Japan-Germany On behalf of the bank financing mode-based model, bank financing accounts for more than 80% of corporate external financing. As the Anglo-American enterprise is a typical “liberal market economy” country, the capital market is very developed and the behavior of the enterprises is entirely market-oriented. Therefore, the sources of funds for enterprises rely mainly on self-accumulation and securities financing. In the U.S,