新制度经济学下金融环境变迁对企业投融资的影响
发布时间：2018-07-16 07:38
【摘要】：2010年以来，随着宏观经济环境发生变化，在原材料价格上涨，通货膨胀，人民币升值和国际环境不明朗的形势下，，在央行为抑制通胀而采取“超高存款准备金率加长期实际负利率”的货币政策背景中，企业的生存状况成为经济界最为关心的话题之一，而企业的投资和融资作为企业最重要的财务管理决策关系着企业的生死存亡。同时企业总是在一定的制度环境中生存和发展壮大的，这些制度环境影响着企业各个方面的活动，而作为企业最重要的管理活动的投融资活动不仅受到一系列的制度的影响和制约，而且它们本身的决策过程就是一整套的制度和制度的运行过程。因此，本文选择新制度经济学作为研究视角，结合我国的金融环境变迁，以企业理论、产权理论和制度变迁理论作为基础理论来研究企业的投融资决策。 本文首先选择金融体系改革和财政体制改革作为金融环境变迁的背景，并以此为基础，阐述了我国企业投融资体制的改革及其对企业投融资动机的影响。然后描述了在金融体系改革的前提下，我国的政策制定与企业之间的博弈关系；其次，在论述了我国金融环境变迁的背景下，重点探讨了我国特殊的经济转轨时期下企业投融资的现状及其成因分析，这为我们准确认知企业投融资现状进而为企业提供解决方案和提升我国政府管理和调节企业投融资行为奠定了基础。 最后，针对当前我国企业投融资行为所存在的现实问题，提出了规范和改进我国企业自身投融资行为的建议以及优化金融环境的政策建议。一是从改善公司股权结构、完善上市公司治理结构两个方面来规范和改进我国企业自身投融资行为。二是结合博弈论的观点，从优化金融环境的角度出发，旨在提升我国政府管理能力和调节力度，来规范政府的自身行为。具体做法是建立重复博弈机制、加快金融机构改革和利率市场化改革和大力发展企业债券市场。
[Abstract]:Since 2010, as the macroeconomic environment has changed, under the circumstances of rising prices of raw materials, inflation, appreciation of the RMB, and the uncertain international environment, In the context of the central bank's monetary policy of "super-high reserve ratio plus long-term negative real interest rate" in order to curb inflation, the survival of enterprises has become one of the most concerned topics in the economic world. As the most important financial management decision, the enterprise's investment and financing are related to the survival of the enterprise. At the same time, enterprises always exist and develop in a certain institutional environment, which affects the activities of all aspects of the enterprise. As the most important management activities of enterprises, investment and financing activities are not only influenced and restricted by a series of systems, but also their decision-making process is a whole set of system and system operation process. Therefore, this article chooses the new institutional economics as the research angle, unifies our country's financial environment vicissitude, takes the enterprise theory, the property right theory and the system change theory as the basic theory to study the enterprise's investment and financing decision. This paper first chooses the reform of financial system and financial system as the background of the change of financial environment, and on this basis, expounds the reform of investment and financing system of Chinese enterprises and its influence on the motivation of investment and financing of enterprises. Then it describes the game relationship between policy making and enterprises under the premise of financial system reform. Secondly, it discusses the background of the change of financial environment in our country. This paper mainly discusses the present situation and causes of investment and financing of enterprises in the special economic transition period of our country. This has laid the foundation for us to understand the present situation of enterprise investment and financing accurately and then to provide the solution for the enterprise and to improve the management of our government and regulate the behavior of enterprise investment and financing. Finally, aiming at the practical problems existing in the investment and financing behavior of enterprises in our country, this paper puts forward some suggestions to standardize and improve the investment and financing behavior of enterprises in our country, as well as some policy suggestions to optimize the financial environment. One is to standardize and improve the investment and financing behavior of Chinese enterprises from two aspects: improving the ownership structure of the company and perfecting the governance structure of the listed company. Second, from the point of view of game theory and from the angle of optimizing the financial environment, the aim is to improve our government's management ability and adjust strength, to standardize the government's own behavior. The specific measures are to establish the repeated game mechanism, to accelerate the reform of financial institutions and the marketization of interest rates, and to develop the enterprise bond market vigorously.
【学位授予单位】：河北大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.2
[Abstract]:Since 2010, as the macroeconomic environment has changed, under the circumstances of rising prices of raw materials, inflation, appreciation of the RMB, and the uncertain international environment, In the context of the central bank's monetary policy of "super-high reserve ratio plus long-term negative real interest rate" in order to curb inflation, the survival of enterprises has become one of the most concerned topics in the economic world. As the most important financial management decision, the enterprise's investment and financing are related to the survival of the enterprise. At the same time, enterprises always exist and develop in a certain institutional environment, which affects the activities of all aspects of the enterprise. As the most important management activities of enterprises, investment and financing activities are not only influenced and restricted by a series of systems, but also their decision-making process is a whole set of system and system operation process. Therefore, this article chooses the new institutional economics as the research angle, unifies our country's financial environment vicissitude, takes the enterprise theory, the property right theory and the system change theory as the basic theory to study the enterprise's investment and financing decision. This paper first chooses the reform of financial system and financial system as the background of the change of financial environment, and on this basis, expounds the reform of investment and financing system of Chinese enterprises and its influence on the motivation of investment and financing of enterprises. Then it describes the game relationship between policy making and enterprises under the premise of financial system reform. Secondly, it discusses the background of the change of financial environment in our country. This paper mainly discusses the present situation and causes of investment and financing of enterprises in the special economic transition period of our country. This has laid the foundation for us to understand the present situation of enterprise investment and financing accurately and then to provide the solution for the enterprise and to improve the management of our government and regulate the behavior of enterprise investment and financing. Finally, aiming at the practical problems existing in the investment and financing behavior of enterprises in our country, this paper puts forward some suggestions to standardize and improve the investment and financing behavior of enterprises in our country, as well as some policy suggestions to optimize the financial environment. One is to standardize and improve the investment and financing behavior of Chinese enterprises from two aspects: improving the ownership structure of the company and perfecting the governance structure of the listed company. Second, from the point of view of game theory and from the angle of optimizing the financial environment, the aim is to improve our government's management ability and adjust strength, to standardize the government's own behavior. The specific measures are to establish the repeated game mechanism, to accelerate the reform of financial institutions and the marketization of interest rates, and to develop the enterprise bond market vigorously.
【学位授予单位】：河北大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.2
【参考文献】
相关期刊论文 前10条
1 杜伟岸,方建珍;行为金融研究 对于证券监管的意义[J];当代经济;2005年09期
2 罗琦;肖文
本文编号：2125700
本文链接：https://www.wllwen.com/guanlilunwen/huobilw/2125700.html
