信息披露机制对私营企业融资决策的影响

本文通过实证研究检验了一个有关私营企业融资决策的假说 ,即如果不考虑资本市场资金拆借的利息成本和执行成本 ,那么影响私营企业融资决策的主要因素将是各层级资本市场要求的信息披露机制。检验结果支持了本文的论点 ,即越是高层级的资本市场 ,要求私营企业披露的有关经营方面的信息就越多 ,而在现阶段 ,经营信息的披露会给私营企业带来潜在的经营风险。因此 ,私营企业更多地依赖低层级资本市场提供的资金支持

Influence to the Private Enterprise Finance Decision by the Information Disclose Mechanism

It is the main point of this paper to test a hypothesis about the private enterprise finance decision. The hypothesis is that if the private enterprise does not take account of the cost of the rate and exchange, the capital market information disclose mechanism will be the main influence to their finance decision. The higher level capital market, the more information about management will be disclosed. The test draws a conclusion that information disclose will bring more risk to the enterprise. Therefore at this time the private enterprise will finance from the bottom capital market.