东南亚国家企业融资制度的信用危机及启示

企业融资制度是一国金融制度的微观基础,它对一国的经济发展和金融稳定有很重要的影响。在合理的企业融资制度下存在着使企业有效运用其融资与维护其信用的约束和激励信息机制。相反,在不合理的企业融资制度下企业存在着过度融资和无效使用其融资的机会主义倾向。文章对东南亚的企业融资制度进行了初步研究,发现东南亚的企业融资制度存在严重的内生性缺陷,极易引发信用危机。

CRFDIT CRISIS OF ENTERPRISE FINANCING SYSTEM OF SOUIHEAST ASIA AND TIS ENLIGHTENMENT

Enterprise financing system is a foundation of a nation, and plays a very important role in economic development and financial stabilization. Under the reasonable enterprise financing system there is the restricting and encouraging mechanisms, which will promote to use the capital efficaciously and maintain its credit. In opposition, under the unreasonable enterprise financing system there is the restricting and encouraging mechanisms which will promote to use the overage capitals and the capital inefficaciously. The paper studies about the enterprise financing system of Southeast Asia, and finds that there is a serious and endogenetic defect that helps to bring up the credit crisis.