|
運城翻譯公司關鍵字：2, the main problems of direct financingCapital market development of direct financing channels for enterprises to create more favorable conditions, enterprise reform, capital requirements in the tension has been eased. However, due to China's securities market is still in its infancy, the market development is not mature enough, the stock market's legal system is constantly being improved, so the market itself, there are many deficiencies in the development and non-standard phenomena. This was reflected in the following three aspects.
(1) small-scale securities markets, market imperfections, can not meet the needs of corporate finance. In 1997, China's securities (including stocks, bonds, corporate bonds, bankers' acceptances) market turnover is only about 35% of GDP, and the state-owned shares, legal person shares can not be traded, the majority of Treasuries and corporate bonds can not be traded. The circulation of commercial bills market has not yet formed. Excluding these parts can not be traded, the market value of the actual flow of China's securities market is less than 10% in 1996, some developed countries like the United States, Japan, Germany, its market capitalization of the stock market and the proportion of GDP over the same period were 224%, 178 % and 133%, some developing countries such as India, Thailand, Brazil, its share has reached 93%, 145% and 67%. In comparison, China's market size is too small.
(2) sources of corporate finance is still dominated by bank loans. Constitute a new perspective from the corporate finance, bank loans accounted for 88.4% in 1995, despite the decline in recent years, but still accounts for about 80%; corporate direct financing through the issuance of securities only reached up to 23%, compared with foreign , 20 since the 1980s, direct financing of enterprises accounted for the proportion of external finance in the United States about 50%, 30% in Japan, India, Korea, Indonesia also maintained at about 30%. China's direct financing scale is substantially lower.
(3) residents of a single species of financial assets, securities and other financial assets held at the low, narrow investment channels. In 1997, China's urban residents total financial assets, bank deposits accounted for 80% or more, only 10% of the securities, cash and other financial assets held less than 10%. , While the developed countries the ratio of financial assets, the residents usually bank deposits, securities and other financial assets each third. From this side also reflects the lack of development of China's capital market, corporate financing is not sufficient.
Second, the efficiency of capital structure on the impact of corporate governanceThe formation of capital structure is affected by many factors, capital structure itself will have the business專業(yè)英語翻譯公司科技文件翻譯哪里最好 performance and governance structure have a major impact. The general sense,
|