融资结构与财务（金融）危机
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摘要
英文中的“financial crises”可以理解为宏观层面的金融危机或微观层面的财务危机，但让人感兴趣的是这二者之间是否存在某种联系。对1997年亚洲金融危机的讨论大多来自宏观经济的视觉，对造成危机的原因分析也大多集中在政府的金融政策失误，如银企关系的混乱，资本项目的过早开放，外债负担过重等等，而对造成危机的微观原因讨论较少。本文主要致力于探讨融资结构与企业财务危机和宏观金融危机之间的联系性，寻求造成宏观金融危机的微观原因，或者由微观财务危机导致宏观金融危机的过程。本文主要从企业的融资结构的角度出发，探讨企业的最优负债总量和最佳债务期限结构(即长短期债务的搭配)以及偏离优化融资结构对企业和宏观经济的影响。企业的融资结构是一个动态的过程，随着外在的宏观经济条件和企业内部因素的变化而不断调整。
本文的核心观点是企业存在优化的融资结构，对优化融资结构的严重偏离，会使企业陷入财务困境，而该现象在经济社会中普遍存在时，会造成金融风险的积累，传递和危机的爆发。本文立足于理论与现实，为企业财务危机和宏观金融危机提供了一种新的研究角度和视野，尤其对造成这种现象的微观原因进行了系统的阐述，具有独特的创新意义。
《第一章：融资结构概论》首先辨别融资结构的概念，然后探讨债务的本质和经济功能以及企业债务融资的基本动机；融资结构的合理安排可以有效减少代理成本，最后探讨融资结构变化的信息意义。
《第二章：融资结构文献回顾》回顾了关于融资结构理论的经典文献和最新的研究成果。
《第三章：优化融资结构模型》首先从理论上推导了优化融资结构的存在，讨论了影响融资结构的一些制度性因素：如税收，破产法，银企关系，所有权和控制权等因素对融资结构的影响，并通过一些实证的方法进行检验。
《第四章：融资结构和财务危机》认为偏离优化融资结构会导致财务危机。财务危机的研究分为定性和定量两种方法。选择中国上市公司的样本，用5个财务指标构建多变量模型，最后的实证模型有较好辨别效果。
《第五章：融资结构与宏观经济》研究公司融资结构对宏观经济的作用。从宏观的角度来看，仍存在优化的融资结构。偏离优化融资结构会对宏观经济造成不利影响。本文的模型解释了在不对称信息条件下企业普遍偏离优化融资结构的原因及自我强化机制。
《第六章：融资结构与金融危机》研究开放条件下融资结构与金融危机的关系。首先分析不同负债方式对宏观经济的影响；然后讨论资产价格下跌先导型、银企关系混乱型、本币贬值先导型三种危机的风险生成传导机制。企业偏离优化融资结构是发生金融危机的基础性内部因素。最后运用不对称信息理论对金融危机爆发进行了解释。
《第七章：对韩国金融危机的思考》对韩国金融危机的微观原因进行分析，然后讨论应对财务(金融)危机的长期、中期、短期政策措施。
本文的研究注重了宏观与微观的结合，既探讨融资结构与企业财务危机的关系，也探讨了融资结构与宏观金融危机的关系。研究的角度包括微观企业层面和宏观金融层面、封闭的经济体系和开放的经济体系。它在研究方法上既借鉴了会计学的某些理论或技巧，又较多的考虑了不对称信息条件下的经济行为分析。尽管金融危机不完全是由偏离优化融资结构引起的，但本文解释了导致金融危机的一个重要的原因。重视和关注融资结构，无论是对企业的经营或宏观经济的调控，对财务危机或金融危机的防范和治理，都是必要和有益的。
Financial crises have tWo meanings f one is the financial distress of enterprises, the other is the
financial system collaPse of the whole economy The possibility of pertinence betWeen the micro and
macro financial crises is the main target and interest of tfiis dissertation. The exploration on l997's
Asian financial crises focuses on the macro-perspectives, for examp1e, malfunction of govenunent
policy, tlie chaotic relationship betWeen banks and enterprises, premature opening of caPital account,
over-weight burden of foreign debt, etc, howevef, the discussion from the micro-perspective is
sporadic.
The dissertahon mainly commits itSelf to exploring the connechon betWeen the micro-flnancial
crises and macro-financial crises, the common academic bases for deciPhering financial crises, and the
process frOm a micro financial crisis to a macro one. It begins with analyses of financial strUctute,
then discusses the optimized financial strUctUre including the optiInized gross debt and the debt
maturity (optimized arrangement on long and shoft tenn), and finally exPlains how the non-optimized
financial strUctUre influences the enterprises' condition and macro-economy The financial stnJct'Ure
adjustment is a dynamic processt it changes with the changes of the inner and outer factors of
ellterprises.
The kemel viewnoint could be expatiated as follows f There exists an optdriized financial
strUcture. The non-optAnized ffoancial strUcture would lead tO the entCrprises' ffoancial crises, and the
phenomena are oVerwelming in the economic society wliich result in the accumulation, prevalence
of financial risks, and the erUPtion of financial crises.
ChaPter l is the general introduction to the financial strUcture. It distingUishes the definition of
fmancial strUctUre, the natUr and economic funchons of debt. The good financial smicture can reduce
the agency cost. The change of financial simctUre has some infOrmation boplications.
Chapter 2 retrospects the classic litehe and the latest research on financial smictUre.
Chmpter3 circles around the theory deVloPment of fmancial strUcture. It explores not only the
optimized fmancial smicture, but also the inshtUhonal factors effecting the financial strUctUre such as
the ta, bchptCy laW bwhng and enterprise, ownership and contrOl, and final1y tCstS the efficiency
by some positive ways.
ChaPtef 4 concenthetes on the micro-financial crises. The non-ophmized financial smictute leads
to enierprises' financial distress. The emPirical research involves sit discriminantS to consmict a
multivariate model and a relatively satisfying result.
ChaPter 5 fOcuses on the fmancial sthectUre's influence on the macro-economy There also existS
optimized flnancial strUctUre. Non-optdriized financial strUctUre effects the macro-economy negahvely
Considering the unsymmetrical information, this chaPter exPlains the key reason for the non-
optimized financial strUctuTe's emerpence and itSelf intensified mechansm.
ChaPter 6 concerns how the financial smictute resultS in the macro-financial crises. After
discussing the different effects of differot kinds of debt, it sununthees three kinds of risk-conduchve
domino mechanism: the assets price slump model, the disorder relahonship of bankig-enterprise
mode1 and currency depreciation model, and finally pointS out that the abermce of optdriized
financial strUct'Ure is the common intrinsic reason..
The last chapter reviews the l997's financial crises in South Korea, and puts forwar how to
pretend and treat the financial crises in the short, medinm and long term.
The dissertaton explores the relation betWeen the financial strUcture and the enterprises'
financial crises, and the macro-financial crises. ItS strUctUre is from the micro level to the macro level,
from a close economic society to an open economic society It emphases an economic analysis under
the unsmpmetric information condition, and borrows some theories and skills in accounting.
On the basis of compound of theory and p
本文的核心观点是企业存在优化的融资结构，对优化融资结构的严重偏离，会使企业陷入财务困境，而该现象在经济社会中普遍存在时，会造成金融风险的积累，传递和危机的爆发。本文立足于理论与现实，为企业财务危机和宏观金融危机提供了一种新的研究角度和视野，尤其对造成这种现象的微观原因进行了系统的阐述，具有独特的创新意义。
《第一章：融资结构概论》首先辨别融资结构的概念，然后探讨债务的本质和经济功能以及企业债务融资的基本动机；融资结构的合理安排可以有效减少代理成本，最后探讨融资结构变化的信息意义。
《第二章：融资结构文献回顾》回顾了关于融资结构理论的经典文献和最新的研究成果。
《第三章：优化融资结构模型》首先从理论上推导了优化融资结构的存在，讨论了影响融资结构的一些制度性因素：如税收，破产法，银企关系，所有权和控制权等因素对融资结构的影响，并通过一些实证的方法进行检验。
《第四章：融资结构和财务危机》认为偏离优化融资结构会导致财务危机。财务危机的研究分为定性和定量两种方法。选择中国上市公司的样本，用5个财务指标构建多变量模型，最后的实证模型有较好辨别效果。
《第五章：融资结构与宏观经济》研究公司融资结构对宏观经济的作用。从宏观的角度来看，仍存在优化的融资结构。偏离优化融资结构会对宏观经济造成不利影响。本文的模型解释了在不对称信息条件下企业普遍偏离优化融资结构的原因及自我强化机制。
《第六章：融资结构与金融危机》研究开放条件下融资结构与金融危机的关系。首先分析不同负债方式对宏观经济的影响；然后讨论资产价格下跌先导型、银企关系混乱型、本币贬值先导型三种危机的风险生成传导机制。企业偏离优化融资结构是发生金融危机的基础性内部因素。最后运用不对称信息理论对金融危机爆发进行了解释。
《第七章：对韩国金融危机的思考》对韩国金融危机的微观原因进行分析，然后讨论应对财务(金融)危机的长期、中期、短期政策措施。
本文的研究注重了宏观与微观的结合，既探讨融资结构与企业财务危机的关系，也探讨了融资结构与宏观金融危机的关系。研究的角度包括微观企业层面和宏观金融层面、封闭的经济体系和开放的经济体系。它在研究方法上既借鉴了会计学的某些理论或技巧，又较多的考虑了不对称信息条件下的经济行为分析。尽管金融危机不完全是由偏离优化融资结构引起的，但本文解释了导致金融危机的一个重要的原因。重视和关注融资结构，无论是对企业的经营或宏观经济的调控，对财务危机或金融危机的防范和治理，都是必要和有益的。
Financial crises have tWo meanings f one is the financial distress of enterprises, the other is the
financial system collaPse of the whole economy The possibility of pertinence betWeen the micro and
macro financial crises is the main target and interest of tfiis dissertation. The exploration on l997's
Asian financial crises focuses on the macro-perspectives, for examp1e, malfunction of govenunent
policy, tlie chaotic relationship betWeen banks and enterprises, premature opening of caPital account,
over-weight burden of foreign debt, etc, howevef, the discussion from the micro-perspective is
sporadic.
The dissertahon mainly commits itSelf to exploring the connechon betWeen the micro-flnancial
crises and macro-financial crises, the common academic bases for deciPhering financial crises, and the
process frOm a micro financial crisis to a macro one. It begins with analyses of financial strUctute,
then discusses the optimized financial strUctUre including the optiInized gross debt and the debt
maturity (optimized arrangement on long and shoft tenn), and finally exPlains how the non-optimized
financial strUctUre influences the enterprises' condition and macro-economy The financial stnJct'Ure
adjustment is a dynamic processt it changes with the changes of the inner and outer factors of
ellterprises.
The kemel viewnoint could be expatiated as follows f There exists an optdriized financial
strUcture. The non-optAnized ffoancial strUcture would lead tO the entCrprises' ffoancial crises, and the
phenomena are oVerwelming in the economic society wliich result in the accumulation, prevalence
of financial risks, and the erUPtion of financial crises.
ChaPter l is the general introduction to the financial strUcture. It distingUishes the definition of
fmancial strUctUre, the natUr and economic funchons of debt. The good financial smicture can reduce
the agency cost. The change of financial simctUre has some infOrmation boplications.
Chapter 2 retrospects the classic litehe and the latest research on financial smictUre.
Chmpter3 circles around the theory deVloPment of fmancial strUcture. It explores not only the
optimized fmancial smicture, but also the inshtUhonal factors effecting the financial strUctUre such as
the ta, bchptCy laW bwhng and enterprise, ownership and contrOl, and final1y tCstS the efficiency
by some positive ways.
ChaPtef 4 concenthetes on the micro-financial crises. The non-ophmized financial smictute leads
to enierprises' financial distress. The emPirical research involves sit discriminantS to consmict a
multivariate model and a relatively satisfying result.
ChaPter 5 fOcuses on the fmancial sthectUre's influence on the macro-economy There also existS
optimized flnancial strUctUre. Non-optdriized financial strUctUre effects the macro-economy negahvely
Considering the unsymmetrical information, this chaPter exPlains the key reason for the non-
optimized financial strUctuTe's emerpence and itSelf intensified mechansm.
ChaPter 6 concerns how the financial smictute resultS in the macro-financial crises. After
discussing the different effects of differot kinds of debt, it sununthees three kinds of risk-conduchve
domino mechanism: the assets price slump model, the disorder relahonship of bankig-enterprise
mode1 and currency depreciation model, and finally pointS out that the abermce of optdriized
financial strUct'Ure is the common intrinsic reason..
The last chapter reviews the l997's financial crises in South Korea, and puts forwar how to
pretend and treat the financial crises in the short, medinm and long term.
The dissertaton explores the relation betWeen the financial strUcture and the enterprises'
financial crises, and the macro-financial crises. ItS strUctUre is from the micro level to the macro level,
from a close economic society to an open economic society It emphases an economic analysis under
the unsmpmetric information condition, and borrows some theories and skills in accounting.
On the basis of compound of theory and p
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