摘要
我国上市公司偏好以股权方式融资，资金使用效率低下，不利于约束和激励公司的经理层，进一步加剧了经理人员的道德风险。债券融资对完善公司治理结构、激励和约束经理人能起到很好的作用。国家应鼓励企业以规范的方式进行债券融资，充分发挥债权在公司治理中的作用。
The equity financing is the favorite financing mode of listed companies in China. However, this financing mode has been proved to be an inefficient way and has disadvantage to restrict and stir up the managers. It can make the 'moral risk'even worse. This article believes that bond financin g can play its role in the corporate governance and the government should encour age firms to use bond financing with normative modes.
出处
《四川师范学院学报（哲学社会科学版）》
2001年第6期46-50,共5页
Journal of Sichuan Teachers College (Philosophy & Social Science)
