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风险与收益非对称性下的资本市场失灵迫使高风险企业转向内源融资。但是,企业需要在传统资本公积转增股本之外寻找其他创新性内源融资模式,并转移其风险。赋予经营模式、组织形式以上述两种功能,是一重要举措。为此,企业可在上下游环节,将它与对方的经济关系从买卖交易反串为管理交易。以生产型农业企业为例,“公司+农户”的内源融资与风险外部化机制是:在农户购买环节,以市场交易方式获得商业信用和内部货币市场,以管理交易方式使农户投入变异为内源融资;在农户销售环节,以市场交易实现风险外部化,以管理交易使农户成为成本(费用)中心。此外,公司也能通过职工股份合作的组织形式的内部资本市场融入长期资本。本文研究表明,正是借助于以上机制,温氏成功破解风险与资本的双重约束,以防御性财务战略实现持续成长。
The capital market failure under the asymmetry of risks and benefits forced high-risk enterprises to turn to internal financing. However, companies need to find other innovative endogenous financing models and divert their risks beyond the conversion of traditional capital reserve into share capital. Given the business model, the organization of the above two functions, is an important measure. To this end, businesses can be in the upstream and downstream links, it and the other side of the economic relations from trading transactions against the string for the management of transactions. Take production-based agricultural enterprises as an example, the internal financing and risk externalization mechanism of “company + farmer ” is that in the purchase process of farmers, commercial credit and internal money market are obtained through market transactions, Variation is endogenous financing. In the sales cycle of farmers, the risk is externalized by market transactions, and farmers are managed as cost (expense) centers by managing transactions. In addition, companies can integrate long-term capital through the internal capital markets of employee-stock cooperative organizations. This study shows that it is with the aid of the above mechanism that Win’s successful resolution of the dual constraints of risk and capital, with defensive financial strategy to achieve sustained growth.