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Financing Structure, And Financial (financial) Crisis

Posted on:2003-04-19Degree:DoctorType:Dissertation
Country:ChinaCandidate:H B ChenFull Text:PDF
GTID:1116360065462056Subject:National Economics
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Financial crises have tWo meanings f one is the financial distress of enterprises, the other is thefinancial system collaPse of the whole economy The possibility of pertinence betWeen the micro andmacro financial crises is the main target and interest of tfiis dissertation. The exploration on l997'sAsian financial crises focuses on the macro-perspectives, for examp1e, malfunction of govenunentpolicy, 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 issporadic.The dissertahon mainly commits itSelf to exploring the connechon betWeen the micro-flnancialcrises and macro-financial crises, the common academic bases for deciPhering financial crises, and theprocess 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 debtmaturity (optimized arrangement on long and shoft tenn), and finally exPlains how the non-optimizedfinancial strUctUre influences the enterprises' condition and macro-economy The financial stnJct'Ureadjustment is a dynamic processt it changes with the changes of the inner and outer factors ofellterprises.The kemel viewnoint could be expatiated as follows f There exists an optdriized financialstrUcture. The non-optAnized ffoancial strUcture would lead tO the entCrprises' ffoancial crises, and thephenomena are oVerwelming in the economic society wliich result in the accumulation, prevalenceof financial risks, and the erUPtion of financial crises.ChaPter l is the general introduction to the financial strUcture. It distingUishes the definition offmancial strUctUre, the natUr and economic funchons of debt. The good financial smicture can reducethe 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 theoptimized fmancial smicture, but also the inshtUhonal factors effecting the financial strUctUre such asthe ta, bchptCy laW bwhng and enterprise, ownership and contrOl, and final1y tCstS the efficiencyby some positive ways.ChaPtef 4 concenthetes on the micro-financial crises. The non-ophmized financial smictute leadsto enierprises' financial distress. The emPirical research involves sit discriminantS to consmict amultivariate model and a relatively satisfying result.ChaPter 5 fOcuses on the fmancial sthectUre's influence on the macro-economy There also existSoptimized flnancial strUctUre. Non-optdriized financial strUctUre effects the macro-economy negahvelyConsidering 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. Afterdiscussing the different effects of differot kinds of debt, it sununthees three kinds of risk-conduchvedomino mechanism: the assets price slump model, the disorder relahonship of bankig-enterprisemode1 and currency depreciation model, and finally pointS out that the abermce of optdriizedfinancial strUct'Ure is the common intrinsic reason..The last chapter reviews the l997's financial crises in South Korea, and puts forwar how topretend 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 underthe unsmpmetric information condition, and borrows some theories and skills in accounting.On the basis of compound of theory and p...
Keywords/Search Tags:debt financial structure, financial crises, unsymmetric information
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