Comparative Study Of America-Japan Corporate Finance Mode

Enterprises financing model can be researched in the macro-and micro area. The study in the micro-enterprise level to explore the best financing structural and related content constitutes a core part of the theory of corporate finance; and the study in the macro level to explore enterprise financing model is analyzing the differences economic functional of the major banks and the stock market, because these differences form the differences in national financing system.Under the impact of finance institutions and external financial markets, the America and Japan form the most representative form of two models of corporate finance. The United States is the market-dominating financing model, characteristic is the stock market is the main source of corporate finance funds, bank credit accounted for a relatively low proportion of the external financing of enterprises. The advantage of the financing structure is as follow: In a highly market-oriented financing system, enterprises face diverse financing options have great autonomy, which limits the major shareholders of a company to control the company, guarantees the interests of investors;Decentralized financing reduces enterprise debt rate, which is conducive to reasonably arrange credit structure of the bank, enhance the stability of the banking system; Decentralized financing disperses investment risk and financial market risk; constraint mechanism of capital markets enhance the competition quality and comprehensive quality of enterprises, form effective corporate governance mechanisms. The shortcomings of this financing model are: Decentralized investors is too easily to lead the change of enterprise...