目前经济发达国家的融资方式主要分为两大模式:一种是以英美为代表的证券融资方式为主的模式,证券融资占企业外部融资的55％以上;另一种是以日德为代表的以银行融资方式为主的模式,银行融资占企业外部融资的80％以上。 一、英美企业的融资模式 由于英美是典型的“自由主义的市场经济”国家,资本市场十分发达,企业行为完全是市场行为,因此,企业资金来源主要依靠自我积累和证券融资。在美国,企 At present, the financing methods of economically developed countries are mainly divided into two major modes: one is based on the model of securities financing represented by the United States and the United States, and the securities financing accounts for more than 55% of the external financing of the company; the other is represented by Japan and Germany. In a bank-based financing model, bank financing accounts for more than 80% of corporate external financing. First, the financing model of British and American companies As the United Kingdom and the United States is a typical “liberal market economy” country, the capital market is very developed, corporate behavior is entirely a market behavior, so the company’s funding sources mainly rely on self-accumulation and securities financing. In the United States,