伴随着东南亚债务危机的爆发,人们重又听到了这样一句老话:“no free lunch”“没有免费午餐”。东南亚国家在近十年来取得了举世瞩目的经济成就,其小国开放经济模式一度被誉为后进国家发展经济的典范。东南亚国家的一些大型企业凭借其日渐上升的国家信誉,及由此带来的较低筹资成本,纷纷在国际市场上筹资。源源不断的外债流入在一段时期内提高了东南亚企业的投资能力,但剧增的外债也给这些举债国埋下了隐患。最典型的如韩国,韩国的外债管理政策偏向于鼓励企业融资,对企业直接在国际金融市场融资没有严格的限制,企业还可以通过海外子公司筹集外资,由于这些企业外债都不计入国家的官方外债统计,从而使隐性外债急剧膨胀。鉴于此,国际金融组织日前向许多国家政府建议,严格控制本国企 With the outbreak of the debt crisis in Southeast Asia, people once again heard such an old saying: “no free lunch” “no free lunch.” Southeast Asian countries have made world-renowned economic achievements in the past decade. The small-economy state’s open economy was once praised as a model for developing the economy afterwards. Some large-scale enterprises in Southeast Asian countries have raised their funds in the international market by virtue of their rising national credibility and the resulting lower financing costs. The continuous inflow of foreign debts has increased the ability of Southeast Asian enterprises to invest for a certain period of time, but the surge in foreign debt has also laid a hidden danger for these debtor countries. The most typical foreign and domestic debt management policies such as South Korea and South Korea tend to encourage enterprises to finance their own. There are no strict restrictions on the direct financing of enterprises in the international financial markets. Enterprises can also raise foreign capital through overseas subsidiaries. Since the foreign debt of these enterprises are not included in the national Official external debt statistics, so that the rapid expansion of recessive foreign debt. In view of this, the International Finance Organization recently recommended to many governments that they strictly control their own enterprises