关于完善我国企业融资结构的几点思考

我国企业融资存在的问题有:金融资源流向国有企业,资金使用效率低下,导致中小企业“融资难”,抑制了中小企业成长壮大;直接融资与间接融资比例失衡,过度依赖间接融资加剧了金融体系风险;正规金融部门的低效率导致金融体系“体外循环”严重,民间金融盛行,规模庞大的民间金融扰乱了正常的金融秩序,影响了货币政策作用的发挥。为此,应采取推动金融体制的改革,消除金融抑制;发展多层次股权融资市场体系;大力发展公司债券市场;引导民间金融规范发展等措施,完善我国企业融资结构。

Reflections on Perfecting the Financing Structures of Our Enterprises

The problem in financing of our enterprises are as following: The financial resources are following into the government-owned enterprises,which leads to some difficulties for the small-and-medium ones to finance and also in turn makes them undeveloped;unbalanced direct and indirect financing and the risk of financial system is deepened by relying on indirect financing excessively;and the formal financial order is ruined by the less efficiency of the normal financial departments,the prevalence of the folk finance which impacts the function of the monetary policies.Therefore,the reform of financial system should be promoted,financial restraint should be dissolved;the market system of multi-stock right financing should be developed,bond market of companies should be enlarged,some measures should be taken to guide the regular development of folk finance and the financing structures of our enterprises should be perfected.