我国的融资制度绩效与企业融资行为分析

我国的融资制度仍存在着一定程度的扭曲,导致企业融资行为出现变异,上市公司存在股权融资偏好、非上市企业预算约束软化。鉴于融资制度同企业融资行为模式存在内生一致性,应积极推进政府的金融制度改革,推进资本市场健康发展,重点推进国有银行股份化改造和银行的公司治理建设,实现企业融资行为的合理回归,使之朝着以银行中介为主的融资模式向以股票市场股权融资为主的融资模式转换。

Analysis of Financing System Performance and Enterprise's Financing Behavior in China

At a certain degree,the distortion still exists in our country's financing system,which causes enterprise's financing behavior to make a variation,which causes the listed company to exist in stock financing partiality,the non-listing enterprise's budget restraining and softening.Seeing that endogenous consistency exists in the financing behavior mode and the financing system,advancing the reform of the government's monetary system actively,advancing the capital market to develop in a healthy way,especially advancing the transformation of a full-fledged shareholding system about state-run bank and the bank of corporate governance,realizing the rational return of enterprise's financing behavior,make it change to the financing mode relying mainly on stock financing of stock market towards financing mode relying mainly on intermediary of the bank,it is a rational choice of the financing mode of Chinese enterprise.