中国非国有企业融资渠道梗阻分析

Analysis on obstructs in funds collection for non-state-owned enterprises in China

目前中国非国有经济的高速增长主要得益于内部融资,而外部金融支持却很少,这与资本自由流动的属性及其存在的前提是相矛盾的。造成这种局面的主要原因是资本供给方面的约束,即融资主体存在着“预算软约束”,信贷市场中存在着非市场化的“隐含契约”关系及证券市场的不完善。

At present, the high-speed development of non-state-owned economy is the result of funds collection from inside the enterprises rather than from outside. This forms a conflict with the capital property of flee floating and its premise of existence. What accounts for this is the limitation of capital supply, that is there are problems like 'soft limitation in budget'; non-marketed 'imphed contacf' relation in the credit market and imperfection of bond market.