政府主导型融资制度变迁的极限及其突破——一个“两阶段模型”分析

The Limit of State-Oriented Financing Institutional Change and How to Break It ——analysis of "two-phase model

经济体制改革以来的国有企业融资制度变迁基本上属于一种政府主导型的强制性制度变迁 ,这一制度变迁方式由于“诺思悖论”而面临着难以突破的改革极限。突破这一改革极限的可能途径在于及时转换制度变迁方式 ,即由单一的政府主导型融资制度变迁转变为以诱致性融资制度变迁为主。

From the reform of economic system, state-owned enterprises financing institutional change was basically state-oriented and imposed which are facing reform limit that is very difficult to break because of 'Paradox of North'. The possible way to break the limit is to transmit the methods of institutional change, from with the solely state-oriented financing institutional change to with the induced financing institutional change as main and with state-oriented financing institutional change as minor.