中国的国有企业与金融体制改革

China’s SOE and Financial System Reforms

本文在一个统一的理论框架下，对中国国有企业与金融体制的现时状况、改革历程、问题根源与改革方向进行了全面回顾与具体分析。文章指出，国有企业问题的根源在于企业由于承担了政策性负担而丧失了“自生能力”，而金融体系由于承担着为国企服务的任务，所以也变相承担了国企的政策性负担。中国国有企业与金融体制改革要取得成功，就必须先剥离它们的政策性负担，然后再着手解决内部治理机制问题。

Under an integrated framework, we provide a comprehensive review and analysis on present situations, reform processes, rooted problems and roads to future reforms of China＇ s SOE （State-owned Enterprise） and financial system reforms. We point out that lack of “viability”, which results from policy burdens, is the root cause for China＇s SOE problems, and China＇s financial system, which is regulated by the government to serve for the SOE reforms, therefore also sustains the policy burdens. We further state that only by removing the policy burdens on SOEs and the financial system could China achieve the final success of her SOE and financial reforms.