金融生态环境与内部资本市场缓解企业融资约束的作用探讨

Probe into the Role of Financial Eco-environmnet and Internal Capital Market in Easing Enterprises’ Financing Constraints

稳定的内部资本市场对化解企业融资约束的作用明显,但仍旧受到金融生态环境优劣的影响。金融发展只是企业的外部金融生态环境的一个方面,地区经济基础、法治环境、政府干预行为和诚信文化等都是企业外部融资环境的重要因素。因此,为缓解企业融资困境,应加快政府职能转变,坚持企业的集团化发展模式,统筹发展金融生态环境并加强区域金融发展。

Stable internal capital market can help resolve enterprises’financing constraints to a great extent,but it is still affected by the financial eco-environment.Financial development is only one aspect of the external financial eco-environment for enterprises.Other factors include local economic foundation,the rule-of-law environment,government intervention behavior and the credibility culture,which are also important as the external financing environment for enterprises.Therefore,to alleviate enterprises’financing difficulties,the government should transform its function,and the enterprises should try to develop into large groups,thus the financial eco-environment can be improved through coordination and regional financial development can be strenghtened.