中国市场化企业融资机制的形成与创新

The Financing Mechanism of China's Market-oriented Enterprises:Formation and Innovation

资金是企业的生命源泉。改革开放以来,随着中国经济发展水平不断提高,资金供给环境更为宽松。投融资体制改革的进一步深化,资本市场的发展,使企业融资渠道更加多样化、全面化、市场化,创新机制不断形成。与此同时,当前的融资机制还不完善,存在着诸如企业融资缺乏信用,直接融资体制尚待完善,民营企业、中小企业融资缺乏制度保证等一系列问题。企业融资机制的改革与创新已成为目前广泛关注的一个重要课题,为此,第一要通过深化商业银行制度的改革,推进民间金融的发展,拓宽企业融资渠道,增加企业融资选择机会;第二要以制度建设为中心,不断规范和完善直接融资体制;第三要树立良好的企业信用,以多种方式利用金融资源,保证获得稳定的现金流,实现可持续发展。

The environment of China's fund supply has been becoming looser along with the constant and rapid growth of Chinese economy since its reform and opening-up. As the result of the deepening reform of the investment and financing system and the development of the capital market, the financing channels are becoming more diversified, comprehensive and marketizational, as well as the innovative mechanism is taking shape. However, the present financing mechanism is still not perfect with a series of problems, such as lacking of enterprises' credit, imperfect direct financing system, incomplete guaranteeing system for the small and medium-sized enterprises. In order to solve the above problems, firstly, nongovernmental financing is to be promoted with enhancing reform of the commercial banking system to extend the enterprises' credit channels and financing options. Secondly, the direct financing system is to be standardized and perfected based on institution construction. Thirdly, better credit is to be established by the enterprises to make full use of the financial resources for steady cash flow and sustainable development.