机构地区: 重庆大学经济与工商管理学院
出 处: 《重庆大学学报(自然科学版)》 2004年第4期138-141,共4页
摘 要: 在比较分析目前世界上主要的资本市场主导型和银行导向型融资制度的基础上,引入了我国转轨时期国家融资主导为特征的融资制度分析,然后根据这一制度的特有特征,通过均衡模型深层次分析我国企业在软预算约束条件下的融资行为,发现转型时期的软预算约束条件是造成企业过度借款的根源,由于政府与企业的目标函数不同,单一依靠信贷资源配置难以实现企业融资行为的优化,因此,需要逐步硬化企业的融资约束,并建立有效的国有银行经营激励机制。 On the basis of comparative analyses of the capital-market oriented and the bank oriented financial systems in the world, thispaper discusses the specialties of our country's financial system. Under this background, this paper builds an equilibrium model to explain the financial behaviors of firms in soft-budget constraint,the research results show that the soft-budget constraint is the main cause that leads to excessive loans .Because the different targets of governmentand firm, it's hard to optimize the firm's financial behaviors only by banking credit mechanisms, therefore, it is necessary to reduce the soft-budget constraint and establish effective incentive mechanisms of state-owned banks.