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中国经济改革面临的“两难”在于:一方面,国有银行通过垄断信用集中社会储蓄资金,投向普遍低效率的国有企业以维持其继续运营的既有路径,实质是将国有企业亏损金融化,只能不断沉积国有银行资产损失,生成、加剧潜在货币信用危机,而无法将改革引向成功。另一方面,通过资本市场重构国有企业产权结构和公司治理机构,打破垄断信用于国有银行的金融制度,推动融资多元化是国有企业走出困境的突破点,也是防止国有企业亏损金融化和不良资产再生,从而防范货币信用危机的根本出路。但是由于国有
The “dilemma” facing China’s economic reform lies in the fact that on the one hand, the state-owned banks, through monopolizing their credit to accumulate social savings funds and investing in the generally inefficient state-owned enterprises in order to maintain their existing path of continued operation, are essentially financializing the loss of state-owned enterprises We can continue to deposit the assets of State-owned banks, generate and exacerbate the credit crisis in potential currencies, and can not lead the reform to success. On the other hand, breaking through the capital market to reform the structure of property rights and corporate governance of state-owned enterprises, breaking the monopoly credit in the financial system of state-owned banks, promoting diversification of financing is a breakthrough point for state-owned enterprises to get out of their predicament, and preventing the financial losses and malpractices of state-owned enterprises Asset regeneration, thus preventing the fundamental way out of the currency credit crisis. However, due to the state-owned