对于私有企业融资的洞察

• 作 者: 唐会松
• 机 构: 中国工商银行长沙市分行 贵州大学管理学院2006级MBA
• 出 处: 商情(教育经济研究)
• 发表日期: 2008年03期
• 关键词: 非国有部门 私有企业 融资途径 融资方式 股票交易所 金融中介 非国有 银行贷款总额 私人股权 混合所有制经济

在过去几十年中,中国经济发生了重大的变革,从国家、集体所有的公有制到由私有企业扮演强有力角色的混合所有制经济。尽管非国有部门日益重要,但直到1999年底,它们仅获得银行贷款总额的1%,上海、深圳股票交易所非国有企业仅占上市公司的l%。这种既想增强非国有部门的活力,但又限制它们使用金融中介来融资的矛盾表明,如果不增加非国有部门的融资途径,也许它们就不能持续以目前的速度增长。

Over the past few decades, major changes have taken place in the Chinese economy, from state ownership to collective ownership of public ownership to a mixed ownership economy that is dominated by private enterprises. Despite the growing importance of the non-state sector, they only received 1% of total bank loans by the end of 1999, while Shanghai and Shenzhen Stock Exchange non-state owned enterprises accounted for only 1% of listed companies. This contradiction between the desire to enhance the viability of nonstate sectors but to limit their use of financial intermediation suggests that they may not continue to grow at the current rate without increasing the financing of non-state sectors.