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改革开放以来,为建立投资风险约束机制,我国各级政府对项目的出资曾尝试过多样化的方式,但往往没有考虑不同项目的属性和特点,采取“一刀切”的做法,缺乏灵活性。比如,改革初期进行“拨改贷”试点,到上世纪80年代中期对经营性项目全面推行“拨改贷”制度,结果产生了众多无资本金或资本金很少的国有企业;从1988-1992年,中央实行基本建设经营基金制,6大专业投资公司代表中央政府对经营性项目进行贷款或投资,导致受资项目债权和股权的混乱;从1996年开始,为减轻“拨改贷”和基本建设经营基金制时
Since the reform and opening up, in order to establish an investment risk constraint mechanism, all levels of government in our country have tried various ways to fund the project. However, they often fail to consider the attributes and characteristics of different projects and adopt a “one-size-fits-all” approach with no flexibility. For example, in the early stage of reform, the pilot program of “appropriating loans to change loans” was implemented. By the mid-1980s, the full implementation of the “credit reform” system for operating projects resulted in a large number of state-owned enterprises with no capital or little capital. In 1992, the Central Government implemented the Capital Construction Management Fund system and six major investment companies made loans or investments on business projects on behalf of the Central Government, resulting in chaos in the claims and equity of funded projects. Since 1996, And the capital construction management fund system time