在整个经济体制由计划经济向市场经济转轨的过程中，国有企业的融资结构发生了很大的变化，在这一过程中，企业的融资渠道虽被拓宽，但企业使用资金的“预算软约束机制”却未能得到根本改变。随着资本市场的发展，企业可以通过资本市场进行直接融资，但市场融资方式的引入并不意味着“软约束机制”的消失，相反，对转型期的国有企业来说，其约束力是相当有限的，这是转型经济中所特有的现象，其内在的根源仍然缘于不合理的产权结构。这说明市场融资机制和国有企业特有的运作方式之间存在难以调和的矛盾，其关键仍然是“约束效力”问题，所以国有企业市场直接融资方式中也必须有一套相应的强化约束效力的方法 In the process of the entire economic system transition from a planned economy to a market economy, the financing structure of state-owned enterprises has undergone great changes. Although the financing channels of enterprises have been widened in this process, the “soft budget constraint” Mechanism “has not been fundamentally changed. With the development of capital market, enterprises can make direct financing through the capital market. However, the introduction of market financing does not mean the disappearance of ”soft restraint mechanism“. On the contrary, the binding force of state-owned enterprises in transition is quite equal Limited, this is a peculiar phenomenon in the transitional economy, and its inherent root causes are still due to irrational property rights structure. This shows that the market financing mechanism and the unique mode of operation of state-owned enterprises are difficult to reconcile the contradiction between the key is still the ”binding effect" issue, so the direct financing of state-owned enterprises must also have a corresponding set of ways to strengthen the binding effect