如前所述,我国金融市场改革滞后,特别是对于民营企 业金融支持力度相对较小。 融资渠道受限诱发非正规融资途径 系族企业的发展壮大,有一些是迫于正规融资渠道限 制而走上非正规融资途径,例如通过直接或间接控制上市 公司、金融机构来获得融资平台。 例如,德隆系能扩张到如此之大的规模,与其庞大的金 融控制密不可分。德隆在现有的金融体系下,通过复杂的股 权关系和金融机构控制,形成了五条主要的融资路线(见表 二),这五条路线在金融链条的供应中起到巨大作用,但事 As mentioned earlier, the reform of China’s financial market lags behind, especially for private enterprises with relatively small financial support. Limited access to financing channels for informal financing The development and expansion of family-owned businesses have led to informal financing, for example through direct or indirect control over listed companies and financial institutions, under the constraints of formal financing channels. For example, the Deloitte system can scale to such a large scale that it is inseparably linked to its immense financial control. Under the existing financial system, Delong formed five major financing lines (see Table II) through complex equity relations and control of financial institutions. These five routes played a significant role in the supply of the financial chain. However,