本文基于债务契约治理机制虽有可能弥补股权契约治理机制运行的缺陷,但其治理效应的发挥却依赖于明晰的产权制度的认识,阐述了我国国有企业模糊的产权制度是债务契约治理机制失效的制度性根源。因此,国有企业改革中的债务契约重构也需要从产权制度方面寻求突破。 Although the mechanism of debt contract governance may make up for the shortcomings of the operation of the equity contract governance mechanism, its governance effect relies on the understanding of a clear property rights system, and expounds that the fuzzy property rights system of the state-owned enterprises in China is a failure of the debt contract governance mechanism Institutional roots. Therefore, the reconstruction of debt contract in the reform of state-owned enterprises also needs to seek a breakthrough from the property rights system.