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本文试着从金融结构的角度来思考我国国有企业和民营中小企业的融资问题。从逻辑上说,只要确实需要国有企业存在,国有企业是不能被竞争所淘汰的,因为,如果允许市场竞争淘汰国有企业,那么,谁来承担由国有企业承担的社会目标?如果能够承担原先由国有企业承担的社会目标,那么可以认为国企本来就不必存在,但这又是与市场经济需要国有企业的判断现实是矛盾的。国有金融体系的对策是将这两种经济主体区别对待,根据其融资需求的不同特征,提供不同特点的融资工具。
This article tries to think about the financing of state-owned enterprises and private-owned small and medium-sized enterprises from the perspective of financial structure. Logically speaking, SOEs can not be eliminated by competition as long as they really need state-owned enterprises. If the market competition is allowed to phase out state-owned enterprises, then who shoulders the social goal of SOEs? If the state-owned enterprise undertakes the social goal, then it can be assumed that the state-owned enterprise does not have to exist at all. However, this is contradictory to the fact that the market economy needs state-owned enterprises. The strategy of the state-owned financial system is to treat the two economic entities differently and provide financing instruments of different characteristics according to different characteristics of their financing needs.