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(一 )1990年以来 ,中国金融制度安排在渐进改革的环境下不断向提高效率的方向演进。从企业融资渠道的发展来看 ,以银行为主的制度安排正逐步向银行与资本市场共同发展的混合型金融制度演变 ,从而为企业按照自身需求寻找低成本的融资渠道提供了更充分的空间。 1997年 ,中国企业
(I) Since 1990, China’s financial system has been evolving in an increasingly efficient manner under an environment of gradual reform. From the perspective of the development of enterprise financing channels, the banking-based institutional arrangements are gradually evolving into a hybrid financial system where banks and capital markets develop together, thus providing more room for enterprises to find low-cost financing channels according to their own needs . In 1997, Chinese enterprises