国有企业的预算约束是否趋于硬化,是衡量银行制度改革是否有效的重要标志之一.通过考察偿债能力很低或者亏损的国有上市公司从银行获得新增贷款的情况,本文研究了我国银行制度的变迁对国有企业的软预算约束问题的影响.本文发现,从总体上看,1999～2007年间仍然存在偿债能力很低或者亏损的国有企业从商业银行获得新增贷款的现象,但偿债能力很低或者亏损的国有企业获得新增贷款的现象在此期间不断减少,尤其是在2003年后出现大幅下降.这表明,我国国有企业在银行融资中仍然存在软预算约束问题,但我国政府对银行业的改革,尤其是2003年以来国有银行的股份制改革,对硬化国有企业的预算约束起到了显著的作用.本文的研究揭示出,解决国有企业的软预算约束问题不仅在于剥离国有企业的政策性负担,还在于深化银行业的改革.%This paper mainly investigates the impact of China's banking reform on the soft budget constraint (SBC) faced by state-owned enterprises (SOEs) in bank lending. The result shows that those SOEs with financial distress or loss-making were still able to borrow new loans from commercial banks during the period 1999 to 2007, but there was a downtrend especially after 2003. This suggests that although there is a soft budget constraint of SOEs, banking reform has a significant effect on the SOEs budget constrains. Finally, some policy suggestions are proposed.
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