The managers of state - owned enterprises pursued the maximum of comprehensive welfare , and changed their financing decisions according to the continued transference of social investment and financing system . the government withdrew from the supporting system , and the state - owned banks served as its substitute ; stock market give the managers more choices of direct financing , and the financing decisions of state - owned enterprises thus diversified 国有企业改革的同时伴随着社会投融资体系的变迁：国家为强化企业预算约束，退出了对国有企业的支持体系，而国有银行实际担负了财政替代的功能；股票市场的建立为国有企业提供了直接融资的途径，国有企业的融资决策也因能否能够进入到这个市场而发生分化。
In the third chapter , the writer analyses the positive effects of the interest rate marketization on business investment and financing in both direct and indirect financial markets . though marketization of the interest rate , the rate can genuinely function as adjustment but on the conditions of clarified property right of investors " ownership , hardening of budget restraint as well as improved financial market with powerful functions 第三章分析了利率市场化对企业投资及企业间接融资和直接融资市场的影响，说明利率市场化后，利率能真正发挥调节作用，必须具备一定的条件，即投资主体产权明晰，预算约束硬化；同时，金融市场发展完善、功能强大。
