Though influenced by our country ' s special national conditions and planned economy originally , bond financing and bank loan have a restriction to enterpri se ' s behavior . comparing two means , stock way of financing is more attractive , for it does not have any restrictions 尽管由于受到我国特殊的国情和原来计划经济的影响，而导致债券融资和银行贷款对企业行为存在事实上的“软约束” ，但从两相对比角度看，股票融资的方式吸引力更大，因为可以说它基本上就没有任何约束的限制，因此，企业都对上市进行股票融资趋之若鹜。
Then the article analyses the causes of chinese listed companies " equity finance preference , the soft restraint of equity capital cost , the director and manager pursuing to the incurrence income , interests conflicts of big shareholders and minor shareholders and the undeveloped corporate bond market in china 然后，对股权融资偏好产生的原因进行了分析，认为股权资本成本的软约束、董事和经理追求非货币收益、大股东与小股东的利益冲突、企业债券市场发展滞后等是我国上市公司股权融资偏好产生的主要原因。
After analyzing the traditional sobs " investment climate elements and changes of economic climate in reform processes , four institutional problem are put emphasis on . ( 1 ) a mixture of government administration and enterprise management is impossible under state - ownership ; ( 2 ) the state ownership control is invalid ; ( 3 ) the insider control problem is serious ; ( 4 ) the capital structure has defects and the state - owned creditor ' s rights is in soft control 在分析了传统国企投资环境要素和改革过程中国企外部经济环境的变化后，重点剖析了国有企业在改革进程中呈现的四大制度性问题，一是国有制下不能解决政企不分；二是国家所有权约束无效；三是内部人控制问题严重；四是资本结构有缺陷，国有债权软约束。
Soft budget constraint ( sbc ) which means central planner must commit to save the companies who had been caught in financial constraint , including events such as hindering the reorganization of bankrupt firms , subsidizing deficit enterprises continually , prolonging the deadline of bad loan and even refunding them , has been the symbol of transition economies , not to say china 处在转型过程中的中国经济不可避免地具有预算软约束这一转型经济的通病,即计划者不能承诺不去解救亏损企业,扩展开来就包括阻碍亏损企业实施结构重组、持续补贴亏损企业以及对不良贷款的展期和再融资等。
The government ' s leading investment has higher cost of entering market , which brings on too bigger scale and more overlapping of investment item ; the government ' s leading investment also has higher obstacle of withdrawing market , which induces the flexibleness of budget restriction and the aggravation of district protecting 政府主导型投资的进入成本更低，导致此类投资的项目规模更大，重复建设更加普遍；退出障碍更高，导致与之相关的预算软约束、地方保护问题严重。
