关键词: 民营企业, 融资体制, 制度的内生性, 信用

Abstract: The existed financing system is not compatible with the private economy by the way of budget constraints, financing channel and credit relationships. The financing difficulties faced by private firms cannot be solved by limited adjusting the existed financing system. The right financing system can only be endogenously developed, so the state should improve the opening of financial areas and encourage entering by private financial organizations. During the lengthy transition of credit relationships, the state should also protect property rights.

Key words: private firms, financing system, endogenetic nature of institution, credit