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

摘要： 现行的融资体制与民营经济在预算约束的性质、融资渠道和信用关系上并不兼容。民营企业的融资困境不可能通过对现行融资体制的有限调整而得到解除。支持民营经济发展的融资体制只能“内生”出来,这意味着国家应该积极推进金融领域的开放,鼓励和支持国内民营金融机构进入金融领域。在漫长的信用关系转换中,国家应坚定不移地履行产权保护职责。

关键词: 民营企业, 融资体制, 制度的内生性, 信用