Change Of State-owned Enterprises Finance System And A Shift In Patterns Of Systemic Changes

This article is an attempt to explore two questions: First, what is the final target of the reform of state-owned enterprises financing institution? In another word, what's the target model of the reform. Second, how can the target come true? Specifically, what the mode of the institutional change should be adopted in order to carry out the target model.In consideration of the change of the political and economic environment and the maladies of the traditional finance-oriented financing institution, China has started the reform of financing institution since 1978 and has gradually formed the bank-oriented diverse financing institution. However, with the development of economy, bank-oriented financing institution has resulted in a serious of unhealthy corresponds. Especially, the maladies of the institution fully were exposed in the Asia financial crisis. In the background, how to choose the target model of the state-owned enterprise financing institution becomes one of the theoretical focuses. By comparing the state-oriented financing institution represented by the countries in East Asia and the market-oriented financing institution represented by the America and Europe countries, this article proposes the target model of the state-owned enterprise financing institution in China should be the market-oriented diverse financing institution. Since the inception of the open-and-reform policy, the change of the state-owned enterprise financing institution has basically been state-oriented and imposed. Can this single model of institutional change promote the resolution of the target model? In order to answer this question, this article sets up a "two-phases model" by analyzing the target function of the government. The model points out that in the course of the state-owned enterprise financing institution changing to the target model, the state-oriented financing institutional change are facing a reform limit that is very difficult to breach because of the "Paradox of North". The possible way to breach the limit is to transmit the mode of the institutional change in time. At last, in according to the institutional change model of Neo-institutional economics, this article proposes a general theoretical model of the state-owned enterprise induced financing institution change and describes the path of the change and the essential conditions.