信贷软约束
![信贷软约束](../cache/63065.jpg)
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但在我国法律体系不完善、制度环境不理想以及债券市场不发达的环境下,企业产权关系不清楚,企业运行面临着预算软约束和信贷软约束,缺乏有效的投资者保护机制。
But under the circumstances of imperfect legal system , unsound institutional environment and underdeveloped bond markets , it causes the unclear business ownership relationship , soft budget constraints and soft credit constraints for the enterprise running , and the lack of effective investor protection mechanism .