债权约束

此时债权约束对于提高对代理人的整体约束水平十分重要。

At this time constraint of debts is very important to enhance the general constraint level of agents .

负债比率偏低，融资方式单一，债权约束软化是我国上市公司债权结构的主要特征。

Low rate of debt to capital , simple financing methods and soft constraint are main characters of debt structure .

由于我国资本市场的不规范，国有银行对公司的债权约束无效，股东特别是国有股股东对公司的股权约束无效；

Due to the fact that our capital market is still not standard , state-owned banks don 't have effective constraint on corporate creditor 's rights and shareholders especially those of state-owned shares don 't have effective constraint on corporate stock ownership ;

四是资本结构有缺陷，国有债权软约束。

The capital structure has defects and the state-owned creditor 's rights is in soft control .

我国上市公司股权融资与债权融资的比例不适当，债权融资的长短期间分配不合理，导致债权融资的硬约束机制发挥弱化。

Secondly , the Proportion of creditor financing to share financing is not propriety , long and short period of bond financing is not so in reason , these upward lead the feebleness of force restriction mechanism of creditor financing ;

本文认为，增进我国企业债权治理效率的可行途径主要包括三个方面，即加大债权治理作用力度，硬化债权约束和强化债权控制，以及突出强调大债权人的治理功能。

By analyzing the main factors of the low governing efficiency of Chinese enterprises , this paper holds that there are three aspects to improve corporate governance : to enforce governing of creditor 's rights , to reinforce debt control and to emphasize the function of the big creditors .