本文在分析我国债务融资现状的基础上,阐述了当前债务融资软约束的成因,认为偿债保障机制的不完善、银行监督作用的缺失、企业债券市场的发展缓慢以及经理人市场的缺失是我国上市公司债权治理效应弱化的主要原因,最后针对各项成因提出加强债务融资治理效应的对策建议。 Based on the analysis of the status quo of debt financing in our country, this paper expounds the causes of the current soft debt constraints, considers the imperfection of the debt service mechanism, the lack of bank supervision, the slow development of the corporate bond market and the absence of the manager market, The main reason for the weakening effect of debt governance of listed companies, and finally put forward countermeasures and suggestions on how to strengthen the debt financing governance effect for various causes.