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1998年以来乡镇企业资金紧张,尤其是信贷投入下降已成为制约乡企发展的重要因素。乡镇企业融资状况可以概括为“四难”:一是贷款难。1998年在全国发放贷款比上年增长15.5%的情况下,乡镇企业贷款余额却比上年下降11.3%,乡镇企业贷款占全国的信贷额度也由7.1%下降到5.4%。乡镇集体企业的固定资产投资中,银行贷款所占比例已由1995年的25.5%下降到18.3%。二是集资难。随着农村合作基金会和种种柜台交易的整顿和关闭,农村资本市场严重滞后,民间投资下降,乡镇企业上市更困难。1000多家符合上市条件的乡镇企业拿不到上市指标。此外,外商、台、港澳商投资也在下降。三是授信难。乡镇企业负债率在
Tension in township and village enterprises, especially the drop in credit inputs, has become an important factor restricting the development of township enterprises since 1998. The financing situation of township and village enterprises can be summarized as “Four difficulties ”: First, loans are difficult. In 1998, loans to the township and village enterprises increased by 15.5% over the previous year while the loan balance of township and village enterprises dropped by 11.3% and that of rural enterprises and lending to the whole country dropped from 7.1% to 5.4% respectively. In the fixed assets investment of township and village collective enterprises, the proportion of bank loans dropped from 25.5% in 1995 to 18.3%. Second, it is difficult to raise funds. With the consolidation and closure of rural cooperative foundations and various counter transactions, rural capital markets have lagged far behind and private investment has dropped, making it more difficult for them to go public. More than 1,000 qualified township-and-town-level enterprises can not obtain listing targets. In addition, foreign investment in Taiwan, Hong Kong and Macao is also declining. Third, credit is difficult. Township enterprises debt ratio in the