世界银行中国代表处企业专家张春霖日前指出,人们对国有企业曾有一个说法,叫先吃财政,后吃银行,再吃股市。现在有一种倾向,就是返回来再吃财政。这个所谓“吃”,说得规范一点,就是预算约束的软化问题。过去财政的资金约束是最软的,财政拨款拿去花了就完了。后来财政没钱了,搞拨改贷,企业就开始吃银行。银行的约束比财政硬很多,起码账面上要记利 Zhang Chunlin, an expert on the World Bank's China office, said a few days ago that people used to state state-owned enterprises as saying that they should first eat finance, eat banks and then eat the stock market. There is a tendency now to return to eat finances. The so-called “eat”, to put it more formally, is the softening of the budget constraint. The financial constraints of the past fiscal is the most soft, spent the financial allocation took over. Later, the financial money, and engage in the reform, the business began to eat the bank. Bank constraints a lot harder than the financial, at least the book to remember profits