credit squeezing 中文意思是什麼
credit squeezing
解釋
信用緊縮-
There are many factors for this problem, the most of which are : for clear disfigurements in the present financing system, there is a " squeezing out " effect in financing for small & medium - sized firms ; there are wrong ideas of financing support for those firms by the financial institutions, with insufficient efforts in supporting these firms ; these firms are characterized by a small size, weak strength, low credit, high risk, poor competition strength of financing ; there is no perfect legal systems to support and normalize the financing for them ; there is no sound institutions serving for these firms in access and guarantee, etc
導致中小企業融資難的因素有很多，其中最主要的是：我國現行融資制度缺陷明顯，對中小企業融資存在著擠出效應；金融機構對中小企業的融資支持存有誤區，支持力度不夠；中小企業自身規模小、實力弱、信用低、風險大，融資競爭力不強；支持、規范中小企業融資的法律制度不完善；為中小企業融資服務的評估、擔保機構不健全；等等。 -
After 1989, the increase of demand slowed down and facing the complexion of low degree of industrial concentration of product market and financial strain of medi um and small - sized enterprises caused by the circulating trap of " credit squeeze - - - bad loan ", the advantageous enterprises " " wallow in money ", specifically, those listed companies that could finance from the stock market, began to take predatory pricing strategy in succession and tried to enlarge market share and obtain high return by squeezing medium and small - sized enterprises out of the market after 1998, the vicious circle of deflation and " credit grudging " of banks in product and credit markets, overcapacity, the difficulty of retreating of loss - incurring enterprises in some industries from the market for institutional reasons and over - competition in some industries, led to the incessant decrease of enterprises " global income, persistent increase of rate of debts and constant rise of ratio of bad assets of banks, which further intensified the vicious circle of deflation and " credit grudging " of banks
如在改革開放初期，在產品市場需求旺盛和信貸市場預算軟約束的情況下，各類企業的最優決策就是採用高負債、高擴張的「負債的有限責任效應」策略來搶占市場並獲得高回報； 1989年以後，需求增速開始放緩，面臨產品市場產業集中度較低和信貸市場「信貸緊縮-不良貸款」循環陷阱導致的中小企業資金緊張的局面， 「錢袋鼓鼓」的優勢企業（尤其是那些可以通過股票市場融通資金的上市公司）紛紛採用掠奪性定價策略，試圖通過把中小企業擠出市場來擴大市場份額並獲得高收益； 1998年以後，產品市場和信貸市場形成了通貨緊縮和銀行「惜貸」惡性循環的狀況。產品市場上部分行業生產能力嚴重過剩，且由於體制等原因導致虧損企業無法退出，因此這些行業中出現了過度競爭的現象，企業總體收益的不斷下滑、負債率不斷提高以及銀行不良資產率的持續上升，又進一步加強了通貨緊縮和銀行「惜貸」的惡性循環。
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