On the basis of comparative analyses of the capital-market oriented and the bank oriented financial systems in the world, thispaper discusses the specialties of our country's financial system. Under this background, this paper builds an equilibrium model to explain the financial behaviors of firms in soft-budget constraint,the research results show that the soft-budget constraint is the main cause that leads to excessive loans .Because the different targets of governmentand firm, it's hard to optimize the firm's financial behaviors only by banking credit mechanisms, therefore, it is necessary to reduce the soft-budget constraint and establish effective incentive mechanisms of state-owned banks.