完善融资结构 促进企业改革

PERFECT THE CIRCULATING CAPITAL STRUCTURE AND PROMOTE THE BUSINESS REFORM

在我国企业的融资结构中,股权融资占据了很强劲的势头。但股权融资不应成为我国企业融资的主渠道,股权转债权有利于国有企业改革。由于债券发行成本低、激励和约束程度高、发行企业债券筹资便利等原因,应确立企业债券市场融资的主渠道地位。为此,应暂停发行新股;对目前的上市公司进行整体的考核和筛选;鼓励、引导甚至支持符合条件的企业发行一定额度的企业债券;放弃所有制限制和约束,实行质量型管理。

In Chinese business circulating capital structure, the capital circulation of stock right occupy a strong position. However, the capital circulation of stock right should not become the main channel in Chinese enterprises. Instead, the changes from stock right into creditor's right are of benefit to state-owned business reform. Since the cost of the circulation of stock is low and since the degree of inspiration and restriction is high and since the collection to issue enterprises' stock is convenient, the capital circulation of enterprises' bond market as the main channel should be established. For this reason, the issuance of new stacks should be stopped. The companies appeaing on the markets should be assessed and selected wholly. The enterprises which accord with the reguirement should be encouraged, and led and even support to issue a certain amount of enterprises bond. Ownership must be given up and the quality type administration should be implemented.