国有企业资本结构的问题与对策

Problems in the State firms' fund structure and the counterpolicies

本文认为，我国国有企业资本的非优化结构，已成为国有企业难以进一步深化改革的症结，以致影响了整个国有经济的进一步快速高效增长。文中从资本结构的两个重要方面——产权结构和资产负债结构着手，分析了国有产权比重过大、产权凝固化、债务资本比例过高、资本成本上升等问题。针对上述状况，在充分分析和借鉴国际经验的基础上，提出了资本结构的优化对策。在“增资、改造、分流、破产”的指导思想下，更注重以资本结构为目标，从投资体制、金融体制、企业制度这“三大”制度切入，把优化资本结构作为一个系统研究。

This paper argues that, imperfect capital structure of State owned enterprises has become barriers to deepening State-owned firms reform,and has influenced all the State economy to further develop fast.Starting from the two important aspects of capital structure,i.e. property rights strcture and debts structure,the author analyzes the issues, such as too high ratio of State-owned property rights,solidifying property rights,too hights,too high ratio of debts becoming capital,capital cost rises,and so on.Then,the author puts forward some countermeasrues for perfecting capital structure based on analyzing the international experiences.The policies include:guiding by the idea of increasing funds,restructuring enterprises,fractionalizing labourers,and carrying out the system of enterprise bankruptcy',optimize capital structure,start reforming from investment financial system,and enterprise system,research optimizing capital structure as a system,and find out a cardinal way to optimize State-owned capital structure.