关于我国企业资本结构问题的探讨

On the Issues in Capital Structure of China' s Enterprises

资金是企业经营、创立、发展的基础，也是企业经营活动的血液。而资本结构即权益资本和负债资本的比例关系对企业经营至关重要。改革开放以后，特别是随着现代企业制度的建立和资本市场的发展，我国企业的资本结构经历了质的变化。但同时也暴露出一些问题，这严重影响了我国企业的进一步发展。本文将借鉴西方资本结构理论，讨论我国企业中上市公司重股轻债、非上市公司的高负债经营、资本来源渠道狭窄、资本结构弹性小等各种现象，并分析造成这种现象的内在原因和外部因素。

Capital is the basis on which the enterprises operate, establish and develop and the the bind of en- terprises. The capital structrue,which is the ratio of the equity capital to debt capital, plays the essential role in enterprise's operation. Since the 'reform and open' police, especially with the foundation of Cur- rent Enterprise System and development of the Capital Market,China's enterprise have changed greatly. However, there edests some problems, which greatly limit the further development of our enterprises. This paper, absothing the western theory of caping sturoture, discusses a series of phenomena hot Chinaal's enterprises such as more stock and less debt in stock - market corporation, high - debt operation in non - stock - market corporation, the narrow way of capital's sources, the low elasticity of capital structrue, and we analyze the inner - and - outer cause of these phenomena.