中国国有企业资本结构问题分析

Capital structure analysis of Chinese state owned enterprises

由于中国企业的微观和宏观经济环境与国外存在着一定的差异 ,中国国有企业的资本结构呈现出一些自己的特点 :国有企业普遍负债率高和上市公司更偏好股权融资。这与西方的“融资优序理论”不同。为解决我国国有企业过度负债问题 ,实现企业价值的最大化 。

This paper made an analysis of the capital structure of state-owned enterprises and quoted companies in China. The result shows that because of the differences between the micro- and macro-economic environments for Chinese enterprises and that for the foreign enterprises, the capital structure of Chinese enterprises has formed its own characteristics: the liability ratio of state-owned enterprises is high and quoted companies prefer selecting the stock financing way. It is an urgent task for Chinese government to better the capital structure in the state-owned enterprises so as to solve the problem of over-debt.