天津钢管公司负债经营分析

Analysis on Managing Debt of Tianjin Steel Tube Company

讨论了天津钢管公司的负债决策、高负债率的成因及其解决高负债问题的途径。高负债率的成因,一是国有企业产权不明晰,企业没有按照所有者利益最大化原则优化资本结构;二是资本市场发育不完善,企业融资特别是直接融资渠道狭窄,使国有企业的融资结构很不合理。主要从加快产权制度改革,改善中国国有企业的融资环境两个方面探讨了解决高负债经营问题的途径。

The policy decision of Tianjin Steel Tube Company in managing debt is discussed and the reason for its high debt proportion and the way to solve the problem are analyzed. There are two major reasons for the high debt proportion. Firstly, the stateowned enterprises lack the organization to represent the ownership. They do not make the capital structure perfect according to the principle of maximizing the owner's interest. Secondly, capital market is not well developed. There are limited financing ways for the stateowned enterprises, especially for the direct financing. Therefore, the financing structure is not reasonable. The way to solve the overdebt problem is discussed in two points. One is to speed up the property right system reform and the other is to improve the financing ways of the stateowned enterprises.