国有企业资本结构及优化——基于公司治理结构的思考

Capital Structure of State-Owned Enterprise and Optimizing——Thinking on the basis of company's administration structure Zh Zh's expensive

企业资本结构与公司治理结构存在高度的依存关系,不同的资本结构影响着公司治理结构的制度安排,资本结构的合理确定是公司有效治理的基础。由于国有企业资本结构的缺陷,导致其治理结构出现诸多问题;国有企业资本结构的优化必须基于公司治理效率的提高。具体包括:改善股权结构,最大程度减弱"内部人控制",重构债务结构,强化债权人的"相机性控制"等。

Enterprise capital structure and Company's administration structure have strong relation of depending on. Different capital structure is influencing the system of company's administration structure to arrange. Confirming rationally that it is the foundation that a company manages effectively of structure of the capital. Because of state-owned enterprise capital defect of structure, of our country state_run enterprise_like corporation administration structure a great deal of issues appear; State_owned enterprise capital optimization of structure must manage the improvement of efficiency on the basis of Company. Include concreey: improve stock right structure, great degree subside 'inside people controls' most; constructing the structure of debts again,'the camera controls',etc.