国有亏损企业破产难、重组难的一个突出问题,是长期累积的债务负担过大。因此,如何处理债务问题,探索合适的途径,是亟待研究的重要课题。 一、债务沉重已成为影响国企生存、发展的关键 拨改贷以来,我国国有企业逐渐走上高负债经营的道路。据统计,1992年末,预算内工业企业流动资金贷款就达4000多亿,固定资产贷款余额4200亿元,合计8200亿元之多。企业每年所付的贷款利息已远远超过企业的实际利润。目前全国预算内国有工业企业的资产负债率已达到78％以上,远远高于国际上资产负债率50％的水平。如果考虑到许多国有企业隐亏、潜亏,帐面净资产扣除潜亏、隐亏已经大打折扣,那么真实的净资产负债率显然要比目前的 The outstanding problem of the state-owned loss-making enterprises being bankrupted and difficult to reorganize is that the accumulated long-term debt burden is excessive. Therefore, how to deal with the debt problem and explore suitable ways is an important issue that urgently needs to be studied. First, heavy debt has become the key to affecting the survival and development of state-owned enterprises. Since the transfer of loans, China’s state-owned enterprises have gradually embarked on the path of high debt management. According to statistics, at the end of 1992, the loans of working capital for industrial enterprises in the budget amounted to more than 400 billion yuan, and the balance of fixed assets loans was 420 billion yuan, a total of 820 billion yuan. The interest paid by the enterprise each year has far exceeded the actual profits of the enterprise. At present, the asset-liability ratio of state-owned industrial enterprises within the national budget has reached more than 78%, far higher than the international debt-to-asset ratio of 50%. If many state-owned enterprises are considered to be loosing losses and potential losses, net assets on the books are deducted for potential losses and hidden losses have been greatly reduced, then the true net gearing ratio is clearly higher than the current