论文部分内容阅读
过去十多年问山东省管国有企业整体经营状况持续恶化。本研究对山东国有企业改革进行全面回顾,利用2004—2014年财务数据,对省管国有企业资本结构、总资产收益率、净资产收益率和销售利润率等指标进行系统分析,认为山东省管国有企业经营形势非常严峻,一方面总资产收益率、净资产收益率和销售利润率不断下降;另一方面资产负债率不断上升,巨额负债所产生的财务成本已成为企业沉重负担,少数省管国有企业可能会在1~2年内出现破产。造成山东省管国有企业经营困境的原因主要是三个方面:一是产业结构不合理且错过转调最佳时机;二是政府与企业追求规模,快速扩张,导致省管国有企业普遍出现预算软约束;三是企业经营者产生机制不合理,进而导致公司治理严重缺陷。省管国有企业对“十三五”期间山东经济发展至关重要,解决省管国有企业经营困境必须首先从优化企业资本结构入手,尽快推动包括职工持股在内的混合所有制改革,通过增量资产改变资本结构,建立以公司治理结构为核心的现代企业制度。
In the past ten years, the overall management of state-owned enterprises in Shandong Province has been worsening. This study systematically reviews the reform of state-owned enterprises in Shandong province and makes use of the financial data of 2004-2014 to systematically analyze the capital structure, return on total assets, return on net assets and sales profit rate of state-owned enterprises, On the other hand, the debt-to-asset ratio has been on the rise, and the financial costs incurred by huge amounts of liabilities have become a heavy burden on enterprises. A small number of provincial-level management State-owned enterprises may go bankrupt in one to two years. The reasons for the difficulties in managing state-owned enterprises in Shandong Province are mainly three aspects: First, the irrational industrial structure and missed the best time for transfer; second, the pursuit of the scale and rapid expansion of the government and enterprises led to the general appearance of soft budget constraints Third, the unreasonable mechanism of enterprise managers, leading to serious defects in corporate governance. Provincial management of state-owned enterprises is crucial to the economic development of Shandong during the “13th Five-Year Plan” period. To solve the problems of provincial management of state-owned enterprises, we must first start with optimizing the capital structure of enterprises and promote the reform of mixed ownership including employee stock ownership as soon as possible, Incremental assets change the capital structure and establish a modern enterprise system centered on the corporate governance structure.