本文认为，国有企业的负债率过高以及负债结构的不合理，是当前深化改革的一大突出障碍。而金融资产主体的结构变化及资本市场发展的明显不足，则是国企资金困难和债务沉重的重要原因。文章通过对发达国家直接融资状况进行对比分析，认为加大我国证券市场直接融资的力度是推进国企改革与发展的重要途径。为此，本文提出了发展与规范证券市场的若干具体措施。 This paper argues that the excessive debt ratio of state-owned enterprises and the irrational structure of liabilities constitute a prominent obstacle to deepening the current reform. However, the structural changes of the main financial assets and the obvious deficiencies in the development of the capital market are the important reasons for the difficulty of state-owned enterprises and the heavy debts. By comparative analysis of the direct financing in developed countries, the article believes that increasing the direct financing in China's securities market is an important way to promote the reform and development of state-owned enterprises. To this end, this paper presents a number of specific measures to develop and standardize the securities market.