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国企改革中暴露出的问题,主要表现为国有企业的经济效益低下,一些国有企业的亏损在不断的加剧,资产负债率偏高等。究其根源,在很大程度上是企业的资本结构不合理所造成的,而形成这种不合理的资本结构,既有政策方面原因,也有企业自身原因和社会方面原因。优化国有企业的资本结构,尽快降低过高的资产负债率,成为当前国企改革过程中所必须关注的问题。积极推行企业破产与企业购并制度、建立银企互补机制、完善国有企业的资本金制度、发展资本市场及拓宽企业的融资渠道是优化国企资本结构的现实途径。
The problems exposed in the reform of state-owned enterprises are mainly manifested in the low economic returns of state-owned enterprises, the continuous loss of some state-owned enterprises and the high debt-to-asset ratio. The root causes are largely caused by the unreasonable capital structure of enterprises, and the formation of such an irrational capital structure has both policy reasons as well as the enterprise's own reasons and social reasons. Optimizing the capital structure of state-owned enterprises and reducing excessively high assets and liabilities as soon as possible have become the issues that must be paid attention to in the process of SOE reform. The active implementation of corporate bankruptcy and mergers and acquisitions system, the establishment of a complementary mechanism between banks and enterprises, the improvement of the capital system of state-owned enterprises, the development of capital markets and the expansion of financing channels for enterprises are the realistic ways to optimize the capital structure of state-owned enterprises.