中国国有企业资本结构治理的现状问题与对策.rar

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中文摘要
我国国有企业资本结构的治理一直是个动态的发展过程，随着现代企业产
权制度的改革，国有企业现有的资本结构已无法适应市场要求，进行资本结构治
理成为国有企业改革的重中之重。我国治理国有企业资本结构先后采取了债转
股、国有股减持和股权分置等措施，在不同时期取得了或多或少的效果，但都没
有从根本上解决问题。
本文在叙述了现有的资本结构治理方式之后，从分析国有企业的股权结构
失衡、负债比率偏高、资本结构缺乏弹性三大原因为切入点，重点指出影响我国
国有企业资本结构失衡的几大因素：计划经济体制，国家投入资本不足，企业自
有资本不能足额补充，公司治理结构不完善，资产配置不合理。
基于上述因素，本文采用实证与规范研究、定性与定量分析、历史分析与
辩证分析结合的研究方法，围绕制度构建和资本市场建设两方面进行分析，针对
不同情况的国有企业提出了区别治理的思路：第一类为关系国家安全和国民经济
命脉的重要行业和关键领域，具有竞争优势的行业和未来可能形成主导产业的领
域，国家应采用增量资本注入的治理方式。第二类为具有较强竞争力的国有企业，
对中央企业之间、中央企业和其它企业、上下游企业之间的存量资产进行调整，
通过内部整合和外部重组优化国有资本在企业间的分布。第三类是陷入严重财务
困境的国有中小企业，国家可采用破产清算、出售等方式直接退出。
关键词：国有企业；资本结构治理；现状；问题；对策1
Abstract（English）
The administration of the capital structure of state-owned enterprise
of our country has been a dynamic evolution all the time,with the reform
of modern enterprise's property relations,the existing capital structure of
state-owned enterprise has been already unable to meet the needs of
market,Administrate the capital structure becomes the most important
thing of the Reform of state-owned enterprises.Our country control
state-owned enterprise capital structure adopts debt-to-equity,reduction
of state-owned stocks,equity,made more or less result in different
periods successfully,but has not solved serious problem which means"a
insider controls".
This text is analyzing the pluses and minuses of the existing
structural administration way of capital,from the below three reasons:
debt on the high side rate of state-owned enterprise,stock right structure
out-of-balance,capital structure lack flexibility,key analysis the several
factors which influences state-owned enterprise of our country:Planned
economic system,country invest capital to be insufficient,enterprise own
capital supplemented in full amount,company's administration structure
uncompleted,the assets disposed unreasonable,operation is weak.
Based on the above factor,this article uses the real diagnosis and the2
standard research,qualitative and the quantitative analysis,the historical
analysis and the dialectical analysis union research technique,Revolves
the system factor and capital market to carry on the analysis,and has put
forward the thinking managed of distinguishing to the state-owned
enterprise of different situations.The first kind is important trade of
concerning the national security and lifelines of the national economy and
key field,with competition advantage trade might form leading field of
industry future.The country should adopt the administration way in
which the increment capital pour into.The second kind of state-owned
enterprise in order to have stronger competitiveness,adjust between
central enterprises,central enterprises and other enterprises,the stock
assets visited among enterprises from head to foot,combine through
inside and outside recombinant,optimize state-run capital distribution
among enterprise.The third to fall into serious financial state-run small
and medium-sized enterprises of predicament,country can adopt,
liquidate,sell way withdraw directly.
Key words:state-owned enterprise;administration of the capital
structure;present condition;problem;countermeasure一、引言........................................................................................................................1
1．我国国有企业资本结构治理的目的...............................................................1
2．目前国有企业资本结构治理研究综述...........................................................1
二、我国国有企业资本结构存在的问题及原因分析................................................3
1．我国国有企业资本结构存在的问题...............................................................3
（1）国有企业股权结构失衡........................................................................3
（2）国有企业负债比率偏高........................................................................4
（3）国有企业资本结构缺乏弹性................................................................5
2．国有企业资本结构失调的原因分析...............................................................6
（1）国有企业蔃@て诩苹锰逯频挠跋旖仙?.......................................6
（2）国家作为出资者投入资本不足............................................................7
（3）企业的自有资..