试探我国国有企业融资结构中资产负债率过高与产权的关系

试图通过发行新股或“债转股”从而降低我国国有企业资产负债率的思路,是不符合市场经济条件下融资结构对公司治理的作用规律的。解决我国国有企业资产负债率偏高的途径,主要的还是在于调整产权结构,尽快推进投融资体制改革,完善《破产法》,鼓励中小企业发展,积极探索公有制的多种有效实现形式。加大《公司法》对债权人的保护力度,完善对国有企业经理人的股权激励以及完善我国的资本市场对解决我国国有企业整体负债率水平偏高也会有很大的帮助。

On the Relations Between the High Rate of Obligation in Chinese Financial Structure of State Enterprises and Ownership

The paper states the relationship between the high rate of obligation in Chinese financial structure of state enterprises and ownership and its enlightenment from the different dimensions such as debt and corporate governance ,enterprise ownership, inadequate debt restraining, absence of ownership right's incentive, unreasonable bankrupt law, backward in capital market ,and further claims that the present mean of "creditor's equity chang into shareholder's equity"can not resolve the drawback of the high rate of obligation in chinese state enterprises in essence, and the fundamental reseason still exisits in the structure of property rights.