中国国有企业资本结构管理探讨 = A study on the capital structure of China's state-owned enterprises

• Main Author: 吴宝川 Wu, Baochuan
• Other Authors: Cao Yong
• Format: Theses and Dissertations
• Language: Chinese
• Published: 2010
• Subjects: DRNTU::Social sciences::Economic development::China
• Online Access: http://hdl.handle.net/10356/42541
• Institution: Nanyang Technological University

这在经济改革时期对中国国有企业的资本结构研究的重点。相较于市场经济运作良好的企业，中国的国有企业有一个相当扭曲了一个异常低的资本结构和股权资本异常高的债务资本。这种扭曲的资本结构，导致了恶性循环：国有企业，在支付债务利息的沉重负担，限制了股权资本积累的能力，不得不依赖越来越多的债务融资，有资本结构失真更偏向于债务融资。要改革这个扭曲的资本结构，改革必须考虑在政府的运作管理，资本市场和国有企业管理体制。 This study focus on the capital structure of China state-owned enterprises during the economic reform period. Compared to enterprises in well functioning market economy, the China's state-owned enterprises have a rather distorted capital structure with a abnormally low equity capital and abnormally high debt capital. This distorted capital structure has led to a vicious circle: the state-owned enterprises have a heavy burden in paying interest rate for debt, have limited ability to accumulate equity capital, have to rely upon more and more on debt financing, have the capital structure distortion even more biased towards debt-financing. To reform this distorted capital structure, reforms must be taken in the functioning of government administration, capital market and the management system of state-owned enterprises.