浅议国有企业的资本结构与适度负债

不同资金来源的组合配置产生不同的资本结构,并导致不同的资金成本、利益冲突以及财务风险,进而影响到企业的股东财富。如何通过融资行为使负债和股东权益保持合理的比例,形成最佳的资本结构,是企业财务管理工作的一项重要内容。我国国有企业的资本结构在总体上以高负债为特征,过高的资产负债率不仅导致企业沉重的利息负担和企业再融资的困难,使企业失去发展能力,同时也导致企业治理结构失效和治理机制弱化。其现实困境与治理结构的不健全密切相关,而资本结构又是导致治理结构缺陷的原因所在。本文拟在这方面做初步探讨,同时研究国有企业的适度负债问题。

Superfical Discussion on the Capital Structure and the Moderate Liability of the State-owned Enterprise

The different combination disposition of funds source cause different capital structure, and cause thedifferent funds cost , the benefits conflict and financial risk, then influence the shareholder wealth of the enterprise .Howto make the liabilities and stockholder's equity keep the reasonable proportion by the financing behavior, it is animportant content of enterprise's financial administration. On the whole the capital structure of the state-ownedenterprise of our country regards high liabilities as the characteristic, the excessively high asset-liability ratio notmerely causes the difficulty that the enterprise's heavy interest burden and enterprise finance again, make enterpriseslose ability of developing, cause enterprise's administration structure to lose efficiency and manage the mechanism toweaken at the same time. Its realistic predicament and administration structure with imperfectly are closely related ,but the capital structure is the reason which causes the administration structure defect . This article draws up in thisaspect makes the preliminary discussion, simultaneously studies the moderate debt of the state-owned enterprise.