资本市场的完善，创新与国有企业改革

本文认为，国有企业改革的核心症结在于资本市场发展存在缺陷。国有企业改革要想取得实质性的进展，突破口就在资本市场。通过资本市场自身功能的完善和发展，既可以为国有企业开辟新的资金源，降低高负债率；又能通过完善企业的股权结构和法人治理结构，进而改善融资机构，提高国有企业的绩效；还能通过流动性功能的加强，促进企业产权重组。其核心是构建一个完善、成熟、规范的市场机制，实现资本资源的优化，高效配置，最终从微观的、供给的层面来促进经济增长。为此，需以资源配置为核心，完善资本市场的功能；以创新为动力，推动资本市场的全面发展。

The Perfection and Innovation of Capital Market and the Reform of State-owned Enterprises

The paper believes that the key-point of reform of s tate-owned enterprises lies in the defectiveness of the capital market and the b reak point of reform lies in the perfection and development of the capital marke t. Through the perfection and development of the capital market's functio n , it can bring new capital resources,decline the high asset-liabilities rate, perf ect the equity structure, corporate governance and capital structure, rise the be nefit of state-owned enterprises,it also can reinforce the fluidity,promote the property rights recombination.In a word, to set up a perfecting, mature and norm ative market mechanism is benefit to achieve the optimizing and effective alloca tion and to promote the economic growth from the way of micro-thought and supply.To achieve that,we should perfect the function of capital market with the core of resource's allocation; promote the development of capital market with t he power of innovation.