国有企业的债务问题有其深刻的历史根源 ,但从根本上看 ,是企业治理机制的问题。扭曲的治理机制 ,使得对投资者的保护和对管理者的约束激励变得非常困难 ,资本结构的恶化成为必然。本文对此做了理论分析 ,并提出了短期政策建议 The debt problem of state-owned enterprises has its own profound historical roots. However, fundamentally, it is a problem of the corporate governance mechanism. Distorted governance mechanisms have made it very difficult to protect investors and motivate managers, and the deterioration of capital structure has become inevitable. This article does a theoretical analysis of this, and made short-term policy recommendations