一、国有企业资本结构的现状目前，我国国有企业的资本结构主要表现为两种极端：弹性过度的高负债水平的资本结构和弹性不足的高权益资本结构。高负债水平的资本结构下，财务杠杆很高，当企业利润增加时，每一元经营利润所负担的债务利息等固定财务费用会相应降低，企业税后资 I. Status Quo of Capital Structure of State-owned Enterprises At present, the capital structure of state-owned enterprises in our country mainly shows two kinds of extremes: the capital structure with excessive elasticity and high indebtedness and the high-equity capital structure with insufficient flexibility. Under the high debt level capital structure, the financial leverage is very high. As the profit of the enterprise increases, the fixed finance costs such as the interest on the debt borne by each unit of operating profit will be reduced correspondingly. After-tax capital