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国有企业经济效益持续下降的原因十分复杂,最直接的原因是负债率居高不下,企业的资本金严重短缺。因此国企要扭亏脱困亟待解决的问题之一便是优化资本结构——即化解过度负债的存量,防范过度负债的增量和补充企业的资本金。 一、国有企业负债率的现状 据统计我国国有企业总体亏损额1996年为18亿;1997年293亿;1998年已上升到558亿。1997年在14923家国有大中型企业中,发生亏损的有6039家,亏损面为40.4％,亏损额达598.1亿元,亏损率达52.7％。分别比非国有化大中型企业高10.1与26.2个百分点。1998年国有大中型企业实
The reasons for the continuous decline in the economic efficiency of state-owned enterprises are very complex. The most direct cause is the high debt ratio and the serious shortage of capital in enterprises. Therefore, one of the problems that state-owned enterprises need to overcome in order to turn deficits into relief is to optimize the capital structure—that is, to dissolve the stock of over-indebtedness, to prevent the increase of excessive debt, and to supplement the capital of enterprises. I. The current situation of the debt ratio of state-owned enterprises According to statistics, the total amount of losses of state-owned enterprises in China was 1.8 billion in 1996, 29.3 billion in 1997, and rose to 55.8 billion in 1998. Among the 14,923 state-owned large and medium-sized enterprises in 1997, there were 6,039 losses, a loss of 40.4%, a loss of 59.81 billion yuan and a loss rate of 52.7%. They were 10.1 and 26.2 percentage points higher than non-nationalized large and medium-sized companies. State-owned large and medium-sized enterprises in 1998