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忻州翻譯公司關鍵字：State-owned enterprise efficiency of capital structure and corporate governance[Abstract] China's state-owned enterprise's capital structure in general is characterized by high debt, high debt ratio not only led to heavy interest burden on business專業英語翻譯公司科技文件翻譯哪里最好 and corporate refinancing difficulties, loss of development capacity of the enterprise, but also led to corporate governance structure failure and weakening governance mechanisms. The reality of the plight of state-owned enterprises and unsound governance structure is closely related to the capital structure and governance structure of defects leading to the reason. In view of China's state-owned firm's capital structure and corporate governance structure of the status quo, the state-owned enterprise reform should be based on the optimization of capital structure as a starting point to build a corporate governance structure and improvement of the core.
[Keywords]: Capital Structure Corporate GovernanceFirst, the characteristics of the capital structure of state-owned enterprises
The current capital structure of state-owned enterprises in China's SOE reform and the status quo has become an obstacle to turning around to block the establishment of modern enterprise system and corporate governance structure. Its basic feature is the high rate of corporate assets and liabilities, equity ownership structure and irrational. Specific performance of the "three high" and "three low", that is, a high proportion of exogenous financing, the proportion of low endogenous; a high proportion of indirect financing, the low proportion of direct financing; a high proportion of debt financing, capital financing is low.
(A) the general state ofOverall, the current capital structure of state-owned enterprises is many reasons. Both institutional reasons, but also the impact of outside the system; both bank credit constraint softening of factors, but also monitoring mechanism is not sound business專業英語翻譯公司科技文件翻譯哪里最好 reasons. People's Bank of China in 1998 according to statistics, with the rise year by year the total amount of corporate finance, although the proportion of indirect financing show a downward trend, but in 1997 the total loans of financial institutions still account for 77% of total capital in the enterprise in a dominant source , thus forming a long high-debt companies. Direct financing in 1995 from 12% to 23% in 1997, although the proportion nearly doubled, but still relatively low, which comes mainly from equity financing, bonds and commercial bills financing the development and financing of commercial bills is relatively relatively slow.
(B) Debt financing situation and its problemsAs China's economic專業翻譯公司服務最好的 reform process in a variety of factors, the state-owned enterprises in the financing of teaching time is highly dependent on the formation of state-owned specialized banks, asset-liability ratio is too high to enable enterprises to carry a heavy debt, leading to a lack of vitality heavy losses.
High debt ratio of state-owned enterprises, has seriously affected the operational efficiency and bring greater financial risk. The main performance of the following four aspects.1, the rapid growth of total debt, asset-liability ratio increased significantly.
2, the normal channels of corporate bank loans and other debt declining proportion of the formation, defaulted loans, non-payment of profits and taxes and wages to cope with welfare and other non-normal channels formed by increasing the proportion of debt, debt structure is irrational.
3, more and more unreasonable amount of funds used, the amount of overdue debt increased, increasing pressure on corporate debt.
4, the efficiency of integration from the enterprise funds is concerned, the high rate of debt financing costs led to higher, affecting the interests of business專業英語翻譯公司科技文件翻譯哪里最好 - return on capital employed, and because of the high debt ratio, so increasing the risk of corporate debt. Bank lending rates than corporate interests - the phenomenon of return on capital is not uncommon, so the high interest rates, low income, the result is not enough profits to repay the loan interest rate, loan burden getting heavier and heavier, so that enterprises are facing increasing financial risk.
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