摘 要:当今，债务是一个普遍的经济现象。债务不仅直接影响着企业的生存和发展，而且还影响着银行资金的周转，在某种程度上使银行信贷资金沉淀和流失。因此，如何处理企业的债务，已成为企业经营中的一个重大问题。其中，国有企业由于产权不清和债务不清，以及高度依赖政府和银行贷款等原因，其资产负债率一直高居不下。本文以国家统计年鉴的数据为基础，通过计算国有企业2008年到2011年的资产负债率，论证了国有企业确实存在过度负债；再通过比较2011年国有企业与国内其他类型企业的负债及流动负债绝对数，以及相关财务指标，发现国有企业相对于其他类型企业确实存在效率低下、资本结构不合理、资源浪费等缺点。在研究中，本文进一步发现，国有企业只有改变其国有属性，以及资本结构，国家在监管国有企业时做到政企分离，对国有企业实行硬预算约束，才能从根源上解决国有企业过度负债的问题。
关键词：负债；国有企业；资本结构；硬预算约束
ABSTRACT:Today, debt is a common economic phenomenon. Debt is not only directly affects the survival and development of the enterprise, but also affect the Banks' capital turnover, to some extent, the bank credit funds sedimentation and erosion. Therefore, how to deal with the debts of the enterprises has become a major problem in the enterprise management. Among them, the state-owned enterprises ,because of the unclear property rights, and is highly dependent on the government and bank loans , lead to stubbornly high asset-liability ratio. In this paper, based on national statistical yearbook data, by calculating the state-owned enterprises'asset-liability ratio from 2008 to 2011,demonstrated the existence of excessive debt of state-owned enterprises;by comparing the 2011 state-owned enterprises and other types of domestic enterprise's liabilities and the current liabilities, as well as related financial indicators, found the state-owned enterprises existing the disadvantage of low efficiency,unreasonable capital structure, resources wasting.In this study, we found that the state-owned enterprise only change its state-owned property, and capital structure.And government do hard budget constraint on state-owned enterprises, can solve the problem of excessive debt of state-owned enterprises thoroughly.
Key words: Debt; State-owned enterprises; Capital structure; Hard budget constraint
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