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国有企业过度负债的问题,盘根错节,纷纷扰扰,剪不断,理还乱,令人欲罢不能,欲说还休。但在深化国有企业改革,建立现代企业制度的过程中,这却又是一个无法绕开的话题。 企业过度负债,其责任不能全由企业和银行承担,主要根源,是多年来旧的经济体制积累下来的,概言之,即四“高”四“低”: ——高借贷,低注资。在计划经济体制下,我国国有企业的性质,决定了它的资本构成,即它的固定资产,基本上是由国家财政注资形成的,而流动资金也有50％左右是财政注入的,那时亦称之为“定额内流动资金”,只有当定额内流动资金尚不足以满足企业正常周
The problem of over-indebtedness of state-owned enterprises is inextricably intertwined. They are harassed and harassed. However, in the process of deepening the reform of state-owned enterprises and establishing a modern enterprise system, this is yet another topic that cannot be bypassed. Enterprises are overly indebted, and their responsibilities cannot be fully borne by companies and banks. The main source is accumulated over the years by the old economic system. In sum, four highs and four lows: High borrowings and low capital injections. Under the planned economy system, the nature of China’s state-owned enterprises determines its capital structure, that is, its fixed assets, which are basically formed by the state’s financial injection, and about 50% of liquidity is injected by the financial sector. Call it “fixed amount of liquidity”, only when the fixed amount of liquidity is not enough to meet the normal week