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近年来,各级地方政府通过积极引导,以资源整合、行政推动等手段,组建了较多的国有大型企业集团,从事单一产业业务或多产业组合业务。近年来,由省级人民政府强力推动组建的较为著名的国有大型企业集团有,山东省组建的山东钢铁集团和山东能源发展集团,陕西省组建的陕西煤业化工集团,四川省组建的四川煤炭产业集团。上述国有大型企业集团组建后,各级地方政府一般不再对其投入新增资本金,且由于受整体上市的条件制约,该类国有大型企业集团一般采取负债筹资方式。目前,由于国内金融市场的逐步开放与成熟,区域性国有大型企业集团采取何种负债筹资方式,不仅关系到企业集团自身发展,也对区域性金融市场繁荣及稳定起到至关重要的作用。
In recent years, local governments at all levels have set up a large number of state-owned large-scale enterprise groups through active guidance, resource integration and administrative promotion to engage in single-industry businesses or multi-industries businesses. In recent years, the well-known state-owned large enterprise groups promoted by the provincial people’s government are Shandong Iron & Steel Group established by Shandong Province, Shandong Energy Development Group, Shaanxi Coal Chemical Industry Group established by Shaanxi Province, Sichuan Coal formed by Sichuan Province Industry Group. After the above-mentioned state-owned large-scale enterprise groups are formed, local governments at all levels generally do not invest additional capital funds in general and due to the conditions of the overall listing, these large state-owned conglomerates generally adopt debt financing methods. At present, due to the gradual opening-up and maturity of the domestic financial markets, what kind of debt financing the regional state-owned conglomerates take is not only related to the development of the conglomerates, but also plays an important role in the prosperity and stability of the regional financial markets.