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资本结构是企业治理过程中的重要环节,也是公司治理的关键。资本结构是否合理将会直接影响到企业目前以及将来的发展状况,甚至会影响到企业的生死存亡。但是纵观我国国有上市公司的资本结构和融资策略,却发现它在一定程度上存在着很大的弊端,由于企业经营处于变化之中,资本的构成情况也在不断地变化,无法固定在某一比例上。所以如何优化就是摆在我们面前的一道难题。现阶段债转股只是修正国企资本结构的过渡之举,国有股减持是优化企业股权结构的必然选择。
Capital structure is an important link in the process of corporate governance and also the key to corporate governance. Whether the capital structure is reasonable or not will directly affect the current and future development of the enterprise and may even affect the survival of the enterprise. However, looking at the capital structure and financing strategy of the state-owned listed companies in our country, we find it to a certain extent has great drawbacks. As the business operation is undergoing changes, the composition of capital is constantly changing, On a scale. So how to optimize is a challenge before us. Debt-to-equity swap at this stage is only a transition to amending the capital structure of state-owned enterprises. The reduction of state-owned shares is an inevitable choice for optimizing the ownership structure of the enterprise.