英语翻译文章分析了我国国有企业资本结构的存在的问题及产生的原因,提出了国有企业资本结构优化的对策.关键词：国有企业 资本

英语翻译
文章分析了我国国有企业资本结构的存在的问题及产生的原因,提出了国有企业资本结构优化的对策.
关键词：国有企业 资本结构 优化
资本结构是指企业各种资本的构成及其比例关系.它不仅包括负债与权益的构成与比例关系,而且包括全部负债中流动负债与长期负债的构成比例,以及权益资本内部的构成比例.资本涉及到企业筹资、经营、利益分配的各个方面,是反映企业资金实力的重要指标,是衡量企业偿债能力的重要尺度,同时也是检验企业财务风险的重要指标.我国国有企业改革已有20多年的历史,虽取得了很大的进展,但国有企业资本结构的优化问题仍是当前改革中面临的重要问题.当前我国国有企业资本结构的现状已成为国企改革和脱困的障碍,阻挠着现代企业制度的建立和法人治理结构的完善.其基本特征是企业的资产负债率过高,股权结构和所有权不合理.具体表现为“三高”和“三低”,即外源性融资比例高,内源性比例低；间接融资比例高,直接融资比例低；债务性融资比例高,资本性融资比例低.出现这种情况的原因是多方面的,本文拟对此进行分析,并进一步阐述优化国有企业资本结构的措施.

This paper analyzes the existence of state-owned enterprise capital structure and the reasons of these problems,and puts forward the state-owned enterprise capital structure optimization countermeasures.
Keywords:state-owned capital structure optimization
Capital structure is to show enterprise various capital formation and its proportional relations.It includes not only liabilities and rights form with proportional relations in debt,and includes all current liabilities and long-term liabilities composition proportion,and the composition of equity capital internal ratio.Capital involving enterprise financing,management,distribution of interests each aspect,is a reflection of the important index of financial strength,it is to measure enterprise solvency important yardstick,also inspection of the financial risks of enterprise important indexes.China's state-owned enterprise reform has more than 20 years of history,although has made great progress,but state-owned enterprise capital structure optimization problem was still the current reform of the important problem facing.Current situation of nationalized business capital structure has become a soe reform and the obstacles,obstruct the institution is the establishment of modern enterprise system and the perfection of corporate governance structure.Its basic characteristics of the enterprise is high property debt and equity structure and ownership is not reasonable.The specific performance "three-high" and "three low",namely the exogenous financing a high proportion,endogenous ratio is low; Indirect financing ratio is high,low ratios direct financing; Debt financing a high proportion,capital financing ratio is low.Appear this kind of circumstance of reason is various,this paper carries on the analysis,and further elaborates the nationalized business capital structure optimization measures.