英语翻译一、 我国国有企业资本结构存在的问题及特征（一）国有企业负债率过高,债权人单一我国国有企业的资产负债率一直呈上升趋势,从1980年的8.7%上升到1993年的67.5%,1994年至1998年资产

英语翻译一、 我国国有企业资本结构存在的问题及特征（一）国有企业负债率过高,债权人单一我国国有企业的资产负债率一直呈上升趋势,从1980年的8.7%上升到1993年的67.5%,1994年至1998年资产
英语翻译
一、 我国国有企业资本结构存在的问题及特征
（一）国有企业负债率过高,债权人单一
我国国有企业的资产负债率一直呈上升趋势,从1980年的8.7%上升到1993年的67.5%,1994年至1998年资产负债率依次为79%、65.8%、61.5%、54%和65.5%.据国家统计局对493家国有大中型企业的调查,1997年底平均资产负债率65%；即使是国家1994年确定的100家现代企业制度试点企业负债率也为65%.资产负债率呈逐年上升趋势,原因是多方面的,其中体制因素当排首位.自20世纪80年代中期我国开始实行“拨改贷”改革后,国家财政几乎不对国有企业增注资本金,一些新建国有企业完全靠银行贷款建成,成为无资金企业,致使负债比例畸高.据《中国统计年鉴》资料显示,1999年至2003年国有及国有控股工业企业工业贷款分别为17948.9、17019.3、18636.7、20190.5、22756.0亿元,2003年比1999年上升了26.8%.企业对银行贷款有着过度的非理性需求,致使负债比例畸高.国家进行改革的初衷是想通过银企债务关系来加强对企业的约束,但事与愿违,由于主要债权人是国有银行,而国有企业和国有银行共属国家所有,特殊的银企关系,使银行作为债权人对企业的约束偏软,企业不能还本付息,银行也不能拍卖企业强制收回债权,再加上一些地方政府出于政绩的考虑,国有企业资不抵债而破产实际上难于实现.这样,现代资本结构理论中以债权人的约束来实现企业价值最大化的方法无法在我国现有条件下发挥作用.

英语翻译一、 我国国有企业资本结构存在的问题及特征（一）国有企业负债率过高,债权人单一我国国有企业的资产负债率一直呈上升趋势,从1980年的8.7%上升到1993年的67.5%,1994年至1998年资产
China's state-owned enterprise's assets have been rising from 8.7% in 1980, rose to 1993, 1994 and the 65.6 in 1998 asset-liability ratio for 79%, 65.8 percent up by 65.5%over 61.5%, 54,. According to the state bureau of large and medium-sized state-owned enterprises for 493 home by the end of 1997, the survey, the average asset-liability ratio 65%; Even countries 1994 certain 100 pilot enterprise ratio of modern enterprise system for 65%. Asset-liability ratio is increasing year by year, the reason is various, including system factors when row first. Since the middle of 1980s China began to implement a "after the reform BoGaiDai", national finance almost no state-owned enterprises, some new increasing capital injection principal completely dependent on bank loan state-owned enterprises built, be without capital enterprise, cause liabilities excessively high proportion. According to the China statistical yearbook data shows, from 1999 to 2003 state-owned and state holding industrial enterprises 17948.9 industrial loans 17019.3, respectively, 18636.7, 20190.5, 22756.0 billion yuan in 1999, 2003 up 26.8% than. Enterprise on bank lending has the irrational demand, causing excessive excessively high debt ratio. National reform purpose is to pass argues for strengthening the enterprise debt relations, but somewhere along the line, the constraints of main creditor is due to the state-owned Banks, and the state-owned enterprises and state-owned Banks altogether is state of all, special relationship and make the Banks as the fact that the creditor of enterprise constraint partial soft, the enterprise cannot repay captital with interest, the bank also can't auction enterprise forced back, plus some claims for the consideration of local government performance, state-owned enterprises insolvency and bankruptcy actually difficult to implement. So, in the theory of modern capital structure by creditors to implement the constraints of the maximization of enterprise value method can not in our existing conditions play a role.