On Reconstruction Of State-owned Enterprises' Debt

If state-owned enterprise's debt probIem could not be well settled indue time, it will affect directly the great reform and development ofeconomy and finance. Debt reorganization is the route way to solve debtproblem. Yet debt reorganization can nOt be regarded just as a game onthe account surface, but a measure to cure the debt problem and toreconstruct micro-fOundation of market operation beginning from thehamess structure and caPital decision-making of state-owned enterprises.At present, there are some place we are unable to get to design mode ofdebt reorganization. Therefore, the object of this article is to perfectmode of debt reorganiZaion and to make it run efficientlyThere are four chaPters in the teXt. ln chaPter one the auhor gives asystem represent of the Chinese feamres of caPital smicture -trade-offmodel and of the reasonable scale of liabilities beginning from basictheory In chaPter twO the author draws a conclusion that the nature ofstate-owned enterprises debt problem is the intemal insufficiency byanalysis of present sitUaton of debt problem in state-owned enterprisesand causes that induced the problem. ChaPter three concludes that themode which take the Intervening institUtion as its subject i.e. replacingdebt with equity should be the guiding mode to realize debtreorganization through comParison of three main debt reorganiZaionmode. An objective analysis on the present problem existing in thereplacing debt with equity has been made as welI in this chaPter. ChaPterfour is emphasis of text. On the basis of above theoretical analysis andpositive analysis, the whte pllts fOrward that emphasis of state-ownedenterprises debt reorganization is to encourage intervening institutionsespecially state-owned invesrment companies to paticipate in it atpresent so as to build debt recombination mode under market economicsituation. Finally make some system analysis on how to perfect macroenvironment of debt reorganization and to regular micro operationalmeasures.