| In recent years, it's extensive thing that the debt/equity ratio of state-owned enterprises is too high and their financing structure is not equitable. It has gradually become the main obstacle which hampered state-owned enterprises against deficit and becoming stronger. How to change the conditions is concerned in contemporary economics field. This article discusses how to optimize financing structure of state-owned enterprises by applying capital operations, its validity and limitation, and validity of different patterns of capital operations by analysing and abstracting the process that W corporation the typical state-owned enterprises optimized its financing structure, became profitable from deficit by applying capital operations in recent years, this article tries to put forward a way to optimize state-owned enterprises' financing structure and become profitable from deficit.This article's clue is the sequence at which W corporation optimized its financing structure by applying capital operations. This article thoroughly analyses achievement and mistake in the course of W corporation applying capital operations, and doesn't restrict to discussing the specific confition of W corporation, this article discusses kinds of patterns of capital operations in theories. Meanwhile, this article thoroughly discusses some important practical problems in the course of applying capital operations, expects to provide general guiding meanings and functional values.The end, with analysing the process of W corporation's capital operations, this article includes the way how state-owned enterprise to optimizing its financing structure by applying capital operations and relevant thoughts, As follows:Foreword part, this article introduces financing structure condition of state-owned enterprise, analyses macroscopic reasons and enterprises internal microcosmic reasons which caused state-owned enterprises' financing structure not equitable. Macroscopic aspects, First, with the change of finance function of the state, capital fund being poured into state-owned enterprises is not enough, state-owned enterprises' debt rose; Second, finance system reform was delayed, various financing channels were not formed, loaning from banks almost became the only way in which inhabitants' deposit was changed into invesment of enterprises.So enterprises were high in debts to banks. Third, society guarantee system reform was delayed, enterprises heavily shouldered society duties,this made unproductive loans increase, these loans were not able to create profits, so the debts were heavy. Microcosmic aspects, the essential reason is that the internal defect of state-owned enterprises' administration structure brought about high debts. Then this article discusses the possibility to optimizing financing structure and the effect of optimizing state-owned enterprises' capital structure by applying capital operations in theories.Chapter 1, introduces conditions of W corporation's inequitable capital structure and its difficulty in operation, analyses historical and contemporary reasons which caused this result. Next, this article introduces how three joint ventures have been operating, and illustrates by analysing the effects that carrying out joint ventures not only peeled out huge burdens from formerly corporation, helped W corporation decrease its debt/equity ratio and operation risk, but also with reuniting its assets and drawing new operation and administration system, W corporation was favourable to get bad assets vigor, transformed them into new profit of W corporation. Meanwhile, this article points out that carrying out joint ventures only got rid of some obstacle, it didn't solve defeats of corporation internal administration structure, the operation system was not changed, financing structure also wasn't improved in essence. Carrying out "three big campaign"is that W corporation first tried to optimize financing structure by applying capital operations. This article discusses some practical problems in the course of s... |
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