Research On The Optimization Of Capital Structure Of The State-owned Enterprises

Reforming the capital structure has been studied by some people since a long time ago. I began my study and research on this field after the Asian financial crisis happened. Many enterprises no matter in Hong Kong, Taiwan or in the mainland have been influenced by this financial crisis in different content. One reason is the difference of their capital structure. The capital structure is quite important for the enterprise development; also, reforming the capital structure of the state owned enterprises to be more urgency.Combining my working experience and the relevant theory, I divide this thesis into four parts. In the first three parts, from the theory aspect, I analyze the capital structure to clarify the capital structure's definition and specifications from two aspects--梔etermining the mature and determining the amounts. I try to analyze the capital structure's main components, and the effect caused by the property structure and the property quality to the capital structure. What is more, I analyze the situation of the capital structure about our state owned enterprises and the reason.In the four part, I develop the inquiry into the next field, which is how to reform the capital structure. I discuss the reforming of the traditional state owned property right system. How to hand the unhealthy asset? While at abroad, the main method is swap of debt to equity in China's Asset ManagementCorporation; In my article, I discuss the problem in the progress of SDE. Low financing efficiency and deficient in the financing channels are the prominent character of China's economic operation. So we must reform the capital market, through developing the stock market to expand the financing channels of the state owned enterprise.In a word, I try to analyze the present situation and the specifications of the existing enterprises, especially the state owned enterprises, from the practice and microcosmic views, to find out the positive ways for reforming the state owned enterprises' capital structure.