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高负债是当前制约企业改革和发展的重大障碍。如何缓解企业高负债的问题,已成为当前深化改革和建立现代企业制度的关键问题。一、当前国有企业的高负债困境按国际通行的标准.企业的资产负债率一般都以50%为限度,超过这个限度,则被认为经营风险增大。我国国有企业的实际资产负债率已大大超过正常水平,国有企业的流动比率、速动比率都低于国际通行的标准,不少企业偿债能力,赢利能力都很差,部分企业已丧失了偿债能力,实际已成为破产企业。这些企业由于包袱重,生产不能正常进行,相当多的企业负债过重,利不抵息,不得不借新债还旧债,陷入高债务→高筹资成本→低利润→
High debt is a major obstacle to the current corporate reform and development. How to ease the high debt problem of enterprises has become a key issue in the current deepening of reforms and the establishment of a modern enterprise system. I. The current high debt distress of state-owned enterprises is based on internationally accepted standards. The company’s asset-liability ratio is generally limited to 50%. If this limit is exceeded, it is considered that the business risks increase. The actual asset-liability ratio of state-owned enterprises in China has greatly exceeded the normal level. The current ratio and quick ratio of state-owned enterprises are all lower than the internationally accepted standards. Many companies have poor solvency and profitability, and some companies have lost compensation. Debt capacity has actually become a bankrupt enterprise. Because of the heavy burden on these enterprises, production cannot be carried out normally. A considerable number of companies are over-indebted and lose interest. They have to use new debt to pay back old debts and become trapped in high debts → high financing costs → low profits →