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目前,我国有许多国有企业的资本结构不尽合理,债务负担沉重,资产负债率偏高,形成了高负债资本结构。不合理的资本结构已使许多国有企业举步维艰,难以生存。如何优化企业的资本结构已成为迫切需要解决的问题。一、国有企业高负债资本结构的成因及其危害造成国有企业高负债资本结构的因素,主要表现在以下四个方面:1、负债的节税效应根据现行的所得税税制,债务筹资的利息支出可以在税前利润列支,股票筹资的股利支出则必须在税后利润列支,因此,债务筹资具有一定的节税效应。特别是企业所得税税率越高时,债务筹资的节税效
At present, the capital structure of many state-owned enterprises in China is not reasonable, the debt burden is heavy, and the asset-liability ratio is high, resulting in a highly deficient capital structure. The unreasonable capital structure has made many state-owned enterprises struggle to survive. How to optimize the capital structure of enterprises has become an urgent problem to be solved. 1. The causes of the high debt capital structure of state-owned enterprises and their hazards The factors that cause the high-debt capital structure of state-owned enterprises are mainly reflected in the following four aspects: 1. Tax-saving effect of liabilities According to the current income tax system, interest expenses for debt financing may be In the case of pre-tax profits, dividends for stock financing must be paid out of after-tax profits. Therefore, debt financing has a certain tax-saving effect. In particular, the higher the corporate income tax rate, the tax-saving effect of debt financing