我国国有企业资本结构的调整与优化

资本结构的调整与优化，主要是通过负债水平的变动引致资本筹资成本变动，使企业的资本结构最佳。我国国有企业在融资时，应充分考虑负债融资、股权融资的利弊以及资本成本对企业经营的影响，避免过分依赖外部融资，忽视内部资源积累；避免对股权融资的过度偏好，忽视权益资本与债务资本的比例。在确定企业的最佳负债比率时，还应充分考虑企业收益能力和负债比率的关系、经营风险与财务风险的关系、资本结构与资产结构的关系，合理确定融资方式和融资规模，对资本结构进行合理决策和优化调整，以降低财务风险和资本成本，使企业总价值最大。

The Regulation and Optimization of Capital Structure of State-owned Enterprisesin China

The regulation and optimization of capital structure is to make the capital structure of enterprises best mainly by changing the capital financing cost via the change of liability level. When doing financing, state-owned enterprises should fully consider advantages and disadvantages of liability financing, equity financing and the capital cost and their effects on the management of enterprises. They should avoid excessive dependence on the outside financing without paying attention to internal resource accumulation. They should avoid excessive preference to equity financing without paying attention to debt-to-equity capital ratio. When deciding the best debt ratio, the relationship between earning ability and debt ratio, the relationship between management risk and financial risk, and the relationship between capital structure and assets structure should be fully considered so as to make a rational decision of the methods and scales of financing, to make a rational decision and optimized regulation of capital structure, to reduce financial risks and capital cost, and to maximum the global value of enterprises.