求把下列内容翻译成英文
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热心网友
China's state-owned enterprise's assets have been rising from 8.7% in 1980, rose to 1993, 1994 and the 65.6 in 1998 asset-liability ratio for 79%, 65.8 percent up by 65.5%over 61.5%, 54,. According to the state bureau of large and medium-sized state-owned enterprises for 493 home by the end of 1997, the survey, the average asset-liability ratio 65%; Even countries 1994 certain 100 pilot enterprise ratio of modern enterprise system for 65%. Asset-liability ratio is increasing year by year, the reason is various, including system factors when row first. Since the middle of 1980s China began to implement a "after the reform BoGaiDai", national finance almost no state-owned enterprises, some new increasing capital injection principal completely dependent on bank loan state-owned enterprises built, be without capital enterprise, cause liabilities excessively high proportion. According to the China statistical yearbook data shows, from 1999 to 2003 state-owned and state holding instrial enterprises 17948.9 instrial loans 17019.3, respectively, 18636.7, 20190.5, 22756.0 billion yuan in 1999, 2003 up 26.8% than. Enterprise on bank lending has the irrational demand, causing excessive excessively high debt ratio. National reform purpose is to pass argues for strengthening the enterprise debt relations, but somewhere along the line, the constraints of main creditor is e to the state-owned Banks, and the state-owned enterprises and state-owned Banks altogether is state of all, special relationship and make the Banks as the fact that the creditor of enterprise constraint partial soft, the enterprise cannot repay captital with interest, the bank also can't auction enterprise forced back, plus some claims for the consideration of local government performance, state-owned enterprises insolvency and bankruptcy actually difficult to implement. So, in the theory of modern capital structure by creditors to implement the constraints of the maximization of enterprise value method can not in our existing conditions play a role.
热心网友
一.Capital structure of state-owned enterprises and the characteristics of the problems
（一）.High leverage ratio of state-owned enterprises, creditors of a single asset-liability ratio of state-owned enterprises have been increasing, from 8.7% in 1980 to 67.5% in 1993, from 1994 to 1998 followed by asset-liability ratio was 79%, 65.8% , 61.5%, 54% and 65.5%.According to the National Bureau of Statistics of the 493 survey of state-owned large and medium enterprises, the end of 1997 the average rate of 65% of assets and liabilities; even though the state established in 1994, the 100 pilot enterprises of modern enterprise system debt rate of 65%. Asset-liability ratio increased year by year, for many reasons, including institutional factors, when the row first.Since the mid-80s of the 20th century, the introction of "Bo Gaidai" After the reform, the state's financial injection is almost not increasing the capital of state-owned enterprises, some of the new state-owned enterprises built entirely by bank loans, as non-capital enterprises, resulting in extremely high debt ratio. According to "China Statistical Yearbook" data, from 1999 to 2003 the state-owned and state holding instrial enterprises were 17948.9,17019.3,18636.7,20190.5,22756.0 billion instrial loans in 2003 than in 1999, an increase of 26.8%.Business-to-bank lending has over irrationality demand, resulting in extremely high debt ratio. Countries was designed to reform the debt through the bank-enterprise relationships to strengthen the constraints on business, but it did not, since the main creditor is the state-owned banks, while state-owned enterprises and state-owned banks were owned by the state, the special relationship between banks and enterprises, so that the creditor banks soft constraints on enterprises, companies can not debt service, banks can not force the companies to recover debt auction,, Plus some local governments for performance considerations, insolvency and bankruptcy of state-owned enterprises actually difficult to achieve. Thus, modern capital structure theory to the constraints to achieve corporate creditors to maximize the value is not possible in our country play a role under current conditions.
