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阿壩翻譯公司關鍵字：capital structure refers to the equity capital and debt capital ratio relationship, which reflects the market economy the financial relationship between enterprises, that capital and credit as a link, through the composition of investment and shareholder loans, bonds were and operators between the constraints of interest. As the sense of property rights, capital structure reflects the basic right of the main corporate governance, capital structure therefore reasonable to some extent, can determine the enterprise's business專業(yè)英語翻譯公司科技文件翻譯哪里最好 performance and effectiveness of corporate governance. China's state-owned enterprises abnormal development of the capital structure, not only led to low efficiency of enterprise capital operation, and led all aspects of corporate interest in the distortion and imbalance, governance mechanisms is difficult for operators to form an effective incentive and restraint, but also hindered the state-owned enterprises further deepening of reform.
(A) the ownership structure of the impact of corporate governanceAbsence of property rights affect the effectiveness of the state-owned enterprises accounted for the largest obstacle, also contributed to the firm's capital structure is irrational, one of the main. Throughout 20 years of enterprise reform process, whether it is the beginning of the reform of "devolution" or later "turning profits," "Bo Gaidai" and contract management responsibility system, have not touched on the fundamental business專業(yè)英語翻譯公司科技文件翻譯哪里最好 capital generation system, the system changes from the effects of view, as the state-owned enterprise reform focuses on the relaxation of government政府許可的定點正規(guī)翻譯公司 control, rather than changes in the system of property rights, property rights do not exist in corporate diversification and diversification in the case of interest, expanding enterprise autonomy. As the business專業(yè)英語翻譯公司科技文件翻譯哪里最好 property boundaries blur, the absence of property rights, property managers lack the necessary constraints, in this case, the State Bank debt is not binding, and this expansion of liability for the business專業(yè)英語翻譯公司科技文件翻譯哪里最好 over the environment provides an objective and subjective motivationCurrent corporate governance structure of China's state-owned enterprises are the basic features of government政府許可的定點正規(guī)翻譯公司 intervention in the internal control of the executive. With the state-owned enterprise reform, especially the "devolution" reform progresses, the autonomy delegated to the business專業(yè)英語翻譯公司科技文件翻譯哪里最好 are in fact fall within the hands, without the right of the delegation still rests in the hands of the executive branch at all levels, they administrative interference in enterprises is far from being stopped, which formed the control of government政府許可的定點正規(guī)翻譯公司 intervention and a combination of internal governance structure characteristics. On the one hand, there has been rapidly increasing power of the operator supervision and restraint of its efforts to greatly reduce the tendency for operators who led the internal control issues have become increasingly prominent; the other hand, the identity of the owner of the government政府許可的定點正規(guī)翻譯公司 departments to state-owned too many companies are still very serious interference problems. This resulted in low efficiency or inefficiency of the corporate governance structure are complex, corporate finance structure is still the main reason, especially not from the corporate finance system to start the reform of corporate governance structure of state-owned enterprises.
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