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成都翻譯公司關(guān)鍵字：operating conditions of the opacity and the Chinese cadre and personnel system to not be under the tradition. Therefore, there is bound to the internal control problem. This corporate governance structure, resulting in corporate governance structure of incentives, lack of restraint mechanisms, depressed economic專(zhuān)業(yè)翻譯公司服務(wù)最好的 activity in the capital in the vitality and efficiency.
(B) the weakening of debt management functionsFrom a financing point of view, relying solely on equity is difficult to effectively control the solution between the owners and operators of agency problems, because the creditor and the operators also exist between the agency problem, an effective solution to these agency problems, but also requires the help of role in debt management. Debt management functions mainly as a creditor of the debtor is facing pressures and constraints of the bankruptcy mechanism, if the business專(zhuān)業(yè)英語(yǔ)翻譯公司科技文件翻譯哪里最好 fails, unable to meet debt obligations, the creditor can claim the owner of the holder into debt, according to the law of the debtor or the contract to have control, such as liquidation or bankruptcy of the enterprise restructuring. In order to avoid the loss of control, the operator is only hard work, and strive to maintain good financial condition and operating status at least maintain the level of debt can be paid over. Therefore, the effective capital structure of debt can hard constraints and stock the right to vote together, the two control methods play a legitimate role.China's traditional state-owned enterprises and their reform process, the debt constraint function is weak. Although some companies are heavily in debt, still continue to issue bonds from the banks financing the debt of state-owned enterprises did not bring much pressure to the operator. In theory, the enterprise shall not be greater than spending the money stock and the company's income and, if the corporate limits of expenditure over income will go bankrupt, then this constraint is hard constraints, the contrary is a soft constraint. Obviously our current debt constraints are soft constraints. Creditors as a special state-owned banks, there is no clear their own property boundaries, and its assets belong to the state, not a legal person; while state-owned enterprises is not an independent property rights. Between banks and corporate credit and debt actually reflect the same internal lending relationship between the owner, in some cases, borrowing or under the government政府許可的定點(diǎn)正規(guī)翻譯公司's administrative intervention, not market behavior.
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