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在国有经济内部引入其他所有制成分,目的是解决国有企业的内部机制问题。但即使是有了好的机制,对大部分负债率高达70%以上的国有企业来说,仍不可能与其他所有制企业在市场上公平竞争,所以改革还要考虑到如何降低企业的资产负债率。从目前看,正如前面指出的那样,靠国家财政和银行拿出钱来是不可能的,另一方面,虽然我国经济货币化的程度已经赶上了西方市场化国家的水平,而我国产权市场化的程度极低,股票市场价值仅相当于国内生产总值的10%左右,大大低于同等发达程度国家如泰国、马来西亚、印度尼西亚、菲律宾等。而以上市的方式对国有企业进行股份制改造,不仅可以在企业产权所有者中引入其他所有制成分,还可以通过直接资本市场的发育为企业引入资金,达到增资减债
The introduction of other elements of ownership within the state-owned economy aims to solve the internal mechanism of state-owned enterprises. However, even with good mechanisms, it is impossible for most state-owned enterprises that have a debt-to-equity ratio of over 70% to compete fairly with other ownership-based enterprises in the market. Therefore, the reform should also consider how to reduce the asset-liability ratio . At present, as pointed out earlier, it is impossible for the state finance and banks to withdraw their money. On the other hand, although the degree of China’s economic monetization has caught up with the level of Western market-oriented countries, China’s property market The level of stock market is only about 10% of GDP, which is much lower than those in developed countries such as Thailand, Malaysia, Indonesia and the Philippines. To reform the shareholding system of state-owned enterprises in the way of listing can not only introduce other ownership elements into the owners of enterprise property rights, but also introduce capital into the enterprise through the development of the direct capital market and achieve capital increase and debt reduction