摘要:過度負債已成為制約國有企業發展和改革的重要瓶頸，因此，怎樣解決國有企業過度負債的問題成為當務之急。債務重組是最終成功實現各類復雜的資產運作的基礎和前提。研究國有企業債務重組的問題可以推動國有企業的健康發展，可以幫助企業轉換經營機制，搞好資本運作，提高經濟效益，加快國企改革和脫困。本文通過對三九集團債務重組案例的介紹，從國企債務重組的審查、金融體制配套改革、法人治理結構以及國有資本結構的調整等方面進行了分析，從而得出一些提高國有企業債務重組效率，減少國有資產損失的方法結論。

關鍵詞：債務重組,國有企業,三九集團,負債

Abstract:Excessive debt has become the main state-owned enterprise development and reform important bottleneck; therefore, how to solve the problem of state-owned enterprise excessive debt has become a top priority. Debt restructuring is the final successes of all kinds of complex assets operation realize the basis and premise. The state-owned enterprise debt restructuring problem can push the healthy development of the state-owned enterprise, can help the enterprises to change its operating mechanism, do well the capital operation, to improve the economic benefit and speed up the reform of state-owned enterprises and the hook. This article through to san-jiu group of debt restructuring case is introduced, from state-owned enterprises debt restructuring of examination, the necessary reform of the financial system, and corporate governance structure and state-owned capital and the adjustment of the structure are analyzed, and concluded that some improving debt restructuring of state-owned enterprise efficiency; reduce the loss of state-owned assets method conclusion. 

Key words: debt restructuring , state-owned enterprise, san-jiu group, liabilities

　　　國有企業債務重組是一個相當復雜的經濟難題，需要政府創造良好的外部條件，建立有效的運作機制，重構法人治理結構，分散國有股權比例，提供優惠條件，尋找新的投資主體，才能使國有企業過度負債比例逐步縮小。債務重組可以優化企業資產結構和產權結構，使企業形成自我調整資產負債水平的機制，提高社會資源的配置效率，對債權人和債務人而言，是一種“雙贏”的舉措。然而債務重組不是企業的最終目的。企業在緩解了短期負擔的情況下，致力于長遠的經營計劃，重整企業形象，規范運作，實現企業穩定的業績增長才是根本。從國有企業高負債成因的分析來看，導致國有企業陷入無力償債的困境主要是體制性因素，必須進行制度創新，從根本上堵住問題形成的源頭。