摘 要:當今，債務是一個普遍的經濟現象。債務不僅直接影響著企業的生存和發展，而且還影響著銀行資金的周轉，在某種程度上使銀行信貸資金沉淀和流失。因此，如何處理企業的債務，已成為企業經營中的一個重大問題。其中，國有企業由于產權不清和債務不清，以及高度依賴政府和銀行貸款等原因，其資產負債率一直高居不下。本文以國家統計年鑒的數據為基礎，通過計算國有企業2008年到2011年的資產負債率，論證了國有企業確實存在過度負債；再通過比較2011年國有企業與國內其他類型企業的負債及流動負債絕對數，以及相關財務指標，發現國有企業相對于其他類型企業確實存在效率低下、資本結構不合理、資源浪費等缺點。在研究中，本文進一步發現，國有企業只有改變其國有屬性，以及資本結構，國家在監管國有企業時做到政企分離，對國有企業實行硬預算約束，才能從根源上解決國有企業過度負債的問題。

關鍵詞：負債；國有企業；資本結構；硬預算約束

ABSTRACT:Today, debt is a common economic phenomenon. Debt is not only directly affects the survival and development of the enterprise, but also affect the Banks' capital turnover, to some extent, the bank credit funds sedimentation and erosion. Therefore, how to deal with the debts of the enterprises has become a major problem in the enterprise management. Among them, the state-owned enterprises ,because of the unclear property rights, and is highly dependent on the government and bank loans , lead to stubbornly high asset-liability ratio. In this paper, based on national statistical yearbook data, by calculating the state-owned enterprises'asset-liability ratio from 2008 to 2011,demonstrated the existence of excessive debt of state-owned enterprises;by comparing the 2011 state-owned enterprises and other types of domestic enterprise's liabilities and the current liabilities, as well as related financial indicators, found the state-owned enterprises existing the disadvantage of low efficiency,unreasonable capital structure, resources wasting.In this study, we found that the state-owned enterprise only change its state-owned property, and capital structure.And government do hard budget constraint on state-owned enterprises, can solve the problem of excessive debt of state-owned enterprises thoroughly.

Key words: Debt; State-owned enterprises; Capital structure; Hard budget constraint