英语翻译一、 我国国有企业资本结构存在的问题及特征（一）国有企业负债率过高,债权人单一我国国有企业的资产负债率一直呈上升

China's state-owned enterprise's assets have been rising from 8.7% in 1980, rose to 1993, 1994 and the 65.6 in 1998 asset-liability ratio for 79%, 65.8 percent up by 65.5%over 61.5%, 54,. According to the state bureau of large and medium-sized state-owned enterprises for 493 home by the end of 1997, the survey, the average asset-liability ratio 65%; Even countries 1994 certain 100 pilot enterprise ratio of modern enterprise system for 65%. Asset-liability ratio is increasing year by year, the reason is various, including system factors when row first. Since the middle of 1980s China began to implement a "after the reform BoGaiDai", national finance almost no state-owned enterprises, some new increasing capital injection principal completely dependent on bank loan state-owned enterprises built, be without capital enterprise, cause liabilities excessively high proportion. According to the China statistical yearbook data shows, from 1999 to 2003 state-owned and state holding industrial enterprises 17948.9 industrial loans 17019.3, respectively, 18636.7, 20190.5, 22756.0 billion yuan in 1999, 2003 up 26.8% than. Enterprise on bank lending has the irrational demand, causing excessive excessively high debt ratio. National reform purpose is to pass argues for strengthening the enterprise debt relations, but somewhere along the line, the constraints of main creditor is due to the state-owned Banks, and the state-owned enterprises and state-owned Banks altogether is state of all, special relationship and make the Banks as the fact that the creditor of enterprise constraint partial soft, the enterprise cannot repay captital with interest, the bank also can't auction enterprise forced back, plus some claims for the consideration of local government performance, state-owned enterprises insolvency and bankruptcy actually difficult to implement. So, in the theory of modern capital structure by creditors to implement the constraints of the maximization of enterprise value method can not in our existing conditions play a role.