摘要:过度负债已成为制约国有企业发展和改革的重要瓶颈，因此，怎样解决国有企业过度负债的问题成为当务之急。债务重组是最终成功实现各类复杂的资产运作的基础和前提。研究国有企业债务重组的问题可以推动国有企业的健康发展，可以帮助企业转换经营机制，搞好资本运作，提高经济效益，加快国企改革和脱困。本文通过对三九集团债务重组案例的介绍，从国企债务重组的审查、金融体制配套改革、法人治理结构以及国有资本结构的调整等方面进行了分析，从而得出一些提高国有企业债务重组效率，减少国有资产损失的方法结论。

关键词：债务重组,国有企业,三九集团,负债

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

　　　国有企业债务重组是一个相当复杂的经济难题，需要政府创造良好的外部条件，建立有效的运作机制，重构法人治理结构，分散国有股权比例，提供优惠条件，寻找新的投资主体，才能使国有企业过度负债比例逐步缩小。债务重组可以优化企业资产结构和产权结构，使企业形成自我调整资产负债水平的机制，提高社会资源的配置效率，对债权人和债务人而言，是一种“双赢”的举措。然而债务重组不是企业的最终目的。企业在缓解了短期负担的情况下，致力于长远的经营计划，重整企业形象，规范运作，实现企业稳定的业绩增长才是根本。从国有企业高负债成因的分析来看，导致国有企业陷入无力偿债的困境主要是体制性因素，必须进行制度创新，从根本上堵住问题形成的源头。