Using the theory of property rights , chapter one introduces the history and the developmental trend of institutional transition of soes " ; combining with the theory of new institution economics , chapter two analyses the fundamental financial theory problems of soes ( including financial body and financial object ) ; chapter three refers to the west capital structure theory , analyses the problems of capital structure lying in the intentional transition process of soes " property rights , and puts forward the solutions of optimizing capital structure ; based on the theory of management and the theory of incentives , chapter four analyses the incentive and restriction mechanism of executive officers of chinses soes , and puts forward some solutions by the way of international comparison ; chapter five introduces financial governance structure and remarks simply on some solutions which optimize financial governance structure now 第一章运用产权理论阐述了国有企业产权制度变迁的历史及其发展趋势；第二章结合产权理论和新制度经济学分析了国有企业的财务基石理论问题(包括财务主体、财务目标) ；第三章借鉴西方资本结构理论，分析了国有企业产权制度变迁中资本结构存在的问题，进而提出优化资本结构的对策；第四章以管理学理论和激励理论为基础，通过国际比较分析了我国国有企业经营者的激励与约束机制，提出了一些对策；第五章介绍了财务治理结构，并简单地评述了现阶段优化财务治理结构的若干举措。
While at abroad , the main method is swap of debt to equity in china ' s asset management corporation ; in my article , i discuss the problem in the progress of sde . low financing efficiency and deficient in the financing channels are the prominent character of china ' s economic operation . so we must reform the capital market , through developing the stock market to expand the financing channels of the state owned enterprise 第四部分是针对如何优化资本结构问题进行探讨，对国有企业传统的产权制度改革进行了研究：对于如何解决企业的不良资产，借鉴国外的经验，我们可以通过实施债转股来进行，文中主要讨论了债转股实施过程中遇到的问题；国有企业资本结构不合理的主要原因是企业融资效率低、融资渠道单一，因此，我们还要改革资本市场，通过大力发展证券市场，发挥各种融资机构的重要作用，来有效拓宽融资渠道。
Stock repurchase has its own abuses , such as conflicting with traditional company theories and bringing about negative effects easily . while stock repurchase also has the following important positive functions : capital structure optimization , minor shareholders rights protection , the price of undervalued stocks boost and modern incentive system promotion 股份回购有其弊端，如与传统公司法原理相冲突，实践中容易引发一些负面效应等；但股份回购同时也有其重要功能，如在优化资本结构、保护少数股东利益、股市低迷时的“救市”和推进现代激励机制方面都具有现实意义。
Two prerequisites are as followed : ( l ) set up diversified social investment and financing system to meet the diversified need of different state - owned enterprises ; ( 2 ) set of social security system to substitute the state - owned enterprises to assume the social functions 改变国有企业不合理治理结构是重建我国市场经济体系微观基础的唯一出路，但是这个过程并不是简单地将国有企业民营化。建立多层次的社会投融资体系、建立社会保障制度是国有企业产权改革及优化资本结构的两个前提条件。
However , the analysis of hunan telecommunication capital structure shows its rate of total funds earning is lower than its average debt ratio , and thus its financial leverage will work negatively . debt does harm to the company and the only solution for an optimized capital structure is to raise funds by stocking 而对湖南电信的资本结构研究得出，负债结构比例不合理，湖南电信总资产收益率低于负债平均利率，财务杠杆将发生负面作用，举债对公司不利，可通过股票融资优化资本结构。
