However domestic unmature security marbet restrict amc ' s free shares transfer . my opinion is to improve and regulate by law in the course of d - to e . firstly , it is necessary to grasp d to e principle accuratly and construct strict qualification system , secondly , it is important to guarantee amc to enterprise system can keep amc ' s as shareholder control of d to e enterprise , and improve continuously amc ' s management level and efficiency . it is necessary to make special regulation about the duration periods and vavle of amc ' s egutity in legislation to sustain amc benefit , moreover , 13 to e also coordinate with state - owned ' s out - strategy and adjust ownership through social and . private cash input , these also help solve the problem of uvclear state - owned ownership entity ; at the same time , it is necessary to improve security market to widen the ways of share transfer , to be outward transfer as main transfer way , to cultivate institutional investor and reform equity system ; at last it is important to difine correctly bovernment ' s role and play its role . government should be in the nationwide view to organize , coordinate balance support regulate to guarantee d to e ' s performance 笔者认为，债转股实施过程中，应依照法律规范予以完善和制约，首先应准确把握其操作原则，特别注意严格把好债转股的准入关;其次，切实发挥金融资产管理公司的职能作用，促使企业转换经营机制建立现代企业制度，要确保金融资产管理公司作为股东对债转股企业的最终控制权，不断提高金融资产管理公司的运作水平和效率，并且在立法上对债转股中的股权的存续和价值的保护进行特别规定，以维护金融资产管理公司的合法权益;再者，债转股还要与国有经济的战略性退出相结合，进行必要的产权结构调整，通过引入社会资金、民营资本等其他成分彻底解决国企产权主体虚位和产权不明晰的现象;同时，要完善资本市场，积极拓宽股权的退出通道，把对外转让作为股权的主要退士方式，培育机构投资者，改革股权制度;最
To perfect the capital structure of the listed companies , we put forward some countermeasures from the perspective of policy design : ( 1 ) performing state - owned share reduction plan ; ( 2 ) strengthen the construction of bond market ; ( 3 ) improving the corporate governance mechanism to avoid insider control ; ( 4 ) reforming the system of appraising corporate performance and perfecting the supervising mechanism of capital market 为此，本文提出了治理股权融资偏好的政策建议，包括：减持国有股，调整上市公司股权结构；加强债券市场建设，拓宽债权融资渠道；改善公司的治理结构，防止内部人控制；改革考核体系，完善资本市场监督机制。
From the second to the fifth chapter such problems concerning state - owned property right are illustrated respectively as its definition , valuation and price fixing and capital sources of undertaking party and the disposal and use of transfer income . problems are raised with regard to the process of current property right system diversity in state - owned enterprises , such as the disagreement to the definition of state - owned property right , no standard of evaluation , imperfection of price fixing system and relative confusion of transfer income disposal and use . what ' s more , new solutions are offered : the probe into state - owned property right definition " changsha model " is confirmed positively ; two specific ways of quantification - - " the method of average growth rate of state - owned property right " and " the method of average cost of labor in market " ; the concept " present value of earnings " is applied to the property evaluation of receivable accounts , finished goods , invisible assets and so on ; the unjust in price fixing of state - owned property right can be avoided by improving property valuation methods , perfecting capital market especially property right trading market and bettering information publishing system ; as to the guarantee problem of human resources financial contribution , an original key is offered 第一章运用产权理论对国企产权多元化改革进行经济学分析；第二章至第五章主要围绕国有产权的界定问题、评估问题、定价问题、承接方的资金来源问题、转让收入的处置运用问题分别进行阐述，指出了当前国企产权多元化过程中存在着国有产权界定不统一、评估不规范、定价机制不完善、处置运用相对混乱等诸多问题，并提出新的解决思路：肯定国有产权界定“长沙模式”的积极探索意义，提出量化职工创造剩余价值的“国有资产平均增长率法”和“平均市场劳动成本法” ；将“收益现值”概念运用到对应收账款、产成品、无形资产等资产评估之中；应从完善资产评估方法、完善资本市场特别是产权交易市场和健全信息公开机制三个方面来解决国有产权定价不公问题；就人力资本出资的担保问题提出实际债务承担额(比例)应小于名义出资额(比例)的新思路，并认为人力资本市场上的交易价格应包括绝对出资额和相对出资额两部分。
To these problems , i offer seven suggestions to improve the vc system . on this basis , i described the target of chinese vc system : to improve the concerning laws and regulations in order to guarantee a good environment ; the coexistence of government supervision and self - control of the industry ; the small and meddle size technological enterprises are the micro - basis and droved by a regulated markets ; under the support of the financial and intermediary institutions , the developing funds , industry investment funds , pension funds and large enterprises groups will become the principal of investment 第三章，在前面几部分论述的基础上提出加强风险投资体系建设的7条对策建议: 1 .培育风险投资主体，拓宽风险资本来源渠道; 2 .完善资本市场，拓宽风险投资退出渠道; 3 .发展企业孵化器网络，完善中介服务机构体系; 4 .制定风险投资行业政策，健全风险投资法规体系; 5 .尽快建立监管体制，规范风险投资业发展; 6 .完善科研管理体制，构筑科技创新的微观基础; 7 .建立教育试点专业，培养风险投资人才。
