我国的股份制改造取得了一定成效但也存在不少问题,有的问题甚至非常严重。如不走出以下三大误区,则难以保证此项改革健康发展,有可能前进不久就停下来搞一次大的调整。 误区之一:搞“股改”的企业仅仅将此作为筹资渠道,甚至不计风险争融资。自去年宏观调控以来,偏紧的货币及金融政策,使多数国有企业资金不足,新财会制度及新财税政策使很多企业由暗亏转为明亏。1994年一季度,湖南省预算内企业亏损面达56.4％,净亏2亿元,企业欠税5.2亿元。今年的金融改革又使许多国有商业银行慎于放贷,企业取贷已远非昔日那么容易。资金短缺迫使企业把目光转向“股改”,一些企业通过“股改”确实筹集到了资金,但多数企业并未实现经营机制 China’s joint-stock reform has achieved certain results, but there are also many problems, and some problems are even very serious. If you do not go beyond the following three major mistakes, it is difficult to guarantee the healthy development of this reform, and it is possible that you will stop and make a major adjustment soon. One of the misunderstandings: Enterprises that engage in “share reforms” only use this as a financing channel, and do not even count on risk-based financing. Since the macro-control over the past year, the tight monetary and financial policies have caused most state-owned enterprises to have insufficient funds. The new accounting system and new fiscal and taxation policies have caused many companies to turn losses from losses into losses. In the first quarter of 1994, the enterprises in the budget of Hunan Province suffered a loss of 56.4%, a net loss of 200 million yuan, and the enterprises owed tax revenue of 520 million yuan. This year’s financial reforms have also led many state-owned commercial banks to be cautious about lending, and corporate lending has been far easier than it used to be. The shortage of funds has forced companies to turn their attention to “share reforms,” and some companies have indeed raised funds through “share reforms,” but most companies have not implemented operating mechanisms.