企業(yè)負(fù)債經(jīng)營(yíng)的利弊分析

[論文摘要]
負(fù)債經(jīng)營(yíng)是現(xiàn)代企業(yè)發(fā)展的重要方式,但同時(shí)企業(yè)負(fù)債經(jīng)營(yíng)又是一把"雙刃劍"。一方面,負(fù)債經(jīng)營(yíng)可以彌補(bǔ)資金短缺,有效降低企業(yè)平均資金成本, 并利用財(cái)務(wù)杠桿作用使企業(yè)實(shí)現(xiàn)較高的收益。另一方面,過(guò)渡負(fù)債會(huì)給企業(yè)帶來(lái)風(fēng)險(xiǎn),引起股東和債權(quán)人之間的沖突。因此,合理有效地負(fù)債是企業(yè)負(fù)債經(jīng)營(yíng)的核心問(wèn)題。因此，企業(yè)必須從自身環(huán)境的綜合分析出發(fā)進(jìn)行全局考慮，樹立正確的負(fù)債經(jīng)營(yíng)觀，把握好時(shí)機(jī)，確定和選擇企業(yè)的最佳負(fù)債規(guī)模和結(jié)構(gòu)，充分運(yùn)動(dòng)財(cái)務(wù)杠桿效應(yīng)，選擇適當(dāng)?shù)娜谫Y渠道，不斷促進(jìn)企業(yè)持續(xù)健康的發(fā)展。
   我國(guó)目前階段，籌資成為企業(yè)的一個(gè)重要的財(cái)務(wù)渠道。負(fù)債籌資是現(xiàn)代企業(yè)的主要籌資方式。有負(fù)債就有籌資風(fēng)險(xiǎn)，因此，因負(fù)債而引起的風(fēng)險(xiǎn)也是每個(gè)企業(yè)都不能回避的現(xiàn)實(shí)問(wèn)題。

[關(guān)鍵詞]
負(fù)債經(jīng)營(yíng)  財(cái)務(wù)杠桿  利弊  策略
[Abstracts]
Analysis of the pros and cons of debt management
Debt management is the modern enterprise development important way, but at the same time the liability operation of enterprises is "the double-edged sword". On one hand, indebted manage can make up for the shortage of fund, reduce the average cost of funds of enterprises, and the use of financial leverage to enable enterprises to achieve higher income. On the other hand, the transition of debt can be brought to the enterprise risk, cause the conflict between shareholders and creditors. Therefore, rational and effective liability is the core of enterprise operation in debt. Therefore, enterprises must be from their own environment for the comprehensive analysis of overall consideration, to establish a correct view of debt management, grasp the opportunity, identify and select the best enterprise debt scale and structure, fully exercise financial lever effect, choose proper financing channels, and constantly promote the sustained and healthy development of enterprises.    Our country present stage, the financing enterprises become an important financial channels. Debt financing is the main means of financing of modern enterprises. Liabilities are liabilities financing risk, therefore, due to the risks arising from the is every enterprise cannot evasive real problem.  

 
【key words】Debt management  Financial leverage  
Advantages and disadvantages    Strategy

 
目    錄

引言 ………………………………………………………………………1
一、負(fù)債經(jīng)營(yíng)    …………………………………………………………2
（一）負(fù)債的概念、特點(diǎn)及種類  ………………………………………2
（二）負(fù)債經(jīng)營(yíng)的概念及特征    ………………………………………3
二、我國(guó)企業(yè)負(fù)債經(jīng)營(yíng)現(xiàn)狀    …………………………………………4
三、企業(yè)負(fù)債經(jīng)營(yíng)的積極作用  …………………………………………4
（一）迅速籌集資金    …………………………………………………4
（二）增強(qiáng)經(jīng)營(yíng)者的責(zé)任感  ……………………………………………5
（三）獲得財(cái)務(wù)杠桿效應(yīng)  ………………………………………………5
（四）降低資金成本………………………………………………………6
（五）負(fù)債可以使企業(yè)獲得節(jié)稅收益……………………………………6
（六）負(fù)債經(jīng)營(yíng)可減少貨幣貶值的損失…………………………………6
四、企業(yè)負(fù)債經(jīng)營(yíng)的負(fù)面作用  …………………………………………6
（一） 借債不適度會(huì)使財(cái)務(wù)風(fēng)險(xiǎn)增加 …………………………………6
（二）資產(chǎn)負(fù)債率過(guò)高會(huì)使企業(yè)面臨資不抵債的風(fēng)險(xiǎn)  ………………7
（三）負(fù)債經(jīng)營(yíng)對(duì)企業(yè)投資和籌資影響巨大  …………………………7
（四）過(guò)度負(fù)債有可能會(huì)引起股東和債券人之間的利益沖突  ………8
（五）負(fù)債比率過(guò)高可導(dǎo)致股票市場(chǎng)價(jià)格下跌…………………………9
（六）增加了企業(yè)的經(jīng)營(yíng)成本，影響資金的周轉(zhuǎn)………………………9
五、負(fù)債經(jīng)營(yíng)策略  ………………………………………………………9
（一）確定企業(yè)合理的負(fù)債規(guī)模  ………………………………………9
（二）加強(qiáng)企業(yè)經(jīng)營(yíng)管理，提高資金利用率  ………………………11
（三）完善財(cái)務(wù)風(fēng)險(xiǎn)預(yù)警體系  ………………………………………12
  結(jié)束語(yǔ)  ………………………………………………………………14
  參考文獻(xiàn)  ……………………………………………………………15