企業(yè)負債經(jīng)營的利弊分析

[論文摘要]
負債經(jīng)營是現(xiàn)代企業(yè)發(fā)展的重要方式,但同時企業(yè)負債經(jīng)營又是一把"雙刃劍"。一方面,負債經(jīng)營可以彌補資金短缺,有效降低企業(yè)平均資金成本, 并利用財務杠桿作用使企業(yè)實現(xiàn)較高的收益。另一方面,過渡負債會給企業(yè)帶來風險,引起股東和債權人之間的沖突。因此,合理有效地負債是企業(yè)負債經(jīng)營的核心問題。因此，企業(yè)必須從自身環(huán)境的綜合分析出發(fā)進行全局考慮，樹立正確的負債經(jīng)營觀，把握好時機，確定和選擇企業(yè)的最佳負債規(guī)模和結(jié)構，充分運動財務杠桿效應，選擇適當?shù)娜谫Y渠道，不斷促進企業(yè)持續(xù)健康的發(fā)展。
   我國目前階段，籌資成為企業(yè)的一個重要的財務渠道。負債籌資是現(xiàn)代企業(yè)的主要籌資方式。有負債就有籌資風險，因此，因負債而引起的風險也是每個企業(yè)都不能回避的現(xiàn)實問題。

[關鍵詞]
負債經(jīng)營  財務杠桿  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、負債經(jīng)營    …………………………………………………………2
（一）負債的概念、特點及種類  ………………………………………2
（二）負債經(jīng)營的概念及特征    ………………………………………3
二、我國企業(yè)負債經(jīng)營現(xiàn)狀    …………………………………………4
三、企業(yè)負債經(jīng)營的積極作用  …………………………………………4
（一）迅速籌集資金    …………………………………………………4
（二）增強經(jīng)營者的責任感  ……………………………………………5
（三）獲得財務杠桿效應  ………………………………………………5
（四）降低資金成本………………………………………………………6
（五）負債可以使企業(yè)獲得節(jié)稅收益……………………………………6
（六）負債經(jīng)營可減少貨幣貶值的損失…………………………………6
四、企業(yè)負債經(jīng)營的負面作用  …………………………………………6
（一） 借債不適度會使財務風險增加 …………………………………6
（二）資產(chǎn)負債率過高會使企業(yè)面臨資不抵債的風險  ………………7
（三）負債經(jīng)營對企業(yè)投資和籌資影響巨大  …………………………7
（四）過度負債有可能會引起股東和債券人之間的利益沖突  ………8
（五）負債比率過高可導致股票市場價格下跌…………………………9
（六）增加了企業(yè)的經(jīng)營成本，影響資金的周轉(zhuǎn)………………………9
五、負債經(jīng)營策略  ………………………………………………………9
（一）確定企業(yè)合理的負債規(guī)模  ………………………………………9
（二）加強企業(yè)經(jīng)營管理，提高資金利用率  ………………………11
（三）完善財務風險預警體系  ………………………………………12
  結(jié)束語  ………………………………………………………………14
  參考文獻  ……………………………………………………………15