企業(yè)負(fù)債經(jīng)營(yíng)的利弊分析

[論文摘要]
我國(guó)現(xiàn)階段，企業(yè)普遍面臨資金短缺問(wèn)題，籌資就成為企業(yè)的一個(gè)非常重要的財(cái)務(wù)渠道。負(fù)債籌資是現(xiàn)代企業(yè)的主要籌資方式之一,也是企業(yè)普遍采用的籌資方式。企業(yè)負(fù)債經(jīng)營(yíng)可以提高企業(yè)的市場(chǎng)競(jìng)爭(zhēng)能力，擴(kuò)大生產(chǎn)規(guī)模，使企業(yè)得到財(cái)務(wù)杠桿效應(yīng)，獲得節(jié)稅效應(yīng)，減少貨幣貶值的損失，降低綜合資金成本。然而因負(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。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(shù)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。
   本文采用邏輯分析、實(shí)證等方法對(duì)企業(yè)的負(fù)債經(jīng)營(yíng)進(jìn)行系統(tǒng)研究。文章包括五部分：第一部分是企業(yè)負(fù)債經(jīng)營(yíng)的涵義與分類(lèi)；第二部分是我國(guó)企業(yè)負(fù)債經(jīng)營(yíng)的現(xiàn)狀；第三部分是；負(fù)債經(jīng)營(yíng)的優(yōu)勢(shì)；第四部分是負(fù)債經(jīng)營(yíng)的風(fēng)險(xiǎn)；第五部分是負(fù)債經(jīng)營(yíng)的科學(xué)方法。

[關(guān)鍵詞]企業(yè)  負(fù)債經(jīng)營(yíng)  現(xiàn)狀  利弊  措施
 

[Abstracts]
Analysis Of The Pros And Cons Of Debt Management Companies
The present stage, enterprises generally underfunded, funding would become a very important financial channels. Debt financing is the main means of financing a modern enterprise, is one commonly used method of financing business. Debt management companies can improve their market competitiveness and expand production scale, so that enterprises have the financial leverage, access to tax-saving effect, reducing the loss of currency depreciation and lower overall cost of capital. However, due to the risk of liability is caused by each enterprise can not avoid reality. Companies must be a comprehensive analysis of their own environment, starting to consider the overall situation, to establish a correct concept of debt management, grasp this opportunity to identify and select the best company debt size and structure of the full exercise of financial leverage effect, select the appropriate financing and promoting sustained and healthy development of enterprises.
In this paper, logical analysis, empirical methods such as debt management companies to conduct systematic research. Article consists of five parts: the first is the meaning of corporate debt management and classification; second part is the status of our debt management business; third part; the advantage of operating liabilities; fourth part is the debt management risks; fifth part is debt management scientific method.

【key words】
  Enterprise  Debt management  Status quo  Pros and cons  Measure

目  錄

引言……………………………………………………………………  1
一、企業(yè)負(fù)債經(jīng)營(yíng)的涵義與分類(lèi)……………………………………  1
（一）企業(yè)負(fù)債經(jīng)營(yíng)的涵義  ………………………………………  1
（二）負(fù)債經(jīng)營(yíng)的分類(lèi)…………………………………………………2
二、我國(guó)企業(yè)負(fù)債經(jīng)營(yíng)的現(xiàn)狀  ………………………………………3
三、負(fù)債經(jīng)營(yíng)的優(yōu)勢(shì)……………………………………………………4
（一）財(cái)務(wù)杠桿效應(yīng)……………………………………………………4
（二）起到節(jié)稅的效應(yīng)…………………………………………………4
（三）可從通脹中得到利益……………………………………………5
（四）可以降低企業(yè)自己的成本………………………………………6
（五）可以迅速籌集資金，彌補(bǔ)企業(yè)資金內(nèi)部不足…………………6
（六）財(cái)務(wù)控制權(quán)不易獲得……………………………………………6
四、負(fù)債經(jīng)營(yíng)的弊端……………………………………………………7
（一）企業(yè)負(fù)債經(jīng)營(yíng)增加了財(cái)務(wù)風(fēng)險(xiǎn)…………………………………7
（二）過(guò)度負(fù)債降低了企業(yè)的再籌資能力……………………………7
（三）負(fù)債比率過(guò)高，可導(dǎo)致股票市場(chǎng)價(jià)格下跌……………………7
（四）增加了企業(yè)的經(jīng)營(yíng)成本，影響資金的周轉(zhuǎn)……………………7
（五）引起股東和債權(quán)人之間的代理沖突……………………………8

五、企業(yè)負(fù)債經(jīng)營(yíng)弊端的原因分析……………………………………9
（一）企業(yè)經(jīng)營(yíng)活動(dòng)的成敗……………………………………………9
（二）負(fù)債結(jié)構(gòu)…………………………………………………………9
（三）負(fù)債的期限結(jié)構(gòu)…………………………………………………9
（四）利率變動(dòng)…………………………………………………………10
六、負(fù)債經(jīng)營(yíng)風(fēng)險(xiǎn)防范…………………………………………………10
（一）應(yīng)樹(shù)立風(fēng)險(xiǎn)意識(shí)…………………………………………………11
（二）應(yīng)建立有效的風(fēng)險(xiǎn)防范機(jī)制……………………………………11
（三）應(yīng)確定適度的負(fù)債數(shù)額…………………………………………11
（四）  應(yīng)根據(jù)企業(yè)實(shí)際情況，制定負(fù)債財(cái)務(wù)計(jì)劃…………………12
（五）認(rèn)真研究資金市場(chǎng)，做出合理的籌資安排……………………12
七、負(fù)債經(jīng)營(yíng)的科學(xué)方法………………………………………………13
（一）做好負(fù)債經(jīng)營(yíng)的可行性…………………………………………13
（二）  擬定負(fù)債經(jīng)營(yíng)臨界點(diǎn)…………………………………………13
（三）正確運(yùn)用負(fù)債經(jīng)營(yíng)的步驟………………………………………13
（四）  開(kāi)展負(fù)債經(jīng)營(yíng)管理……………………………………………13
結(jié)束語(yǔ) ………………………………………………………………… 14
七、參考文獻(xiàn)……………………………………………………………15