企業(yè)負債經(jīng)營的利弊分析

[論文摘要]
我國現(xiàn)階段，企業(yè)普遍面臨資金短缺問題，籌資就成為企業(yè)的一個非常重要的財務渠道。負債籌資是現(xiàn)代企業(yè)的主要籌資方式之一,也是企業(yè)普遍采用的籌資方式。企業(yè)負債經(jīng)營可以提高企業(yè)的市場競爭能力，擴大生產(chǎn)規(guī)模，使企業(yè)得到財務杠桿效應，獲得節(jié)稅效應，減少貨幣貶值的損失，降低綜合資金成本。然而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。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。
   本文采用邏輯分析、實證等方法對企業(yè)的負債經(jīng)營進行系統(tǒng)研究。文章包括五部分：第一部分是企業(yè)負債經(jīng)營的涵義與分類；第二部分是我國企業(yè)負債經(jīng)營的現(xiàn)狀；第三部分是；負債經(jīng)營的優(yōu)勢；第四部分是負債經(jīng)營的風險；第五部分是負債經(jīng)營的科學方法。

[關鍵詞]企業(yè)  負債經(jīng)營  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)負債經(jīng)營的涵義與分類……………………………………  1
（一）企業(yè)負債經(jīng)營的涵義  ………………………………………  1
（二）負債經(jīng)營的分類…………………………………………………2
二、我國企業(yè)負債經(jīng)營的現(xiàn)狀  ………………………………………3
三、負債經(jīng)營的優(yōu)勢……………………………………………………4
（一）財務杠桿效應……………………………………………………4
（二）起到節(jié)稅的效應…………………………………………………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，彌補企業(yè)資金內(nèi)部不足…………………6
（六）財務控制權不易獲得……………………………………………6
四、負債經(jīng)營的弊端……………………………………………………7
（一）企業(yè)負債經(jīng)營增加了財務風險…………………………………7
（二）過度負債降低了企業(yè)的再籌資能力……………………………7
（三）負債比率過高，可導致股票市場價格下跌……………………7
（四）增加了企業(yè)的經(jīng)營成本，影響資金的周轉(zhuǎn)……………………7
（五）引起股東和債權人之間的代理沖突……………………………8

五、企業(yè)負債經(jīng)營弊端的原因分析……………………………………9
（一）企業(yè)經(jīng)營活動的成敗……………………………………………9
（二）負債結(jié)構…………………………………………………………9
（三）負債的期限結(jié)構…………………………………………………9
（四）利率變動…………………………………………………………10
六、負債經(jīng)營風險防范…………………………………………………10
（一）應樹立風險意識…………………………………………………11
（二）應建立有效的風險防范機制……………………………………11
（三）應確定適度的負債數(shù)額…………………………………………11
（四）  應根據(jù)企業(yè)實際情況，制定負債財務計劃…………………12
（五）認真研究資金市場，做出合理的籌資安排……………………12
七、負債經(jīng)營的科學方法………………………………………………13
（一）做好負債經(jīng)營的可行性…………………………………………13
（二）  擬定負債經(jīng)營臨界點…………………………………………13
（三）正確運用負債經(jīng)營的步驟………………………………………13
（四）  開展負債經(jīng)營管理……………………………………………13
結(jié)束語 ………………………………………………………………… 14
七、參考文獻……………………………………………………………15