企业负债经营的利弊分析.doc

企业负债经营的利弊分析

[论文摘要]
负债经营是现代企业发展的重要方式,但同时企业负债经营又是一把"双刃剑"。一方面,负债经营可以弥补资金短缺,有效降低企业平均资金成本, 并利用财务杠杆作用使企业实现较高的收益。另一方面,过渡负债会给企业带来风险,引起股东和债权人之间的冲突。因此,合理有效地负债是企业负债经营的核心问题。因此，企业必须从自身环境的综合分析出发进行全局考虑，树立正确的负债经营观，把握好时机，确定和选择企业的最佳负债规模和结构，充分运动财务杠杆效应，选择适当的融资渠道，不断促进企业持续健康的发展。
   我国目前阶段，筹资成为企业的一个重要的财务渠道。负债筹资是现代企业的主要筹资方式。有负债就有筹资风险，因此，因负债而引起的风险也是每个企业都不能回避的现实问题。

[关键词]
负债经营  财务杠杆  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    录

引言 ………………………………………………………………………1
一、负债经营    …………………………………………………………2
（一）负债的概念、特点及种类  ………………………………………2
（二）负债经营的概念及特征    ………………………………………3
二、我国企业负债经营现状    …………………………………………4
三、企业负债经营的积极作用  …………………………………………4
（一）迅速筹集资金    …………………………………………………4
（二）增强经营者的责任感  ……………………………………………5
（三）获得财务杠杆效应  ………………………………………………5
（四）降低资金成本………………………………………………………6
（五）负债可以使企业获得节税收益……………………………………6
（六）负债经营可减少货币贬值的损失…………………………………6
四、企业负债经营的负面作用  …………………………………………6
（一） 借债不适度会使财务风险增加 …………………………………6
（二）资产负债率过高会使企业面临资不抵债的风险  ………………7
（三）负债经营对企业投资和筹资影响巨大  …………………………7
（四）过度负债有可能会引起股东和债券人之间的利益冲突  ………8
（五）负债比率过高可导致股票市场价格下跌…………………………9
（六）增加了企业的经营成本，影响资金的周转………………………9
五、负债经营策略  ………………………………………………………9
（一）确定企业合理的负债规模  ………………………………………9
（二）加强企业经营管理，提高资金利用率  ………………………11
（三）完善财务风险预警体系  ………………………………………12
  结束语  ………………………………………………………………14
  参考文献  ……………………………………………………………15