企业负债经营的利弊分析1.doc

企业负债经营的利弊分析

[论文摘要]
我国现阶段，企业普遍面临资金短缺问题，筹资就成为企业的一个非常重要的财务渠道。负债筹资是现代企业的主要筹资方式之一,也是企业普遍采用的筹资方式。企业负债经营可以提高企业的市场竞争能力，扩大生产规模，使企业得到财务杠杆效应，获得节税效应，减少货币贬值的损失，降低综合资金成本。然而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。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。
   本文采用逻辑分析、实证等方法对企业的负债经营进行系统研究。文章包括五部分：第一部分是企业负债经营的涵义与分类；第二部分是我国企业负债经营的现状；第三部分是；负债经营的优势；第四部分是负债经营的风险；第五部分是负债经营的科学方法。

[关键词]企业  负债经营  现状  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  录

引言……………………………………………………………………  1
一、企业负债经营的涵义与分类……………………………………  1
（一）企业负债经营的涵义  ………………………………………  1
（二）负债经营的分类…………………………………………………2
二、我国企业负债经营的现状  ………………………………………3
三、负债经营的优势……………………………………………………4
（一）财务杠杆效应……………………………………………………4
（二）起到节税的效应…………………………………………………4
（三）可从通胀中得到利益……………………………………………5
（四）可以降低企业自己的成本………………………………………6
（五）可以迅速筹集资金，弥补企业资金内部不足…………………6
（六）财务控制权不易获得……………………………………………6
四、负债经营的弊端……………………………………………………7
（一）企业负债经营增加了财务风险…………………………………7
（二）过度负债降低了企业的再筹资能力……………………………7
（三）负债比率过高，可导致股票市场价格下跌……………………7
（四）增加了企业的经营成本，影响资金的周转……………………7
（五）引起股东和债权人之间的代理冲突……………………………8

五、企业负债经营弊端的原因分析……………………………………9
（一）企业经营活动的成败……………………………………………9
（二）负债结构…………………………………………………………9
（三）负债的期限结构…………………………………………………9
（四）利率变动…………………………………………………………10
六、负债经营风险防范…………………………………………………10
（一）应树立风险意识…………………………………………………11
（二）应建立有效的风险防范机制……………………………………11
（三）应确定适度的负债数额…………………………………………11
（四）  应根据企业实际情况，制定负债财务计划…………………12
（五）认真研究资金市场，做出合理的筹资安排……………………12
七、负债经营的科学方法………………………………………………13
（一）做好负债经营的可行性…………………………………………13
（二）  拟定负债经营临界点…………………………………………13
（三）正确运用负债经营的步骤………………………………………13
（四）  开展负债经营管理……………………………………………13
结束语 ………………………………………………………………… 14
七、参考文献……………………………………………………………15