外文翻譯---淺析企業(yè)負債經營的利與弊

1、<p><b>　　附錄</b></p><p>　　An Analysis of Advantages and Disadvantages of Enterprise Liability Operation</p><p>　　With the development of market economy, enterprises in the fierce

2、 market competition for survival, or invincible, must continue to strengthen its own economic strength, many entrepreneurs, the capital of enterprises likened yes to maintain the normal activities of life companiesblood,

3、 obviously money is important to the survival and development of enterprises, and strengthen its economic strength, sufficient funds must be guaranteed.At present, China's most enterprises, especially state-owned en&

4、lt;/p><p>　　Profit remaining after the cost of borrowing, which is the rapid accumulation of capital, a shortcut to speed up the development of enterprises, for pre-emptive strike, to seize the market for large

5、 gains.Enterprise Capital Management inseparable combination of capital, not a well-run company has no debt, the debt is the growing need for the development of an important condition.Correct understanding of debt manage

6、ment, debt management is of great significance to the enterprise.Contradiction exi</p><p>　　1, positive impact on firm debt</p><p>　　1. Debt management can make up for long-term development in t

7、he operation and the shortage of funds business in the course of business must need the money, and rely on internal accumulation of own funds, not only in the time allowed, but the numbers are difficult tomeet their deve

8、lopment needs, so companies without sufficient funds, debt funds operate more power can be used to expand business scale and economic strength, and improving operating efficiency and competitiveness.A business not only &

9、lt;/p><p>　　2. Debt management can reduce the weighted average cost of capital corporate debt financing costs lower than the cost of equity financing, debt interest payments as a pre-tax payments, debt manageme

10、nt from the "tax effect" to benefit businesses can pay less income tax.That is, when the total amount is fixed, a certain proportion of debt financing can reduce the weighted average cost of capital enterprises

11、.</p><p>　　3. Liabilities of business enterprises will "leverage effect"Liabilities operator interest paid to creditors is a the level of corporate earnings has nothing to do with the fixed expense

12、s, the company's total return on assets subject to change, then business owners will bring substantial fluctuations in earnings, this effect isfinancial management has been called "financial leverage effect.&quo

13、t;Debt leverage on earnings per share by calculating the degree of financial leverage to the table.Said that</p><p>　　4. Debt management help companies to maintain control over theIn business decisions facin

14、g the new funding, if the way of the issuance of stocks to raise equity capital, equity, will bring scattered impact to existing shareholders for corporate control.The increase in corporate debt financing sources of fund

15、ing without compromising control over the enterprise, is conducive to maintaining the existing shareholders for control of the business.Second, debt management adverse impact on the existence</p><p>　　1. &qu

16、ot;Leverage effect" of the negative effectsAs companies face economic downturn or other reasons caused operating difficulties, due to the burden of a fixed amount of interest in the capital margins, investors will r

17、eturn to faster decline.Liabilities to enterprises to increase the pressure on corporate debt created the risk of insolvency, the results may lead to tension in enterprise funds, forced cheap sale or mortgage of assets.&

18、lt;/p><p>　　2. Excessive debt may lead to shareholder and creditor agency conflicts between the interests of creditors will not be harmed in an enterprise's Fengxian premise degree must be in projections wi

19、thin the allowable range. In real economic activity, shareholders tend to invest in high-risk projects, because if the project successful, the creditor can only receive a fixed interest and principal, the remaining high

20、income Interests are owned by shareholders, so they realized the wealth transfer to sh</p><p>　　3,moderate debt management companies can better bring the economic benefits and create more Corporate debt mana

21、gement is conducive to business development leverage, but there are also risks.Strengthen debt management, debt has become a reasonable and effective to the core issue of corporate liability business.Appropriate debt man

22、agement, make enterprises pay more attention to rational use of funds.If the company can appropriately balance business and financial risks of its effective control, wil</p><p>　　A prerequisite for debt mana

23、gement industry.If you calculate the interest rate on EBIT margin of funds, you can not borrow, the method can only capital increase funding and efforts to reduce existing debt, to avoid the financial leverage of the rea

24、ction, otherwise the company into financial distress.Appropriate debt management company is debt management must follow the objective economic law.Draw on the experience of industrialized countries and the situation of C

25、hina, for general business, gene</p><p>　　Appropriate, breaking the 50% of the cash-flow problems will occur, the creditor will consider no more loans, not to blindly expand the scale of investment. At prese

26、nt, the lack of experience in debt management and the corresponding constraints and regulations, many companies blindly high debt, resulting in deep debt trap, was divergent to the Da from the "economic disputes&quo

27、t; has been plagued, directly threatening to the enterprise survival and development. Therefore, to defuse the risks, and est</p><p>　　淺析企業(yè)負債經營的利與弊</p><p>　　隨著市場經濟的發(fā)展，企業(yè)要在激烈的市場競爭中尋求生存，或立于不敗之地，必須

28、不斷增強其自身經濟實力，許多企業(yè)家將企業(yè)的資金比喻成是維持企業(yè)正常生命活動的血液，顯然資金對企業(yè)生存發(fā)展是相當重要的，增強自身經濟實力得有足夠的資金作保證。當前，我國的絕大部分企業(yè)，尤其是國有大中型企業(yè)普遍面臨資金短缺的局面，因而，如何獲取資金對企業(yè)界也是一個至關重要的決策。通常情況下，企業(yè)的籌資渠道主要有兩個：一是所有者投入資金；二是負債籌集資金。此文主要談一下企業(yè)負債籌資經營。負債經營是企業(yè)以特定的償付責任為保證通過合法途徑，有償利

29、用他人資金來進行補足自身資金的缺陷，以獲取支付借款成本后的剩余利潤，這是實現(xiàn)資本快速積累，加快企業(yè)發(fā)展的一條捷徑，爭取先發(fā)制人，搶占市場以獲取較大收益。企業(yè)的資本經營離不開資本的組合方式，一個經營良好的企業(yè)決不是完全沒有債務的企業(yè)，必要的債務是企業(yè)不斷發(fā)展的重要條件。正確認識負債經營，對企業(yè)負債管理意義重大。一切事務都存在矛盾之中，負債經營也不例外，即企業(yè)利用負債經營，也有其利弊。那么有哪些利弊，怎樣可以興利除弊，創(chuàng)造更多的經濟效益,使

30、企業(yè)在競爭中處于領先地位呢？</p><p>　　一、負債經營對企業(yè)有利影響</p><p>　　1.負債經營可以彌補企業(yè)在運營和長期發(fā)展中資金的不足企業(yè)在生產經營過程中必然需要資金，而單靠企業(yè)內部積累的自有資金，不僅在時間上不允許，而且在數目上也難以適應其發(fā)展的需要，所以，企業(yè)在資金不足的情況下，負債經營可以運用更大的資金力量擴大企業(yè)規(guī)模和經濟實力，提高企業(yè)的運行效率和競爭力。一個企業(yè)不

31、僅在資金不足時需要負債經營，就是在資金比較充裕時負債經營也是十分必要的。因為一個企業(yè)內部只靠自有資金的積累和運用，其資金數量總是有限的。企業(yè)通過負債可以有效地取得和支配更多的資金量，合理地組織和協(xié)調資金比例關系，改善技術設備、改革工藝、引進先進技術，更新設備，擴大企業(yè)規(guī)模，拓寬經營范圍，提高企業(yè)素質，增強企業(yè)的經濟實力和競爭能力。</p><p>　　2.負債經營能有效降低企業(yè)加權平均資金成本負債籌資費用比股權籌

32、資費用低，由于債務的利息支出是稅前支付，負債經營可以從“減稅效應”中獲益，可使企業(yè)少交納所得稅。即當資金總額一定時，一定比例的負債籌資能有效降低企業(yè)的加權平均資金成本。</p><p>　　3.負債經營給企業(yè)帶來“財務杠桿效應”</p><p>　　負債經營者向債權人支付的利息是一項與企業(yè)盈利水平高低無關的固定支出，在企業(yè)的總資產收益率發(fā)生變動時，則會給企業(yè)所有者收益帶來大幅度的波動，這種

33、效應在財務管理中被稱之為“財務杠桿效應”。負債對每股收益的杠桿作用程度可以通過計算財務杠桿系數來表示，財務杠桿系數(DFL)是每股收益變動百分比與稅息前利潤變動百分比的比率。杠桿系數可表示為：DFL=(ΔEPS/EPS)/(ΔEBIT/EBIT)其中，DFL—財務杠桿系數，ΔEPS—每股收益變動量，EPS—每股收益，ΔEBIT—息稅前利潤變化量，EBIT—息稅前利潤。這說明負債經營只要在投資收益率大于利息率情況下，企業(yè)是可以贏利的，負債

34、經營就能夠為企業(yè)帶來明顯的財務杠桿效應。當企業(yè)的資金利潤率高于債務資金成本時,企業(yè)收益將會以更大程度增加。同時，企業(yè)可利用負債節(jié)省下來的自有資金創(chuàng)造新的利潤。因此，一定程度負債籌資對提高企業(yè)收益率有著重要的作用。</p><p>　　4.負債經營有利于企業(yè)控制權的保持</p><p>　　在企業(yè)面臨新的籌資決策中,如果以發(fā)行股票等方式籌集權益資本，勢必帶來股權的分散，影響到現(xiàn)有股東對于企業(yè)

35、的控制權。而負債籌資在增加企業(yè)資金來源的同時不影響到企業(yè)控制權，有利于保持現(xiàn)有股東對于企業(yè)的控制。</p><p>　　二、負債經營對企業(yè)存在的不利影響</p><p>　　1“.財務杠桿效應”的負面作用</p><p>　　當企業(yè)面臨經濟發(fā)展低潮或者其他原因帶來的經營困境時，由于固定額度利息的負擔,在資金利潤率下降時,投資者收益率將會以更快速度下降。負債給企業(yè)增加

36、了壓力，使企業(yè)產生無力償付債務的風險，其結果可能導致企業(yè)資金緊張,被迫低價拍賣或抵押資產。</p><p>　　2.過度負債有可能引起股東和債權人之間的代理沖突債權人利益不受損害的一個前提條件是企業(yè)的風險程度要處于預測所允許的范圍之內。而在現(xiàn)實的經濟活動中，股東往往喜歡投資于高風險的項目，因為如果項目成功，債權人只能獲得固定的利息和本金，剩余的高額收益均歸股東所有，于是就實現(xiàn)了財富由債權人向股東的轉移。如果高風險

37、項目失敗，則損失由股東和債權人共同承擔，有的債權人的損失要遠遠大于股東的損失，這就是所謂的“賭輸債權人的錢”。債權人為保護自己的利益，把風險限制在一定的程度內，往往會要求在借款協(xié)議中寫入保證條款來限制企業(yè)增加高風險的投資機會。盡管負債經營是解決管理者和股東之間代理沖突的有力工具之一，但它同時也加深了股東和債權人之間的代理沖突。因而產生代理成本，由此使企業(yè)價值減少。</p><p>　　三、企業(yè)適度負債經營可以興利

38、除弊并創(chuàng)造更多的經濟效益</p><p>　　企業(yè)負債經營是企業(yè)發(fā)展的有利杠桿，但也存在一定風險。強化負債管理，合理有效地負債就成為企業(yè)負債經營的核心問題。適度的負債經營,會使企業(yè)更加注重合理運用資金。如果企業(yè)可以適度負債經營，并對其財務風險進行有效控制，會給企業(yè)帶來較多的經濟效益。當前，不少企業(yè)往往把增加負債投入、擴大經營規(guī)模作為發(fā)展生產與提高效益的重要途徑。從某種意義上說，企業(yè)負債經營是加快企業(yè)發(fā)展的一把“金

39、鑰匙”，可起到“借雞生蛋”的效應。但是，企業(yè)的負債與資產必須保持適度的比例，一旦負債超過了企業(yè)的還本付息能力，則負債經營就成了一把“雙刃劍”，其投資規(guī)模擴張之時，便是企業(yè)虧損之日。這樣的事實在我們的經濟社會中比比皆是，令人警醒！企業(yè)的息稅前資金利潤率應高于借款利息率。這是企業(yè)負債經營的先決條件。如果計算出的利息率高于息稅前資金利潤率，就不能舉債，只能用增資的方法籌資，并且應努力減少現(xiàn)有債務,避免財務杠桿的反作用,否則就會使企業(yè)陷入財務困