外文翻譯---淺析企業(yè)負(fù)債經(jīng)營(yíng)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(fù)債經(jīng)營(yíng)的利與弊</p><p>　　隨著市場(chǎng)經(jīng)濟(jì)的發(fā)展，企業(yè)要在激烈的市場(chǎng)競(jìng)爭(zhēng)中尋求生存，或立于不敗之地，必須

28、不斷增強(qiáng)其自身經(jīng)濟(jì)實(shí)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(dòng)的血液，顯然資金對(duì)企業(yè)生存發(fā)展是相當(dāng)重要的，增強(qiáng)自身經(jīng)濟(jì)實(shí)力得有足夠的資金作保證。當(dāng)前，我國(guó)的絕大部分企業(yè)，尤其是國(guó)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(duì)企業(yè)界也是一個(gè)至關(guān)重要的決策。通常情況下，企業(yè)的籌資渠道主要有兩個(gè)：一是所有者投入資金；二是負(fù)債籌集資金。此文主要談一下企業(yè)負(fù)債籌資經(jīng)營(yíng)。負(fù)債經(jīng)營(yíng)是企業(yè)以特定的償付責(zé)任為保證通過合法途徑，有償利

29、用他人資金來進(jìn)行補(bǔ)足自身資金的缺陷，以獲取支付借款成本后的剩余利潤(rùn)，這是實(shí)現(xiàn)資本快速積累，加快企業(yè)發(fā)展的一條捷徑，爭(zhēng)取先發(fā)制人，搶占市場(chǎng)以獲取較大收益。企業(yè)的資本經(jīng)營(yíng)離不開資本的組合方式，一個(gè)經(jīng)營(yíng)良好的企業(yè)決不是完全沒有債務(wù)的企業(yè)，必要的債務(wù)是企業(yè)不斷發(fā)展的重要條件。正確認(rèn)識(shí)負(fù)債經(jīng)營(yíng)，對(duì)企業(yè)負(fù)債管理意義重大。一切事務(wù)都存在矛盾之中，負(fù)債經(jīng)營(yíng)也不例外，即企業(yè)利用負(fù)債經(jīng)營(yíng)，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(jīng)濟(jì)效益,使

30、企業(yè)在競(jìng)爭(zhēng)中處于領(lǐng)先地位呢？</p><p>　　一、負(fù)債經(jīng)營(yíng)對(duì)企業(yè)有利影響</p><p>　　1.負(fù)債經(jīng)營(yíng)可以彌補(bǔ)企業(yè)在運(yùn)營(yíng)和長(zhǎng)期發(fā)展中資金的不足企業(yè)在生產(chǎn)經(jīng)營(yíng)過程中必然需要資金，而單靠企業(yè)內(nèi)部積累的自有資金，不僅在時(shí)間上不允許，而且在數(shù)目上也難以適應(yīng)其發(fā)展的需要，所以，企業(yè)在資金不足的情況下，負(fù)債經(jīng)營(yíng)可以運(yùn)用更大的資金力量擴(kuò)大企業(yè)規(guī)模和經(jīng)濟(jì)實(shí)力，提高企業(yè)的運(yùn)行效率和競(jìng)爭(zhēng)力。一個(gè)企業(yè)不

31、僅在資金不足時(shí)需要負(fù)債經(jīng)營(yíng)，就是在資金比較充裕時(shí)負(fù)債經(jīng)營(yíng)也是十分必要的。因?yàn)橐粋€(gè)企業(yè)內(nèi)部只靠自有資金的積累和運(yùn)用，其資金數(shù)量總是有限的。企業(yè)通過負(fù)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(diào)資金比例關(guān)系，改善技術(shù)設(shè)備、改革工藝、引進(jìn)先進(jìn)技術(shù)，更新設(shè)備，擴(kuò)大企業(yè)規(guī)模，拓寬經(jīng)營(yíng)范圍，提高企業(yè)素質(zhì)，增強(qiáng)企業(yè)的經(jīng)濟(jì)實(shí)力和競(jìng)爭(zhēng)能力。</p><p>　　2.負(fù)債經(jīng)營(yíng)能有效降低企業(yè)加權(quán)平均資金成本負(fù)債籌資費(fèi)用比股權(quán)籌

32、資費(fèi)用低，由于債務(wù)的利息支出是稅前支付，負(fù)債經(jīng)營(yíng)可以從“減稅效應(yīng)”中獲益，可使企業(yè)少交納所得稅。即當(dāng)資金總額一定時(shí)，一定比例的負(fù)債籌資能有效降低企業(yè)的加權(quán)平均資金成本。</p><p>　　3.負(fù)債經(jīng)營(yíng)給企業(yè)帶來“財(cái)務(wù)杠桿效應(yīng)”</p><p>　　負(fù)債經(jīng)營(yíng)者向債權(quán)人支付的利息是一項(xiàng)與企業(yè)盈利水平高低無關(guān)的固定支出，在企業(yè)的總資產(chǎn)收益率發(fā)生變動(dòng)時(shí)，則會(huì)給企業(yè)所有者收益帶來大幅度的波動(dòng)，這種

33、效應(yīng)在財(cái)務(wù)管理中被稱之為“財(cái)務(wù)杠桿效應(yīng)”。負(fù)債對(duì)每股收益的杠桿作用程度可以通過計(jì)算財(cái)務(wù)杠桿系數(shù)來表示，財(cái)務(wù)杠桿系數(shù)(DFL)是每股收益變動(dòng)百分比與稅息前利潤(rùn)變動(dòng)百分比的比率。杠桿系數(shù)可表示為：DFL=(ΔEPS/EPS)/(ΔEBIT/EBIT)其中，DFL—財(cái)務(wù)杠桿系數(shù)，ΔEPS—每股收益變動(dòng)量，EPS—每股收益，ΔEBIT—息稅前利潤(rùn)變化量，EBIT—息稅前利潤(rùn)。這說明負(fù)債經(jīng)營(yíng)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(fù)債

34、經(jīng)營(yíng)就能夠?yàn)槠髽I(yè)帶來明顯的財(cái)務(wù)杠桿效應(yīng)。當(dāng)企業(yè)的資金利潤(rùn)率高于債務(wù)資金成本時(shí),企業(yè)收益將會(huì)以更大程度增加。同時(shí)，企業(yè)可利用負(fù)債節(jié)省下來的自有資金創(chuàng)造新的利潤(rùn)。因此，一定程度負(fù)債籌資對(duì)提高企業(yè)收益率有著重要的作用。</p><p>　　4.負(fù)債經(jīng)營(yíng)有利于企業(yè)控制權(quán)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(quán)益資本，勢(shì)必帶來股權(quán)的分散，影響到現(xiàn)有股東對(duì)于企業(yè)

35、的控制權(quán)。而負(fù)債籌資在增加企業(yè)資金來源的同時(shí)不影響到企業(yè)控制權(quán)，有利于保持現(xiàn)有股東對(duì)于企業(yè)的控制。</p><p>　　二、負(fù)債經(jīng)營(yíng)對(duì)企業(yè)存在的不利影響</p><p>　　1“.財(cái)務(wù)杠桿效應(yīng)”的負(fù)面作用</p><p>　　當(dāng)企業(yè)面臨經(jīng)濟(jì)發(fā)展低潮或者其他原因帶來的經(jīng)營(yíng)困境時(shí)，由于固定額度利息的負(fù)擔(dān),在資金利潤(rùn)率下降時(shí),投資者收益率將會(huì)以更快速度下降。負(fù)債給企業(yè)增加

36、了壓力，使企業(yè)產(chǎn)生無力償付債務(wù)的風(fēng)險(xiǎn)，其結(jié)果可能導(dǎo)致企業(yè)資金緊張,被迫低價(jià)拍賣或抵押資產(chǎn)。</p><p>　　2.過度負(fù)債有可能引起股東和債權(quán)人之間的代理沖突債權(quán)人利益不受損害的一個(gè)前提條件是企業(yè)的風(fēng)險(xiǎn)程度要處于預(yù)測(cè)所允許的范圍之內(nèi)。而在現(xiàn)實(shí)的經(jīng)濟(jì)活動(dòng)中，股東往往喜歡投資于高風(fēng)險(xiǎn)的項(xiàng)目，因?yàn)槿绻?xiàng)目成功，債權(quán)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(shí)現(xiàn)了財(cái)富由債權(quán)人向股東的轉(zhuǎn)移。如果高風(fēng)險(xiǎn)

37、項(xiàng)目失敗，則損失由股東和債權(quán)人共同承擔(dān)，有的債權(quán)人的損失要遠(yuǎn)遠(yuǎn)大于股東的損失，這就是所謂的“賭輸債權(quán)人的錢”。債權(quán)人為保護(hù)自己的利益，把風(fēng)險(xiǎn)限制在一定的程度內(nèi)，往往會(huì)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(fēng)險(xiǎn)的投資機(jī)會(huì)。盡管負(fù)債經(jīng)營(yíng)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(shí)也加深了股東和債權(quán)人之間的代理沖突。因而產(chǎn)生代理成本，由此使企業(yè)價(jià)值減少。</p><p>　　三、企業(yè)適度負(fù)債經(jīng)營(yíng)可以興利

38、除弊并創(chuàng)造更多的經(jīng)濟(jì)效益</p><p>　　企業(yè)負(fù)債經(jīng)營(yíng)是企業(yè)發(fā)展的有利杠桿，但也存在一定風(fēng)險(xiǎn)。強(qiáng)化負(fù)債管理，合理有效地負(fù)債就成為企業(yè)負(fù)債經(jīng)營(yíng)的核心問題。適度的負(fù)債經(jīng)營(yíng),會(huì)使企業(yè)更加注重合理運(yùn)用資金。如果企業(yè)可以適度負(fù)債經(jīng)營(yíng)，并對(duì)其財(cái)務(wù)風(fēng)險(xiǎn)進(jìn)行有效控制，會(huì)給企業(yè)帶來較多的經(jīng)濟(jì)效益。當(dāng)前，不少企業(yè)往往把增加負(fù)債投入、擴(kuò)大經(jīng)營(yíng)規(guī)模作為發(fā)展生產(chǎn)與提高效益的重要途徑。從某種意義上說，企業(yè)負(fù)債經(jīng)營(yíng)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(yīng)。但是，企業(yè)的負(fù)債與資產(chǎn)必須保持適度的比例，一旦負(fù)債超過了企業(yè)的還本付息能力，則負(fù)債經(jīng)營(yíng)就成了一把“雙刃劍”，其投資規(guī)模擴(kuò)張之時(shí)，便是企業(yè)虧損之日。這樣的事實(shí)在我們的經(jīng)濟(jì)社會(huì)中比比皆是，令人警醒！企業(yè)的息稅前資金利潤(rùn)率應(yīng)高于借款利息率。這是企業(yè)負(fù)債經(jīng)營(yíng)的先決條件。如果計(jì)算出的利息率高于息稅前資金利潤(rùn)率，就不能舉債，只能用增資的方法籌資，并且應(yīng)努力減少現(xiàn)有債務(wù),避免財(cái)務(wù)杠桿的反作用,否則就會(huì)使企業(yè)陷入財(cái)務(wù)困