企业负债经营风险控制研究

企业负债经营风险控制研究

摘要

企业负债经营是大多数企业所面临的一种经营方式。企业负债经营一方面能有效降低企业加权平均资本成本，产生财务杠杆效应，有利于企业转嫁通货膨胀风险和企业控制权的保持；另一方面企业负债经营会产生财务杠杆反效应，使企业面临无力偿还债务风险和再筹资风险。本文研究点是分析企业负债经营的主要风险及其产生的原因，并提出企业负债经营的风险控制策略，希望将企业负债经营的负面效应减小，使企业经营目标实现，经济效益提高。本文从企业负债经营的定义、特点和意义入手；阐述了企业负债经营在企业财务杠杆效益，企业加权平均资本成本，企业控制权的保持和转嫁通货膨胀风险上的优势；然后分析企业负债经营风险产生的原因；接下来分析企业负债经营的主要风险；最后提出负债经营的控制策略。通过研究可知企业负债经营这种经营方式能将社会上闲置的资金投入到生产经营最需要的地方上，最大限度提高资金使用效率，让其充分发挥增值功能。利用有偿使用债权人资本，通过财务杠杆的作用，在不改变原有股本的情况下，实现企业资源利用的最大化，以此实现其经营计划与经营目标，提高企业的经济效益。

关键词：负债经营，原因，风险，控制策略

Research on Risk Control of Enterprise Operation in

Debt

Author: Chen Jijun

Tutor:Shao Zifu

Abstract

The enterprise debt management is the most enterprises are confronted with a mode of operation. Liability operation of enterprises on one hand can effectively reduce the weighted average capital cost, financial leverage effect, is advantageous to the enterprise on the inflation risk, is advantageous to the enterprise to control right to maintain; on the other hand the enterprise debt management will produce the effect of financial lever, make the enterprise faces the insolvency risk and risk financing. This paper wants to study the liability operation of enterprises, make enterprises avoid risks, play to their maximum benefit. This paper is through the analysis of enterprise operation in debt risk and its causes, and put forward the enterprise is indebted management risk control strategy. This article from the enterprise operating liabilities of the definition, characteristics and significance of enterprise operation in debt; elaborated in the enterprise financial lever benefit, weighted average capital cost, corporate control right to maintain and passed on the inflation risk of advantage; then analyzed the operating risk of enterprise in debt causes, including internal and external; then focuses on the analysis of enterprise operation in debt the main risk; finally, the enterprise is indebted management control strategy. As long as the enterprises according to the enterprises strategy of indebted management control management, can the community will be idle funds to the production and operation places where they are needed most, to maximize the use of funds to improve efficiency, make its full appreciation function, enterprises realize the maximization of resource utilization, and achieve its business plan and sales target, raise the economic benefits of the enterprise.

Keywords：debt management, causes, risk, control strategy

目录

1 绪论 (1)

2 企业负债经营的概述 (2)

2.1 企业负债经营的含义 (2)

2.2 企业负债经营的特点 (2)

2.3 企业负债经营的意义 (2)

3 企业负债经营的利弊分析 (4)

3.1 企业负债经营的“利” (4)

3.1.1 企业负债经营可以弥补企业运营和长期发展资金的不足 (4)

3.1.2 企业负债经营能产生财务杠杆效益 (4)

3.1.3 企业负债经营能有效降低企业的加权平均资本成本 (4)

3.1.4 企业负债经营有利于企业控制权的保持 (5)

3.1.5 企业负债经营有利于企业转嫁通货膨胀风险 (5)

3.2 企业负债经营的“弊” (5)

3.2.1 “财务杠杆作用”的负面效应 (5)

3.2.2 无力偿付债务风险 (6)

3.2.3 企业负债经营会降低自有资金利用率 (6)

3.2.4 企业再筹资风险 (6)

3.2.5 企业股价降低风险 (6)

3.2.6 过度负债有可能引起股东和债权人之间的代理冲突 (7)

4 企业负债经营控制策略 (8)

4.1 确定企业负债经营的负债规模和负债结构 (8)

4.2 选择适合的举债方式 (10)

4.3 加强企业经营管理，提高资金利用率 (11)

4.4 建立和完善财务风险预警体系 (11)

4.5 根据企业实际经营状况制定负债财务计划 (12)

4.6 提高经营者自身素质和企业经营管理水平 (12)

5 结论 (14)

参考文献 (15)

致谢 (16)