案例例子：麦道克的债务危机①
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内容提要
债务风险问题虽然不是一个新兴的财务管理问题，但多年来却一直没有得到很好的解决，很多企业仍然处于债务风险的泥潭中难以自拔，特别是国内国有企业的这一问题也尤为严重。本文主要是以当前企业所面临的困境为出发点，提出一些针对债务风险防范与控制的解决方案，某些方法是过去业内人士一直讨论的，这里笔者只是加以改正，希望在企业中能够得到更好的运用。
本文伊始采用纵向对比分析法对我国国有企业及国有控股企业的债务风险进行分析，同时对研究现状加以概括，在分析了影响债务风险的因素之后开始从债务风险的防范和控制两个方面展开讨论。在债务风险的防范部分，笔者采用由浅入深的手法，先是确定企业防范债务风险的制度的建立，然后制定企业的债务风险预警系统，确保企业处于债务风险的警惕状态。在债务风险的控制部分，主要从三部分（即：流动性、经济性、安全性）展开讨论。流动性主要是从期限这一角度来考虑的，不仅包括债务本身的期限，而且考虑了债务与收益的期限匹配；经济性主要是从资金成本和收益率的角度出发，考虑了项目的现金流问题；安全性顾名思义，从企业举债的安全层面考虑，确定企业是否处于安全的状况下及在出现问题情况下的自保行为。
希望本文能为理论界的同行对债务风险问题的思考提供一些思路，为企业实践中的债务风险的防范与控制问题做出一点贡献。
关键字：债务风险债务风险的防范债务风险的控制
ABSTRACT
Though the financial risk is not anew emergingproblemof financial management, it has never gottensatisfactorysettlement for many years. A lot of enterprises are still hard to extricate oneself in the mire of the financial risk, especiallyto thestate-owned enterprises. Thisarticlebegins with the present predicamentfaced withmany enterprises. Thenputsforwardsome methods about how to prevent and control the financial risk. Some methods have been beingdiscussed in the pastyears, the author corrects them and hopes to get better application in the enterprise.
Ihope that thisarticlecan offer some trains of thought for thinking about the risk question of the debtto thecolleaguesof the theory circleandmake a little contribution for the precaution of the debt risk in ຫໍສະໝຸດ Baiduhe enterprise practice and control question.
After analyzing the financial risk of the state-owned enterprises and state-run holdingenterprises by the approach oflongitudinalanalysis,the authorintroduces the present research conditions concerning this topic,after analyzingthe factors ofthe financial risk, the authorlaunches discussing from two respects of the precaution and control of the financial risk. The author adopts the tactics from the superficialityto the depthdiscussingthe precaution of the financial risk. Firstlythe author establishesthefoundationof the systems of precaution of the financial risk,thenmakesthe financial risk warning systems,guaranteeingthe enterprise in the state of watching out for the financial risk. It discusses the control of the financial risk mainly including three parts(namely: Mobility, economic, security). Mobilitymainly concerning withthe deadline, not only the deadline of liabilities itself, but considering that the match of the deadline of the liabilities and income; Economic proceeds from fund cost and earning ratio, and considers the cash flow issues of project; Security as its namelysuggests, considers from securityof financeaspect and determines enterprise beingin thesafe state, and it carries on the self-insurance behaviorswhenit goes wrong.
债务风险问题虽然不是一个新兴的财务管理问题，但多年来却一直没有得到很好的解决，很多企业仍然处于债务风险的泥潭中难以自拔，特别是国内国有企业的这一问题也尤为严重。本文主要是以当前企业所面临的困境为出发点，提出一些针对债务风险防范与控制的解决方案，某些方法是过去业内人士一直讨论的，这里笔者只是加以改正，希望在企业中能够得到更好的运用。
本文伊始采用纵向对比分析法对我国国有企业及国有控股企业的债务风险进行分析，同时对研究现状加以概括，在分析了影响债务风险的因素之后开始从债务风险的防范和控制两个方面展开讨论。在债务风险的防范部分，笔者采用由浅入深的手法，先是确定企业防范债务风险的制度的建立，然后制定企业的债务风险预警系统，确保企业处于债务风险的警惕状态。在债务风险的控制部分，主要从三部分（即：流动性、经济性、安全性）展开讨论。流动性主要是从期限这一角度来考虑的，不仅包括债务本身的期限，而且考虑了债务与收益的期限匹配；经济性主要是从资金成本和收益率的角度出发，考虑了项目的现金流问题；安全性顾名思义，从企业举债的安全层面考虑，确定企业是否处于安全的状况下及在出现问题情况下的自保行为。
希望本文能为理论界的同行对债务风险问题的思考提供一些思路，为企业实践中的债务风险的防范与控制问题做出一点贡献。
关键字：债务风险债务风险的防范债务风险的控制
ABSTRACT
Though the financial risk is not anew emergingproblemof financial management, it has never gottensatisfactorysettlement for many years. A lot of enterprises are still hard to extricate oneself in the mire of the financial risk, especiallyto thestate-owned enterprises. Thisarticlebegins with the present predicamentfaced withmany enterprises. Thenputsforwardsome methods about how to prevent and control the financial risk. Some methods have been beingdiscussed in the pastyears, the author corrects them and hopes to get better application in the enterprise.
Ihope that thisarticlecan offer some trains of thought for thinking about the risk question of the debtto thecolleaguesof the theory circleandmake a little contribution for the precaution of the debt risk in ຫໍສະໝຸດ Baiduhe enterprise practice and control question.
After analyzing the financial risk of the state-owned enterprises and state-run holdingenterprises by the approach oflongitudinalanalysis,the authorintroduces the present research conditions concerning this topic,after analyzingthe factors ofthe financial risk, the authorlaunches discussing from two respects of the precaution and control of the financial risk. The author adopts the tactics from the superficialityto the depthdiscussingthe precaution of the financial risk. Firstlythe author establishesthefoundationof the systems of precaution of the financial risk,thenmakesthe financial risk warning systems,guaranteeingthe enterprise in the state of watching out for the financial risk. It discusses the control of the financial risk mainly including three parts(namely: Mobility, economic, security). Mobilitymainly concerning withthe deadline, not only the deadline of liabilities itself, but considering that the match of the deadline of the liabilities and income; Economic proceeds from fund cost and earning ratio, and considers the cash flow issues of project; Security as its namelysuggests, considers from securityof financeaspect and determines enterprise beingin thesafe state, and it carries on the self-insurance behaviorswhenit goes wrong.