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1、外文翻译浅析企业负债经营的利与弊附录 An Analysis of Advantages and Disadvantages of Enterprise Liability Operation With the development of market economy, enterprises in the fierce market competition for survival, or invincible, must continue to strengthen its own economic strength, many entrepreneurs, the capital of
2、 enterprises likened yes to maintain the normal activities of life companiesblood, obviously money is important to the survival and development of enterprises, and strengthen its economic strength, sufficient funds must be guaranteed.At present, Chinas most enterprises, especially state-owned enterp
3、rises have faced funding shortages, and therefore, how to obtain funds on the business community is a crucial decision.Typically, the business has two main funding sources: first, the owner of investment funds; second, debt financing.Here, we talk about the corporate debt financing business.Liabilit
4、y management is the responsibility of enterprises to pay particular to ensure through legal channels, paid for using other peoples money to make up their own capital deficiencies, in order to obtain payment Profit remaining after the cost of borrowing, which is the rapid accumulation of capital, a s
5、hortcut to speed up the development of enterprises, for pre-emptive strike, to seize the market for large 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 und
6、erstanding of debt management, debt management is of great significance to the enterprise.Contradiction exists in all matters, debt management is no exception, that companies use debtOperation, also has its advantages and disadvantages.What are the pros and cons, how can we better bring the economic
7、 benefits and create more, so that enterprises in the competition is ahead? 1, positive impact on firm debt 1. Debt management can make up for long-term development in the operation and the shortage of funds business in the course of business must need the money, and rely on internal accumulation of
8、 own funds, not only in the time allowed, but the numbers are difficult tomeet their development 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 n
9、ot only in the lack of funds needed to balance business, that is, when more funding for debt management is also very necessary.An enterprise solely for the accumulation and use their own funds, the amount of funding is always limited.Enterprises can effectively access debt and controlling the amount
10、 of funds more rationally ratio between the organization and coordination of funds, improve technical equipment, the reform process, introducing advanced technology, Gengxin equipment, enlarge the scale and broaden range and increase the quality of enterprisesenhance the economic strength and compet
11、itiveness. 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 management from the tax effect to benefit businesses can pay less income tax.That is, when the tota
12、l amount is fixed, a certain proportion of debt financing can reduce the weighted average cost of capital enterprises. 3. Liabilities of business enterprises will leverage effectLiabilities operator interest paid to creditors is a the level of corporate earnings has nothing to do with the fixed expe
13、nses, the companys 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.Debt leverage on earnings per share by calculating the degree of financial leverage to the t
14、able.Said that financial leverage (DFL) is the percentage change in earnings per share and percentage change in profit before interest and tax rate.Leverage can be expressed as: DFL = (EPS / EPS) / (EBIT / EBIT) which, DFL-financial leverage, EPS-change in earnings per share amount, EPS-earnings per
15、 share, EBIT-rate pre-tax profit of variation,EBIT-interest profit before tax.This shows that the liabilities of business as long as the investment rate of return greater than the interest rate situation, enterprises can be profitable, debt management companies will be able to bring significant fina
16、ncial leverage effect.When the enterprise profit rate than the debt cost of capital funds, the company earnings will increase to a greater extent.At the same time, businesses can use their own funds debt savings to create new profits.Thus, to some extent in raising debt financing for corporate yield
17、 plays an important role. 4. Debt management help companies to maintain control over theIn business decisions facing 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 corpo
18、rate debt financing sources of funding 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 of the business 1. Leverage effect of the negative effectsAs companies fa
19、ce economic downturn or other reasons caused operating difficulties, due to the burden of a fixed amount of interest in the capital margins, investors will return to faster decline.Liabilities to enterprises to increase the pressure on corporate debt created the risk of insolvency, the results may l
20、ead to tension in enterprise funds, forced cheap sale or mortgage of assets. 2. Excessive debt may lead to shareholder and creditor agency conflicts between the interests of creditors will not be harmed in an enterprises Fengxian premise degree must be in projections within the allowable range. In r
21、eal 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 incomeInterests are owned by shareholders, so they realized the wealth transfer to shareholders by creditors.
22、If high-risk project fails, the loss shared by the shareholders and creditors, some creditors, shareholders of the loss is far greater than the losses, this is the so-called creditors lose money gambling.” Creditors to protect their own interests, the risk limits the extent to some, often in the loa
23、n agreement will require write-through guarantees enterprises to increase provisions to limit high-risk investment opportunities.Although debt management is to resolve agency conflicts between managers and shareholders, one of powerful tools, but it also deepened the agency between shareholders and
24、creditors of the conflict. Thus generate agency costs, thereby reducing the enterprise value. 3,moderate debt management companies can better bring the economic benefits and create moreCorporate debt management is conducive to business development leverage, but there are also risks.Strengthen debt m
25、anagement, debt has become a reasonable and effective to the core issue of corporate liability business.Appropriate debt management, make enterprises pay more attention to rational use of funds.If the company can appropriately balance business and financial risks of its effective control, will bring
26、 more economic benefits business.Atpresent,Many companies tend to increase the debt investment, expand production scale and improve efficiency as the development of an important way.In a sense, business debt management is to accelerate the development of enterprises golden key, can play a chicken-th
27、rough effect.However, the companys debt to equity ratio must be maintained appropriately, once the debt exceeds the debt-servicing capacity of enterprises, the debt management has become a double-edged sword, its investment expansion, is the business lossdate.The fact that in our economic society ev
28、erywhere, awaken!EBIT margin financing business loans should be higher than the interest rate.This is the enterprise A prerequisite for debt management 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
29、 reduce existing debt, to avoid the financial leverage of the reaction, 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 China, for gener
30、al business, general agreement that 30% of assets and liabilities for the security, 40% of the more agreeable 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 present, the lack of experienc
31、e 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 has been plagued, directly threatening to the enterprise survival and development. Therefore, to defuse the risks,
32、 and establish effective mechanisms to resist.Such as investment in fixed assets, intangible assets, technological innovation, etc. should be taken to measure the payback period to see whether an investment is reasonable, and some new investment options, not to blindly expand the scale of investment
33、.If the enterprise fund shortage, they should take steps to actively sell the finished products, reducing raw material inventory; such as accounts receivable is too large, it should be positive for debts.Long-term investments such as unreasonable, they should check the contracts and agreements, time
34、ly readjustments Shouhui investment; RuGuo Duo idle fixed assets, the short term can play a role, they should actively deal with changing things for the living dead money; from the management point of view doGood financial logistics work, not blindly increase the debt, to fund the planning applicati
35、on to the reasonable expenses, the proper use of enterprise funds.In short, our business is now generally high debt situation, companies need debt management.But to grasp the scale of debt, good debt structure control, strengthening financial management and rational management, of risk, and eventual
36、ly the enterprise fast development of nuclear fission to create more economic benefits, leading in the competition. 浅析企业负债经营的利与弊 随着市场经济的发展，企业要在激烈的市场竞争中寻求生存，或立于不败之地，必须不断增强其自身经济实力，许多企业家将企业的资金比喻成是维持企业正常生命活动的血液，显然资金对企业生存发展是相当重要的，增强自身经济实力得有足够的资金作保证。当前，我国的绝大部分企业，尤其是国有大中型企业普遍面临资金短缺的局面，因而，如何获取资金对企业界也是一个至关重要
37、的决策。通常情况下，企业的筹资渠道主要有两个：一是所有者投入资金；二是负债筹集资金。此文主要谈一下企业负债筹资经营。负债经营是企业以特定的偿付责任为保证通过合法途径，有偿利用他人资金来进行补足自身资金的缺陷，以获取支付借款成本后的剩余利润，这是实现资本快速积累，加快企业发展的一条捷径，争取先发制人，抢占市场以获取较大收益。企业的资本经营离不开资本的组合方式，一个经营良好的企业决不是完全没有债务的企业，必要的债务是企业不断发展的重要条件。正确认识负债经营，对企业负债管理意义重大。一切事务都存在矛盾之中，负债经营也不例外，即企业利用负债经营，也有其利弊。那么有哪些利弊，怎样可以兴利除弊，创造更多的
38、经济效益,使企业在竞争中处于领先地位呢？ 一、负债经营对企业有利影响 1.负债经营可以弥补企业在运营和长期发展中资金的不足企业在生产经营过程中必然需要资金，而单靠企业内部积累的自有资金，不仅在时间上不允许，而且在数目上也难以适应其发展的需要，所以，企业在资金不足的情况下，负债经营可以运用更大的资金力量扩大企业规模和经济实力，提高企业的运行效率和竞争力。一个企业不仅在资金不足时需要负债经营，就是在资金比较充裕时负债经营也是十分必要的。因为一个企业内部只靠自有资金的积累和运用，其资金数量总是有限的。企业通过负债可以有效地取得和支配更多的资金量，合理地组织和协调资金比例关系，改善技术设备、改革工艺、
39、引进先进技术，更新设备，扩大企业规模，拓宽经营范围，提高企业素质，增强企业的经济实力和竞争能力。 2.负债经营能有效降低企业加权平均资金成本负债筹资费用比股权筹资费用低，由于债务的利息支出是税前支付，负债经营可以从“减税效应”中获益，可使企业少交纳所得税。即当资金总额一定时，一定比例的负债筹资能有效降低企业的加权平均资金成本。 3.负债经营给企业带来“财务杠杆效应” 负债经营者向债权人支付的利息是一项与企业盈利水平高低无关的固定支出，在企业的总资产收益率发生变动时，则会给企业所有者收益带来大幅度的波动，这种效应在财务管理中被称之为“财务杠杆效应”。负债对每股收益的杠杆作用程度可以通过计算财务杠
40、杆系数来表示，财务杠杆系数(DFL)是每股收益变动百分比与税息前利润变动百分比的比率。杠杆系数可表示为：DFL=(EPS/EPS)/(EBIT/EBIT)其中，DFL财务杠杆系数，EPS每股收益变动量，EPS每股收益，EBIT息税前利润变化量，EBIT息税前利润。这说明负债经营只要在投资收益率大于利息率情况下，企业是可以赢利的，负债经营就能够为企业带来明显的财务杠杆效应。当企业的资金利润率高于债务资金成本时,企业收益将会以更大程度增加。同时，企业可利用负债节省下来的自有资金创造新的利润。因此，一定程度负债筹资对提高企业收益率有着重要的作用。 4.负债经营有利于企业控制权的保持 在企业面临新的筹
41、资决策中,如果以发行股票等方式筹集权益资本，势必带来股权的分散，影响到现有股东对于企业的控制权。而负债筹资在增加企业资金来源的同时不影响到企业控制权，有利于保持现有股东对于企业的控制。 二、负债经营对企业存在的不利影响 1“.财务杠杆效应”的负面作用 当企业面临经济发展低潮或者其他原因带来的经营困境时，由于固定额度利息的负担,在资金利润率下降时,投资者收益率将会以更快速度下降。负债给企业增加了压力，使企业产生无力偿付债务的风险，其结果可能导致企业资金紧张,被迫低价拍卖或抵押资产。 2.过度负债有可能引起股东和债权人之间的代理冲突债权人利益不受损害的一个前提条件是企业的风险程度要处于预测所允许的
42、范围之内。而在现实的经济活动中，股东往往喜欢投资于高风险的项目，因为如果项目成功，债权人只能获得固定的利息和本金，剩余的高额收益均归股东所有，于是就实现了财富由债权人向股东的转移。如果高风险项目失败，则损失由股东和债权人共同承担，有的债权人的损失要远远大于股东的损失，这就是所谓的“赌输债权人的钱”。债权人为保护自己的利益，把风险限制在一定的程度内，往往会要求在借款协议中写入保证条款来限制企业增加高风险的投资机会。尽管负债经营是解决管理者和股东之间代理冲突的有力工具之一，但它同时也加深了股东和债权人之间的代理冲突。因而产生代理成本，由此使企业价值减少。 三、企业适度负债经营可以兴利除弊并创造更多
43、的经济效益 企业负债经营是企业发展的有利杠杆，但也存在一定风险。强化负债管理，合理有效地负债就成为企业负债经营的核心问题。适度的负债经营,会使企业更加注重合理运用资金。如果企业可以适度负债经营，并对其财务风险进行有效控制，会给企业带来较多的经济效益。当前，不少企业往往把增加负债投入、扩大经营规模作为发展生产与提高效益的重要途径。从某种意义上说，企业负债经营是加快企业发展的一把“金钥匙”，可起到“借鸡生蛋”的效应。但是，企业的负债与资产必须保持适度的比例，一旦负债超过了企业的还本付息能力，则负债经营就成了一把“双刃剑”，其投资规模扩张之时，便是企业亏损之日。这样的事实在我们的经济社会中比比皆是，
44、令人警醒！企业的息税前资金利润率应高于借款利息率。这是企业负债经营的先决条件。如果计算出的利息率高于息税前资金利润率，就不能举债，只能用增资的方法筹资，并且应努力减少现有债务,避免财务杠杆的反作用,否则就会使企业陷入财务困境。企业适度负债经营，就是负债经营必须遵循客观经济规律。借鉴世界工业化国家的经验和结合我国国情，对于一般企业，普遍认为资产负债率30%为安全，40%较合适，突破50%资金周转将出现困难，债权人也将考虑不再增加贷款，不宜再盲目扩大投资规模。目前，我国由于缺乏负债经营的经验和相应的制约法规，不少企业盲目高额负债，致使陷于严重的债务深渊，被纷至沓而来的“经济纠纷”闹得焦头烂额，直接
45、危及到企业的生存与发展。因此，要化解风险，建立行之有效的抵御风险机制。如投入固定资产，无形资产，技术改造等应采取测算投资回收期，看投资是否合理，然后再做投资选择，不去盲目扩大投资规模。如果企业资金不足，就应该采取措施积极销售产成品，降低原材料库存；如应收账款过大，就应积极催收欠款。如长期投资不合理，就应检查合同和协议，及时进行调整，收回投资；如固定资产闲置过多，短期内不能发挥作用，就应积极处理，变死物为活钱；要从管理角度做好资金运筹工作，不盲目增加负债，把筹划来的资金应用到合理的支出上，实现企业资金的合理运用。总之，在我国企业目前普遍高负债的境况下，企业需要负债经营。但要把握住债务规模，控制好负债结构，强化资金管理与合理调度，化风险为利益，最终实现企业核裂变式的快速发展，创造更多的经济效益,在竞争中处于领先地位。
