负债经营利与弊

Study on the Advantages and Disadvantages of Liability Operation

企业负债经营是现代市场经济的必然产物,但同时负债经营有利也有弊。一方面,负债经营可以弥补企业资金,有效降低企业平均资金成本,给企业带来"财务杠杆效应";另一方面,受利息和资金利润率的影响,"财务杠杆效应"会有负面作用,尤其是过度负债可能引起股东和债权人之间的冲突而给企业带来很大风险。当负债规模过度时,可能引发较大的财务风险与危机,影响企业再融资功能和信誉。

liability operation of enterprises is the inevitable outcome of modern market economy;in the meantime,there are advantages and disadvantages in terms of liability operation.On the one hand,liability operation can compensate for the enterprise capital and lower the average capital costs effectively for enterprises,bringing financial leverage effect,on the other hand,financial leverage effect will have negative effect on enterprise affected by interest and profit rate of capital,in particular,the excessive liability is likely to give rise to the conflict between the shareholders and creditors,and the enterprise will be at more risk.Excessive liability scale will bring about financial risk and crisis,which will affect the refinancing function and fame of enterprise.