企业负债经营与风险分析

Business in Debt Financing and Risk Analysis

针对企业负债经营进行风险分析,从资本成本与资本结构、企业税赋与破产风险方面就企业负债经营的益处和债务风险进行了论述,讨论和分析了负债比率的合理确定以及资本成本、投资收益、借贷能力和偿债能力、债务风险等主要因素对负债比率的影响.本文还对“负债盈亏临界比率”的概念进行了评述,并就我国国有企业如何摆脱过度负债困境、向适度负债经营转化的途径与对策进行了讨论.

This paper deals with corporate risk analysis in business operation and discusses the advantages and debt risks in terms of the cost of capital, capital structure, corporate tax and inflation, emphasizing on the debt ratio analysis and capital structure decision. The effects of major factors such as the cost of capital, required rate of return, borrowing capacity and debt payback ability on debt ratio are also addressed. Finally, some policies and ways from view of business restructuring are suggested for the state owned companies to relieve from the current heavy debts for survival.