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 OperationWith 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 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, China's most enterprises, especially state-owned enterprises 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.Liability management is the responsibility of enterprises to pay particular to ensure through legal channels, paid for using other people's money to make up their own capital deficiencies, in order to obtain paymentProfit remaining after the cost of borrowing, which is the rapid accumulation of capital, a shortcut 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 understanding 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 debt Operation, also has its advantages and disadvantages.What are the pros and cons, how can we better bring the economic benefits and create more, so that enterprises in the competition is ahead?1, positive impact on firm debt1. 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 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 powercan be used to expand business scale and economic strength, and improving operating efficiency and competitiveness.A business not 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 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 competitiveness.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 total 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 effect"Liabilities operator interest paid to creditors is a the level of corporate earnings has nothing to do with the fixed expenses, the company's 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 table.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 = (ΔEPS / EPS) / (ΔEBIT / EBIT) which, DFL-financial leverage, ΔEPS-change in earnings per share amount, EPS-earnings per share, ΔEBIT-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 financial 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 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, willbring scattered impact to existing shareholders for corporate control.The increase in corporate 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 business1. "Leverage effect" of the negative effectsAs companies face 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 lead 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 enterprise's Fengxian premise degree must be in projections within the allowable range. In real 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 income Interests are owned by shareholders, so they realized the wealth transfer to shareholders by creditors. 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 loan 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 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 more Corporate debt management is conducive to business development leverage, but there are also risks.Strengthen debt management, 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 more economic benefits business.At present,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 thedevelopment of enterprises "golden key", can play a "chicken-through" effect.However, the company's 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 everywhere, awaken!EBIT margin financing business loans should be higher than the interest rate.This is the enterpriseA 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 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 general business, general agreement that 30% of assets and liabilities for the security, 40% of the more agreeableAppropriate, 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 experience 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, 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.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, timely readjustments Shouhui investment; Ru Guo 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 application 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 eventually 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。