1、企业负债经营的问题与对策外文资料翻译THEADVANTAGESANDDISADVANTAGESOFDEBTMANAGEMENTIINTRODUCTIONLIABILITIESCANRAISETHEMONEYENTERPRISESINTHECASEOFINSUFFICIENTFUNDS,DEBTMANAGEMENTMAYUSEMOREPOWERTOEXPANDENTERPRISESCALEANDECONOMICSTRENGTH,SHORTTIMETOIMPROVETHEOPERATIONEFFICIENCYOFENTERPRISESANDCOMPETITIVENESSANYAENTERPRISE
2、NOTONLYINTHECASEOFINSUFFICIENTFUNDSNEEDINDEBTEDNESS,INFUNDSUNDERTHECONDITIONOFRELATIVELYABUNDANTINDEBTEDNESSISALSOVERYNECESSARYEVENIFANENTERPRISEINTERNALCAPITALACCUMULATION,MOREBYITSOWNCAPITALALONEENTERPRISESCALEANDHECANUSETHEAMOUNTOFMONEYISLIMITEDTHROUGHRESPONSIBLEBUSINESS,ANDCONTROLCANBEOBTAINEDMO
3、RETHEAMOUNTOFCAPITALASLONGASREASONABLEUSETHESEFUNDSORGANIZATIONANDCOORDINATION,EXPANDTHEBUSINESSSCOPEOFBUSINESSANDTHEWAYOFTHINKING,IMPROVETHETECHNOLOGYANDEQUIPMENT,REFORMPROCESS,THEINTRODUCTIONOFADVANCEDTECHNOLOGY,UPDATINGEQUIPMENT,EXPANDTHESCALEOFENTERPRISE,BROADENTHESCOPEOFBUSINESS,IMPROVETHEQUALI
4、TYOFTHEENTERPRISE,CANSTRENGTHENENTERPRISEECONOMICSTRENGTHANDCOMPETITIONABILITYIITHEADVANTAGESOFDEBTMANAGEMENTDEBTMANAGEMENTISACOMMODITYTOACERTAINSTAGEOFECONOMICDEVELOPMENTTHEINEVITABLEPRODUCTOFMARKETECONOMYISTHEONLYWAYFORTHEDEVELOPMENTOFENTERPRISESENTERPRISESTODEVELOP,RELYINGONINTERNALACCUMULATIONAN
5、DITSOWNFUNDSTOMEETTHENEEDSOFENTERPRISEDEVELOPMENT,NOTONLYDOESNOTALLOWTIMEANDTHENUMBERWOULDSTILLBEDIFFICULTTOMEETTHEDEMAND,ITWILLLOSEBUSINESSOPPORTUNITIESANDCONSTRAINTSOFTHERAPIDDEVELOPMENTOFENTERPRISESRATIONALUSEOFDEBT,TOENABLEBUSINESSESTOOBTAINFINANCIALLEVERAGEEFFECTIMPROPERUSEMAYINCREASETHEENTERPR
6、ISESFINANCIALRISK,SOTHATENTERPRISESINVOLVEDINFINANCIALCRISESTAXDEBTCANPLAYAROLEBECAUSEUNDERTHECURRENTSYSTEM,THEFINANCIALLIABILITIESINCLUDEDINTHECOSTOFINTEREST,ANDBEFORETHEDEDUCTIONOFINCOMETAX,ITCANGENERATETAXSOTHATSMALLBUSINESSINCOMETAX,THUSINCREASINGTHEEQUITYCAPITALGAINSTHEHIGHERINTERESTCHARGESON,T
7、HEGREATERTHETAXSECTION,SOTHATBUSINESSESWITHLIABILITIESUSINGITSOWNFUNDSFORALLBUSINESSESCOMPAREDTOTHECOSTINCREASE,REDUCTIONINPROFITSTHEAMOUNTOFINCOMETAXBEREDUCED,THEREBYREDUCINGTHEAMOUNTOFINCOMETAXPAIDTOREDUCETHETAXBURDENONENTERPRISESLIABILITIESOFBUSINESSENTERPRISESCANREDUCETHECOSTOFCAPITALOPERATINGRE
8、QUIREMENTSOFTHELIABILITIESOFENTERPRISESREGULARLYPAYINTERESTANDPRINCIPALPAYMENTSDUETOCREDITORSFORASMALLERINVESTMENTRISKANDTHEREFOREREQUIREDALOWRATEOFRETURNONINVESTMENTINADDITION,THEROLEOFTHEABOVEMENTIONEDTAXANDTHEREFORETHECOSTOFDEBTCAPITALISUSUALLYLESSTHANTHECOSTOFEQUITYCAPITALLIABILITIESOFBUSINESSCA
9、NBENEFITFROMINFLATIONLIABILITIESAREGENERALLYDUETODEBTSERVICE,ANINCREASEINTHEINFLATIONRATE,THEORIGINALLIABILITYOFTHEREALPURCHASINGPOWERWILLDECLINE,AFTERTHEENTERPRISEBYREDUCINGTHEAMOUNTOFDEBTSERVICE,INFACT,ISTOSHIFTTHECONSEQUENCESOFCURRENCYDEPRECIATIONTOTHECREDITORSDEBTMANAGEMENTISBENEFICIALTOMAINTAIN
10、CONTROLOFCOMPANIESINTHEENTERPRISEFACINGANEWFINANCINGDECISIONS,SUCHASIFTOFINDSTOCKWAYTORAISEEQUITYCAPITAL,NOTONLYTHECOSTOFCAPITALTHANDEBTFINANCING,WILLALSOBRINGEQUITYSCATTERED,AFFECTTHEEXISTINGSHAREHOLDERSFORTHECONTROLOFTHEENTERPRISEBUTIFTOISSUEBONDSORBORROWFROMBANKSANDOTHERFINANCIALINSTITUTIONSCAPIT
11、AL,TORAISEDEBTCAPITAL,THECREDITORHASNORIGHTTOPARTICIPATEINTHECOMPANYSOPERATINGDECISIONS,WHILEEXPANDINGENTERPRISECAPITALSOURCEDOESNOTAFFECTTHECONTROLOFTHEENTERPRISE,ISCONDUCIVETOMAINTAININGEXISTINGSHAREHOLDERSCONTROLENTERPRISEPRODUCTIONANDBUSINESSOPERATIONACTIVITIESTHEBALANCEOFFINANCINGINCOMPARISONWI
12、THOTHERMODESOFFINANCING,FINANCINGASHORTTIME,TOSPENDASMALLPRICEBORROWINGINPARTICULAR,AFTERCONSULTATIONOFTHELOANAMOUNT,REPAYMENTTERMS,WITHTHEPERIODSHALLCHANGE,BUTALSOFORSOLUTIONTHROUGHCONSULTATIONSWITHGREATERFLEXIBILITYTHEDISADVANTAGESOFDEBTMANAGEMENTDEBTTOMAINTAINTHEEXISTINGSHAREHOLDERSUNDERTHEPREMIS
13、EOFCONTROLBROUGHTABOUTBYTHERAPIDGROWTHOFWEALTHTHUS,CAPITALMARKETS,ASWELLASFORBUSINESSMANAGERSHAVEENTREPRENEURIALSPIRITANDREADINESSTOTAKERISKSISAPOSITIVEINNOVATIONASANIMPORTANTSIGNOFTHEMEASURE,THATIS,THELEVELOFDEBTHOWEVER,ENTERPRISESINTHEPROCESSOFDEBTASARESULTOFTHEBUSINESSENVIRONMENTTHEREAREMANYUNCER
14、TAINFACTORS,ESPECIALLYINPREBORROWINGTHEIDEAOFOPERATINGCONDITIONSISNOTCONDUCIVETOBUSINESSDEVELOPMENT,WILLRESULTINTHERISKOFDEBTRUNTHERISKOFLIABILITYCOMESMAINLYFROMTHEFINANCIALRISKANDBUSINESSRISKISSUESFINANCIALRISKISINCREASINGDUETOTHEUSEOFDEBTANDFINANCIALBURDEN,ANDTHUSTHESOLVENCYOFTHEENTERPRISEMAYBELOS
15、T,EVENTUALLYLEADINGTOTHERISKOFCORPORATEINSOLVENCYWHENENTERPRISESAREFACINGLOWECONOMICDEVELOPMENT,DUETOAFIXEDAMOUNTOFTHEINTERESTBURDEN,THEPROFITSWILLFALL,BRINGINGTHEINTERESTSOFASUBSTANTIALDECLINEINRATEOFRETURNOFNEGATIVEIMPACTFUNDINGFORTHELIABILITIES,BUSINESSESHAVEDUEANDTIMELYPAYMENTOFINTERESTANDASTATU
16、TORYDUTYTOREPAYTHEPRINCIPALONCETHEFINANCIALCONDITIONSDETERIORATE,ORTHEOPERATIONOFSHORTTERMFUNDSISINAPPROPRIATE,ITWILLENABLETHEENTERPRISESAREFACINGTHERISKOFINSOLVENCYTHUS,ONTHEONEHAND,MAYCAUSELONGTERMPARTOFTHESHORTTERMLIABILITIES,ANDENABLEENTERPRISESTOINCREASETHEOPERATINGCOSTSONTHEOTHERHAND,WILLALSOA
17、FFECTTHECREDIBILITYOFENTERPRISESTOMAKEFINANCINGMOREDIFFICULTEXCESSIVEDEBTISLIKELYTOCAUSETHEAGENCYCONFLICTBETWEENSHAREHOLDERSANDCREDITORSTHECREDITORSINTERESTSARENOTCOMPROMISEDAPREMISECONDITIONISTHEENTERPRISETHERISKDEGREEISINPREDICTINGTHEALLOWEDRANGEINTHEREALECONOMICLIFESHAREHOLDERSTENDTOINVESTINRISKY
18、PROJECTS,BECAUSEIFTHEPROJECTISSUCCESSFUL,THECREDITORSCANGETFIXEDINTERESTANDPRINCIPAL,THERESTOFTHEPROFITSFORSHAREHOLDERSPOSSESSCOMPLETELY,ANDTHENREALIZETHETRANSFEROFWEALTHFROMCREDITORSTOSHAREHOLDERIFTHEHIGHRISKOFINVESTMENTPROJECTFAILED,THELOSSSHALLBEBORNEBYTHECOMMONSHAREHOLDERSANDCREDITORSINADDITION,
19、SHAREHOLDERSTOISSUENEWBONDSWILLALSODAMAGETHEINTERESTSOFTHECREDITORSBECAUSESHAREHOLDERSINORDERTOGETNEWMONEY,OFTENCANGIVENEWCREDITORSCLAIMSPRIORITY,SOTHATWECANREDUCENEWDEBTTOPAYINTERESTRATES,BUTALSOINCREASETHERISKOFTHECREDITORS,LEDTOTHEORIGINALREALFALLINTHEVALUEOFTHEBONDDEBTRATIOISTOOHIGH,CANLEADTOTHE
20、COMPANYSSHAREPRICEBUSINESSOWNERSTOTHEENTERPRISEDEBTMANAGEMENTSTOLERANCEISLIMITEDWHENTHEINDEBTEDNESSOFTHEINVESTMENTRATEISLOWERTHANITSCOSTOFCAPITAL,THEENTERPRISEMUSTTOOKPARTFROMTHERETURNSOFORIGINALLYBYTHEOWNERSUSEDTOREPAYTHEDEBTPRINCIPALANDINTEREST,THEOWNERINCOMEWILLTHEREFORESUFFEROWNERMAYTHEREFORESEL
21、LINGSTOCKS,DUETOTHEINFLUENCEOFPSYCHOLOGICALFACTORSSUCHASMARKETEXPECTATIONSATTHESAMETIME,ENTERPRISESSTOCKMARKETISBOUNDTODECLINETHATSTOCKMARKETPRICES,INVESTORSWILLLOSEFAITHINBUSINESS,THISISNOTCONDUCIVETOENTERPRISELONGTERMDEVELOPMENTANYHOW,DEBTMANAGEMENTBENEFITSALOT,BUTATTHESAMETIME,THERISKOFOPERATINGL
22、IABILITIESARECONCOMITANT,INDEBTEDNESSOFTHEEARNINGSANDRISKSAREFUSEDTOGETHERTHEREFORE,THEENTERPRISECANNOTBLINDLYTOFINANCEOPERATIONSWITHDEBTAUTHORGABILONDO,JOSE,FLORIDAINTERNATIONALUNIVERSITY,MIAMI,FLORIDALATINAMERICANANDCARIBBEANLAWANDECONOMICSASSOCIATIONALACDEANNUALPAPERS负债经营的优点和缺点第一部分介绍负债经营是商品经济发展到一
23、定阶段的必然产物，也是市场经济中企业发展的必由之路。企业要发展，仅靠内部积累和自由资金来满足企业发展的需要，不仅时间上不允许，而且数量上也难以满足需求，这会使企业丧失商机，制约企业的快速发展。负债经营是一把双刃剑，合理运用负债经营，能使企业获得财务杠杆效应，使企业由小做大，最大限度的使企业资产增值，使企业走向辉煌。然则运用不当则可能增加企业财务风险，使企业陷入债务危机。第二部分负债经营的优点负债可以筹到资金。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来扩大企业的规模和经济实力，短时间提高企业的运行效率和竞争力。任何一个企业不仅在资金不足的情况下需要负债经营，就是在资金比较充裕的情况
24、下负债经营也是十分必要的。即使一个企业内部积累资金再多，单靠自有资金企业的规模和他所能运用的资金数量也是有限的。企业通过负责经营，可以取得和支配更多的资金量。只要合理的组织和协调使用这些资金，扩大企业的经营范围和思路，改善技术设备、改革工艺、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，就能增强企业的经济实力和竞争能力。负债可以扮演一个节税角色。因为在现行体制下,金融负债包括在成本的利息,在扣除所得税,它能产生税收,以便中小企业所得税,从而增加股权资本收益。较高的利息越大,税收部分越低,因此,企业使用自有资金与负债相比,对所有企业成本增加,利润减少。所得税的金额减少,从而减
25、少了所得税的金额支付给减少企业的税务负担。负债可以降低企业的资本成本。负债经营的企业要求被定期支付利息和本金，由于债权人对于一个较小的投资风险,因此需要一个低利率的投资回报。此外,上述税收的作用,因此债务资本的成本通常低于股权资本的成本。负债业务可以受益于通货膨胀。负债通常是由于债务服务,提高通货膨胀率,原始的责任的真实购买力将下降,在企业通过减少债务服务的数量,实际上,是将货币贬值的后果转移给债权人。负债经营有利于企业控制权的保持。在企业面临新的筹资决策时，如果以发现股票等方式筹集权益资本，不仅资金成本要高于负债筹资，还会带来股权的分散，影响到现有股东对于企业的控制权。但如果以发行债券或向银
26、行等金融机构借入资本等方式筹集债务资本，债权人无权参与公司的经营决策，在扩大企业资金来源的同时不影响企业的控制权，有利于保持现有股东控制企业的生产经营活动。负债融资相比其他融资方式,融资短时间,花很小的代价。尤其是,协商后的贷款金额、还款条件,使用周期将改变,可以通过协商解决和更大的灵活性。第三部分负债经营的缺点债务维持现有股东的前提下所带来的财富的快速增长。因此,在资本市场下,企业具有创业精神,乐于承担风险是一种积极创新的一个重要标志,可以衡量债务水平。然而,企业债务的过程中由于商业环境有许多不确定的因素,特别是在计划借款的想法不利于商业发展,将导致债务的风险。负债经营的风险主要来自金融风险
27、和经营风险问题。财务风险是由于使用增加的债务和财政负担,因此企业的偿付能力可能会丢失,最终导致企业破产的风险。当企业面临经济发展水平低,由于一个固定数额的利息负担,利润将下降,带来的利益回报率大幅下降的负面影响。企业由于和及时支付利息和偿还本金的法定义务。一旦财务状况恶化,或操作的短期资金不合适,它会使企业面临无力偿债的风险。因此,一方面,可能会导致长期的部分短期债务,使企业增加运营成本另一方面,也会影响企业的信誉,使融资更加困难。过度负债有可能引起股东和债权人之间的代理冲突。债权人的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范围之内。而在现实经济生活中股东往往喜欢投资于高风
28、险的项目，因为若项目成功，债权人只能获得固定的利息和本金，剩余的高额利润就全为股东占有，于是就实现了财富由债权人向股东转移；若投资的高风险项目失败，其损失由股东和债权人共同承担。另外，股东发行新的债券也会损害原债权人的利益。因为股东为了获得新的资金，往往会给新债权人更优先的索偿权，这样可以降低新债务实际承担的利率水平，但同时也使原债权人承担的风险增大，导致原债券真实价值下降。负债比例过高，可能导致公司的股价下跌。企业所有者对企业负债经营的容忍程度是有限的。当负债经营的投资收益率低于其资本成本时，企业必须从原本由所有者享有的收益中拿出一部分用于偿还债务本息，所有者收益会因此受到损害。所有者可能会因此抛售股票，同时由于市场预期等心理因素的影响，企业的股票市价必然会下降。而股票市价下跌，投资者就会对企业失去信心，这不利于企业长期的发展。总之，负债经营好处很多，但是与此同时，负债经营的风险也相伴而生，负债经营的收益和风险是相互融合在一起的。因此，企业不能盲目负债经营。作者加比隆多,何塞,佛罗里达国际大学,迈阿密,佛罗里达资料来源拉丁美洲和加勒比地区法律和经济学协会ALACDE年度论文
