企業(yè)負債經(jīng)營的問題與對策(外文翻譯)

1、企業(yè)負債經(jīng)營的問題與對策外文資料翻譯The advantages and disadvantages of debt managementI. INTRODUCTIONLiabilities can raise the money. Enterprises in the case of insufficient funds, debt management may use more power to expand enterprise scale and economic strength, short time to improve the operation efficiency of e

2、nterprises and competitiveness. Any a enterprise not only in the case of insufficient funds need indebtedness, in funds under the condition of relatively abundant indebtedness is also very necessary. Even if an enterprise internal capital accumulation, more by its own capital alone enterprise scale

3、and he can use the amount of money is limited.Through responsible business, and control can be obtained more the amount of capital. As long as reasonable use these funds organization and coordination, expand the business scope of business and the way of thinking, improve the technology and equipment

4、, reform process, the introduction of advanced technology, updating equipment, expand the scale of enterprise, broaden the scope of business, improve the quality of the enterprise, can strengthen enterprise economic strength and competition ability.II. The advantages of debt managementDebt managemen

5、t is a commodity to a certain stage of economic development. The inevitable product of market economy is the only way for the development of enterprises. Enterprises to develop, relying on internal accumulation and its own funds to meet the needs of enterprise development, not only does not allow ti

6、me and the number would still be difficult to meet the demand, it will lose business opportunities and constraints of the rapid development of enterprises. Rational use of debt, to enable businesses to obtain financial leverage effect. Improper use may increase the enterprisneciasl rifsikn, aso that

7、 enterprises involved in financial crises.Tax debt can play a role. Because under the current system, the financial liabilities includedin the cost of interest, and before the deduction of income tax, it can generate tax so that small business income tax, thus increasing the equity capital gains. Th

8、e higher interest charges on, the greater the tax section, so that businesses with liabilities using its own funds for all businessescompar ed to the cost increase, reduction in profits. The amount of income tax be reduced, thereby reducing the amount of income tax paid to reduce the tax burden on e

9、nterprises.Liabilities of business enterprises can reduce the cost of capital. Operating requirements of the liabilities of enterprises regularly pay interest and principal payments due to creditors for a smaller investment risk and therefore required a low rate of return on investment. In addition,

10、 the role of the above-mentioned tax and therefore the cost of debt capital is usually less than the cost of equity capital.Liabilities of business can benefit from inflation. Liabilities are generally due to debt service, an increase in the inflation rate, the original liability of the real purchas

11、ing power will decline, after the enterprise by reducing the amount of debt service, in fact, is to shift the consequences of currency depreciation to the creditors.Debt management is beneficial to maintain control of companies. In the enterprise facing a new financing decisions, such as if to find

12、stock way to raise equity capital, not only the cost of capital than debt financing, will also bring equity scattered, affect the existing shareholders for the control of the enterprise. But ifto issue bonds or borrow from Banks and other financial institutions capital, to raise debt capital, the cr

13、editor has no right to participate in the companys operating decisions, while expanding enterprise capital source does not affect the control of the enterprise, is conducive to maintaining existing shareholders control enterprise production and business operation activities.The balance of financing

14、in comparison with other modes of financing, financing a short time, to spend a small price. Borrowing in particular, after consultation of the loan amount, repayment terms, with the period shall change, but also for solution through consultations with greater flexibility.III. The disadvantages of d

15、ebt managementDebt to maintain the existing shareholders under the premise of control brought about by the rapid growth of wealth. Thus, capital markets, as well as for business managers have entrepreneurial spirit and readiness to take risks is a positive innovation as an important sign of the meas

16、ure, that is, the level of debt. However, enterprises in the process of debt as a result of the business environment there are many uncertain factors, especially in pre-borrowing the idea ofoperating conditions is not conducive to business development, will result in the risk of debt. Run the risk o

17、fliability comes mainly from the financial risk and business risk issues.Financial risk is increasing due to the use of debt and financial burden, and thus the solvency of the enterprise may be lost, eventually leading to the risk of corporate insolvency. When enterprises are facing low economic dev

18、elopment, due to a fixed amount of the interest burden, the profits will fall, bringing the interests of a substantial decline in rate of return of negative impact. Funding for the liabilities, businesses have due and timely payment of interest and a statutory duty to repay the principal. Once the f

19、inancial conditions deteriorate, or the operation of short-term funds is inappropriate, it will enable the enterprises are facing the risk of insolvency.Thus, on the one hand, may cause long-term part of the short-term liabilities, and enable enterprises to increase the operating costs; On the other

20、 hand, will also affect the credibility of enterprises to make financing more difficult.Excessive debt is likely to cause the agency conflict between shareholders and creditors. The creditorsinterests are not compromised a pre1nise condition is the enterprise the risk degree is in predicting the all

21、owed range. In the real economic life shareholder s tend to invest in risky projects, because if the project is successful, the creditors can get fixed interest and principal, the rest of the profits for shareholders possess completely, and then realize the transfer of wealth from creditors to share

22、holder; If the high risk of investment project failed, the loss shall be borne by the common shareholders and creditors. In addition, shareholders to issue new bonds will also damage the interests of the creditors. Because shareholders in order to get new money, often can give new creditors claims p

23、riority, so that we can reduce new debt to pay interest rates, but also increase the risk of the creditors, led to the original real fall in the value of the bond.Debt ratio is too high, can lead to the companys share price. Business owners to the enterprise debt managements tolerance is li1nited. W

24、hen the indebtedness of the investment rate islower than its cost of capital, the enterprise must took part from the returns of or屯nally by theowners used to repay the debt principal and interest, the owner income will therefore suffer. Owner may therefore selling stocks, due to the influence of psy

25、chological factors such as market expectations at the same time, enterprises stock market is bound to decline. That stock marketprices, investors will lose faith in business, this is not conducive to enterprise long-term development.Anyhow, debt management benefits a lot, but at the same time, the r

26、isk of operating liabilities are concomitant, indebtedness of the earnings and risks are fused together. Therefore, the enterprise can not blindly to finance operations with debt.Author:Gabilondo, Jose, Florida International University, Miami, FloridaLatin American and Caribbean Law and Economics As

27、sociation (ALACDE) Annual Papers負債經(jīng)營的優(yōu)點和缺點第一部分 介紹負債經(jīng)營是商品經(jīng)濟發(fā)展到一定階段的必然產(chǎn)物，也是市場經(jīng)濟中企業(yè)發(fā)展的必由之 路。企業(yè)要發(fā)展，僅靠內(nèi)部積累和自由資金來滿足企業(yè)發(fā)展的需要，不僅時間上不允許，而且數(shù)量上也難以滿足需求，這會使企業(yè)喪失商機，制約企業(yè)的快速發(fā)展。負債經(jīng)營是一把雙 刃劍，合理運用負債經(jīng)營，能使企業(yè)獲得財務(wù)杠桿效應(yīng)，使企業(yè)由小做大，最大限度的使企業(yè)資產(chǎn)增值，使企業(yè)走向輝煌。然則運用不當(dāng)則可能增加企業(yè)財務(wù)風(fēng)險，使企業(yè)陷入債務(wù)危機。第二部分 負債經(jīng)營的優(yōu)點負債可以籌到資金。企業(yè)在資金不足的情況下，負債經(jīng)營可以運用更大的資金力量來擴

28、 大企業(yè)的規(guī)模和經(jīng)濟實力，短時間提高企業(yè)的運行效率和競爭力。任何一個企業(yè)不僅在資金 不足的情況下需要負債經(jīng)營，就是在資金比較充裕的情況下負債經(jīng)營也是十分必要的。即使 一個企業(yè)內(nèi)部積累資金再多，單靠自有資金企業(yè)的規(guī)模和他所能運用的資金數(shù)量也是有限 的。企業(yè)通過負責(zé)經(jīng)營，可以取得和支配更多的資金量。只要合理的組織和協(xié)調(diào)使用這些資 金，擴大企業(yè)的經(jīng)營范圍和思路，改善技術(shù)設(shè)備、改革工藝、引進先進技術(shù)，更新設(shè)備，擴大企業(yè)規(guī)模，拓寬經(jīng)營范圍，提高企業(yè)素質(zhì)，就能增強企業(yè)的經(jīng)濟實力和競爭能力。負債可以扮演一個節(jié)稅角色。因為在現(xiàn)行體制下,金融負債包括在成本的利息,在扣除所得稅,它能產(chǎn)生稅收,以便中小企業(yè)所得稅,

29、從而增加股權(quán)資本收益。較高的利息越大,稅收部分越低,因此,企業(yè)使用自有資金與負債相比,對所有企業(yè)成本增加,利潤減少。所得稅的金額減少,從而減少了所得稅的金額支付給減少企業(yè)的稅務(wù)負擔(dān)。負債可以降低企業(yè)的資本成本。負債經(jīng)營的企業(yè)要求被定期支付利息和本金，由于債權(quán)人對于一個較小的投資風(fēng)險,因此需要一個低利率的投資回報。此外,上述稅收的作用,因此債務(wù)資本的成本通常低于股權(quán)資本的成本。負債業(yè)務(wù)可以受益于通貨膨脹。負債通常是由于債務(wù)服務(wù),提高通貨膨脹率,原始的責(zé)任的真實購買力將下降,在企業(yè)通過減少債務(wù)服務(wù)的數(shù)量,實際上,是將貨幣貶值的后果轉(zhuǎn)移給 債權(quán)人。負債經(jīng)營有利于企業(yè)控制權(quán)的保持。在企業(yè)面臨新的籌資決策時，如果以發(fā)現(xiàn)股票等方式籌集權(quán)益資本，不僅資金成本要高于負債籌資，還會帶來股權(quán)的分散，影響到現(xiàn)有股東對于企業(yè)的控制權(quán)。但如果以發(fā)行債券或向銀行等金融機構(gòu)借入資本等方式籌集債務(wù)資本，債權(quán)人無權(quán)參與公司的經(jīng)營決策，在擴大企業(yè)資金來源的同時不影響企業(yè)的控制權(quán)，有利于保持現(xiàn)有股東控制企業(yè)的生產(chǎn)經(jīng)營活動。負債融資相比其他融資方式,融資短時間,花很小的代價。尤其是,協(xié)商后的貸款金額、還款條件