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负债经营是市场经济的产物,是现代企业的标志之一。企业负债经营可发挥财务杠杆作用,给企业带来巨大收益。但是,若负债过度,就可能给企业带来较大财务风险。所以企业应根据自身的特点,选择合适的资本结构。本文首先概括企业负债经营的优点,然后通过分析过度负债会给企业带来一系列负面影响而引出“适度负债经营”这一概念,最后采用公司价值比较法对案例进行分析与比较,确定企业的最佳资本结构。
Debt management is a product of the market economy and is one of the hallmarks of modern enterprises. Enterprise debt management can play a financial leverage, bring huge benefits to the enterprise. However, if the debt is excessive, it may bring greater financial risk to the enterprise. Therefore, enterprises should choose their proper capital structure according to their own characteristics. This article first summarizes the advantages of corporate debt management, and then analyzes the over-indebtedness will bring a series of negative impact on the enterprise leads to the concept of “moderate liability management”, and finally the company value comparison method to analyze and compare cases to determine The best capital structure of an enterprise.