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企业负债经营的积极意义在于当总资产利润率高于一般银行利息率时,就可以收到“借鸡生蛋”的效果。下边举一个例子来说明。假设有甲、乙、丙三个企业,总资本都是100万元,负债比率分别为0％、50％和90％。银行一般利率水平为10％。当总资本利润率为20％时,企业毛利为20万元,三企业的自有资本利润率分别为20％、30％和110％。这时对丙企业最有利;当总资本利润率为10％时,企业毛利为10万元,三企业的自有资本利润率都等于10％,也就是与一般银
The positive significance of corporate debt management is that when the total asset profit rate is higher than the general bank interest rate, it can receive the effect of “borrowing chicken eggs”. Here is an example to illustrate. Assuming that there are three companies, A, B, and C, the total capital is 1 million yuan, and the debt ratios are 0%, 50%, and 90% respectively. The bank’s general interest rate is 10%. When the total capital profit rate is 20%, the gross profit of the company is 200,000 yuan, and the profit rate of the three companies’ own capital is 20%, 30%, and 110%, respectively. At this time, C companies are most favorable; when the total capital profit rate is 10%, the gross profit of the company is 100,000 yuan, and the profit rate of the three companies’ own capital is equal to 10%, which is equivalent to general silver.