外文資料翻譯the advantages and disadvantages of debt management

1、<p>　　企業(yè)負債經(jīng)營的問題與對策</p><p><b>　　外文資料翻譯</b></p><p>　　The advantages and disadvantages of debt management</p><p>　　I. INTRODUCTION</p><p>　　Liabilities ca

2、n 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 enterprises and com

3、petitiveness. 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

4、 accumulation, more by its own capital alone e</p><p>　　II. The advantages of debt management</p><p>　　Debt management is a commodity to a certain stage of economic development. The inevitable p

5、roduct 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

6、 time 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 enabl</p><p>　?、?The di

7、sadvantages of debt management Debt 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 entrepr

8、eneurial spirit and readiness to take risks is a positive innovation as an important sign of the measure, that is, the level of debt. However, enterprises in the process of debt as a result of the business environment th

9、ere are many uncertain factors, especially in pre-bo</p><p>　　Excessive debt is likely to cause the agency conflict between shareholders and creditors. The creditors' interests are not compromised a prem

10、ise condition is the enterprise the risk degree is in predicting the allowed range. In the real economic life shareholders tend to invest in risky projects, because if the project is successful, the creditors can get fix

11、ed interest and principal, the rest of the profits for shareholders possess completely, and then realize the transfer of wealth from credit</p><p>　　Debt ratio is too high, can lead to the company's shar

12、e price. Business owners to the enterprise debt management's tolerance is limited. When the indebtedness of the investment rate is lower than its cost of capital, the enterprise must took part from the returns of ori

13、ginally by the owners used to repay the debt principal and interest, the owner income will therefore suffer. Owner may therefore selling stocks, due to the influence of psychological factors such as market expectations a

14、t the same</p><p>　　Anyhow, debt management benefits a lot, but at the same time, the risk of operating liabilities are concomitant, indebtedness of the earnings and risks are fused together. Therefore, the

15、enterprise can not blindly to finance operations with debt. </p><p><b>　　Author:</b></p><p>　　Gabilondo, Jose, Florida International University, Miami, Florida</p><p>　　

16、Latin American and Caribbean Law and Economics Association (ALACDE) Annual Papers</p><p>　　負債經(jīng)營的優(yōu)點和缺點</p><p><b>　　第一部分 介紹</b></p><p>　　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

17、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)獲得財務杠桿效應，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。然則運用不當則可能增加企業(yè)財務風險，使企業(yè)陷入債務危機。</p><p>　　第二部分 負債經(jīng)營的優(yōu)點</p><p>

18、;　　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

19、備、改革工藝、引進先進技術(shù)，更新設備，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。</p><p>　　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,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

20、減少企業(yè)的稅務負擔。</p><p>　　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,因此債務資本的成本通常低于股權(quán)資本的成本。</p><p>　　負債業(yè)務可以受益于通貨膨脹。負債通常是由于債務服務,提高通貨膨脹率,原始的責任的真實購買力將下降,在企業(yè)通過減少債務服務的數(shù)量,實際

21、上,是將貨幣貶值的后果轉(zhuǎn)移給債權(quán)人。</p><p>　　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。<

22、/p><p>　　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,使用周期將改變,可以通過協(xié)商解決和更大的靈活性。</p><p>　　第三部分 負債經(jīng)營的缺點</p><p>　　債務維持現(xiàn)有股東的前提下所帶來的財富的快速增長。因此,在資本市場下,企業(yè)具有創(chuàng)業(yè)精神,樂于承擔風險是一種積極創(chuàng)新的一個重要標志,可以衡量債務水平。然而

23、,企業(yè)債務的過程中由于商業(yè)環(huán)境有許多不確定的因素,特別是在計劃借款的想法不利于商業(yè)發(fā)展,將導致債務的風險。負債經(jīng)營的風險主要來自金融風險和經(jīng)營風險問題。</p><p>　　財務風險是由于使用增加的債務和財政負擔,因此企業(yè)的償付能力可能會丟失,最終導致企業(yè)破產(chǎn)的風險。當企業(yè)面臨經(jīng)濟發(fā)展水平低,由于一個固定數(shù)額的利息負擔,利潤將下降,帶來的利益回報率大幅下降的負面影響。企業(yè)由于和及時支付利息和償還本金的法定義務。一

24、旦財務狀況惡化,或操作的短期資金不合適,它會使企業(yè)面臨無力償債的風險。因此,一方面,可能會導致長期的部分短期債務,使企業(yè)增加運營成本;另一方面,也會影響企業(yè)的信譽,使融資更加困難。</p><p>　　過度負債有可能引起股東和債權(quán)人之間的代理沖突。債權(quán)人的利益不受損害的一個前提條件是企業(yè)的風險程度要處于預測所允許的范圍之內(nèi)。而在現(xiàn)實經(jīng)濟生活中股東往往喜歡投資于高風險的項目，因為若項目成功，債權(quán)人只能獲得固定的利息

25、和本金，剩余的高額利潤就全為股東占有，于是就實現(xiàn)了財富由債權(quán)人向股東轉(zhuǎn)移；若投資的高風險項目失敗，其損失由股東和債權(quán)人共同承擔。另外，股東發(fā)行新的債券也會損害原債權(quán)人的利益。因為股東為了獲得新的資金，往往會給新債權(quán)人更優(yōu)先的索償權(quán)，這樣可以降低新債務實際承擔的利率水平，但同時也使原債權(quán)人承擔的風險增大，導致原債券真實價值下降。</p><p>　　負債比例過高，可能導致公司的股價下跌。企業(yè)所有者對企業(yè)負債經(jīng)營的容

26、忍程度是有限的。當負債經(jīng)營的投資收益率低于其資本成本時，企業(yè)必須從原本由所有者享有的收益中拿出一部分用于償還債務本息，所有者收益會因此受到損害。所有者可能會因此拋售股票，同時由于市場預期等心理因素的影響，企業(yè)的股票市價必然會下降。而股票市價下跌，投資者就會對企業(yè)失去信心，這不利于企業(yè)長期的發(fā)展。</p><p>　　總之，負債經(jīng)營好處很多，但是與此同時，負債經(jīng)營的風險也相伴而生，負債經(jīng)營的收益和風險是相互融合在一