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一般来说,企业负债经营是完全正常的,有的国家如美国企业的负债比率(负债占资金来源的比例)比较低,达40％-50％,有的国家如日本的企业,负债比率比较高,达70—80％。不同行业企业的负债比率也有很大的区别。现在我们有的人以为负债超过资本就是“资不抵债”了。其实,这里的“资”不是资本的“资”,而是资产的“资”。换句话说,负债超过资本也是完全正常的。在国外大多数股份公司中,资本或股东权益常常是资本金的若干倍,总资本是自有资本的若干倍,这也就是为什么把股份公司称为“资本放大器”的道理。
In general, corporate debt management is completely normal. In some countries, such as American companies, the debt ratio (the ratio of liabilities to the source of funds) is relatively low, ranging from 40% to 50%. In some countries, such as Japanese companies, the ratio of debt is relatively low. High, up to 70-80%. The debt ratios of companies in different industries are also very different. Some of us now think that debt over capital is “insolvency.” In fact, the “capital” here is not the “capital” of capital, but the “capital” of assets. In other words, debt is more than capital is completely normal. In most foreign stock companies, capital or shareholders’ equity is often several times that of capital, and total capital is several times that of own capital, which is why the stock company is called “capital amplifier”.