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本文认为,传统的财务理论仅从企业的角度考虑负债所导致的财务困境成本与收益,忽视了负债经营对债权人、客户、供应商、雇员及竞争对手等利益相关者交易行为的影响。企业财务杠杆过高会给潜在的债权人、客户、供应商和雇员带来了隐性成本,而理性的利益相关者通常可以事先预见到这些成本,最终将由负债企业承担。企业财务杠杆过高还会导致竞争对手趁机掠夺其市场份额,从而使企业未来利润大幅度下降。尽管有企业可以利用财务困境获得一些收益,但是相对于其财务困境成本,这些收益通常是微不足道的。
This paper argues that the traditional financial theory only considers the financial distress costs and benefits caused by the liabilities from the perspective of the enterprises and ignores the impact of the debt management on the transactions of the creditors, customers, suppliers, employees and competitors. Excessive financial leverage in enterprises poses hidden costs to potential creditors, customers, suppliers and employees, and rational stakeholders can often anticipate these costs in advance and ultimately will be borne by indebted businesses. Excessive corporate financial leverage will also lead competitors took the opportunity to plunder their market share, so that the company’s future profits dropped significantly. Although some companies can take advantage of financial distress to gain some benefits, those benefits are usually insignificant relative to their financial distress costs.