论文部分内容阅读
负债经营是现代商品经济的显著特征,适当负债经营的好处主要有:一是可以迅速筹集所需的资金,弥补企业自有资金的不足;二是可以降低资金成本。因为负债经营的企业支付的利息,一般在所得税前列支,降低了应纳税所得额,抵减了所得税支出,从而降低了资金成本;三是可以增加自有资金利润率。然而,负债决不是越多越好。负债越多,风险越大。负债经营的前提条件是企业的资金利润率必须高于贷款利率,才有“借鸡生蛋”的作用。否则,企业只能背上沉重的债务负担,迟早陷入明亏或潜亏的困境,并最终陷入破产的危机之中,因此必须掌握科学的负债经营方法。
Liabilities management is a distinctive feature of modern commodity economy. The benefits of proper debt management mainly include the following: First, it can quickly raise the required funds to make up for the insufficiency of the company’s own funds; second, it can reduce the cost of capital. Because the interest paid by enterprises that are in debt management is generally listed before income tax, the amount of taxable income is reduced, the income tax expense is reduced, and thus the cost of capital is reduced; third, the profit rate of own funds can be increased. However, the debt is by no means the better. The more debt, the greater the risk. The precondition for operating a debt business is that the company’s capital profit rate must be higher than the loan interest rate, so that it can play a role in “living chickens and eggs.” Otherwise, enterprises can only bear a heavy debt burden, sooner or later fall into the dilemma of loss or potential losses, and eventually fall into a crisis of bankruptcy. Therefore, we must master scientific methods of debt management.