一、对负债经营合理性的探讨笔者认为,利用借入资金满足企业的资金需求,在以下几方面是非常有利的。其一,借入资金成本具有节税作用。资金成本是指企业为筹措并使用资金而付出的货币总额。众所周知,银行借款和企业债券借入资金的利息都是税前支付的,属于免税项目,在计算应纳税所得额中扣除,故可减少所得税额。借入资金越多,支付的利息费用越大,节约额相对也就越多。譬如,企业以年息10％借入100万元长期资金,每年只准备出10万元税前收入就足够支付借款利息,但若以10％的股息率筹集等额资金,并准备每年按时足额发放股息,只准备10万元的税前收入是不够的,还须考虑交纳所得税这一因素。若所得税率为55％,即每百元税前收入中,只有 I. Discussion on the Rationality of Liability Business The author believes that the use of borrowed funds to meet the capital needs of enterprises is very beneficial in the following aspects. First, the cost of borrowing money has a tax-saving effect. Capital cost refers to the total amount of money the company pays to raise and use funds. As we all know, the interest on bank borrowings and corporate bond borrowed funds is paid before tax, and it is a tax-exempt item, which is deducted from the calculation of taxable income, so the amount of income tax can be reduced. The more money you borrow, the greater the interest expense you pay and the more you save. For example, if a company borrows 1 million yuan of long-term funds at an interest rate of 10% a year and prepares only 100,000 yuan in pretax income per year, it will be sufficient to pay interest on borrowings, but if it raises the equivalent amount of funds at a dividend rate of 10%, it is prepared to pay each year in full and on time. With regard to dividends, the pre-tax income of only RMB 100,000 is not enough, and it is also necessary to consider the factor of paying income tax. If the income tax rate is 55%, that is, for every 100 yuan before tax, only