文档介绍：河南财经学院本科生毕业论文负债经营财务效应分析及负债结构优化姓名万果圃学号 2004409716 专业财务管理指导教师崔军讲师 2008 年4月 30 日 II 摘要目前,随着市场经济的日益深人,企业要在激烈的市场竞争中寻求生存或立于不败之地,必须不断增强其自身经济实力。如果将企业看作一个生命个体,那么维持其正常生命活动的血液,便是资金。当前,我国的绝大部分企业,普遍面临资金短缺的局面, 因而,如何获取资金对企业界也是一个至关重要的决策。负债经营是一种有效的经营方式,在激烈的市场竞争中,广为中外企业普遍采用,负债经营在一定条件下能为企业带来生机和巨大效益,但同时也具有不利的风险一面,因此,正确认识负债经营及带来的风险,充分发挥它的正面效应,尽可能避免或控制其不利因素,坚持适度负债,优化负债结构,以实现企业价值最大化的目的。为了合理确定负债经营的度,我们有必要认识企业进行负债决策的依据。企业价值是企业各种经济行为的综合反映,也是企业做出各种经济决策的基本依据。本文将企业价值分为三类,并认为应以企业单位自有资产价值最大化作为负债决策的依据。负债对企业价值的影响是多层次的,它不但可能增加企业的自有资产价值,也可能减少其价值。当然在现实的负债决策中,我们必须首先理顺企业经营者同企业所有者的关系,使企业价值真正成为企业管理者的重要决策依据和考核指标,只有这样,才能使企业的负债决策建立在企业价值的基础之上。最后讨论了如何确定优化负债资本结构、最佳负债结构,并就企业适度负债经营的度的确定做了讨论, 使企业在竞争中立于不败之地进而实现企业价值最大化。关键词: 负债经营;财务风险;财务效应 III Abstract At present, with the increasingly rating of market economy , the enterprise must strengthen its economic power continuously if it wants tobe existence among the petition or ina invincible position . If we take the enterprise asa life individual, the blood that keeps its normal life activity is funds. Most of the enterprises ofour country are facing the situation of shorting funds currently. Therefore , to the enterprise field, how to obtain funds isa crucial decision. Liabilities management which isa kind of valid management method is widely adopted by the enterprise both at home and abroad in the petition market. Although liabilities management can bring source of vitality, huge bentficial result and disadvantages and great risks . understanding liabilities management and it risks correctly , developing its active effect fully, avoiding or controlling disadvantageous factor possibly, insisting moderate liabilities, excellent liabilities structure, which can keep the enterprise ina invincible position and realize the maximize of the enterprise value. To determine on borrowings, we have the essential understanding enterprise to carry on the debt decision-making the basis. The enterprise value is the enterprise each economic activities synthesis reflected, is also the en