二、经济学essay范文：Debt management
摘要：这篇论文讨论了负债经营。随着企业的发展，有的可能自有资金已经不能满足发展的需求，即使硬件设施跟得上，但是由于资金不足，不能投入生产，往往会导致错失良机，造成损失。这时候很多企业会选择借款去进行投资或者继续扩大规模，提高自身的竞争力，从而获得更大的利润，这就是负债经营。虽然负债经营可以给企业带来利润，但是同时，也存在各种各样的风险，稍有不慎，就会陷入财务危机。
With the development of enterprises and the expansion of scale, self-owned funds can no longer meet the development needs of enterprises. Even if the hardware facilities can keep up with them, they cannot be put into production due to insufficient funds, which will often lead to missed opportunities and losses. At this time, many enterprises will choose to borrow money for investment or continue to expand their scale to improve their competitiveness, so as to achieve greater profits. Debt management can bring profits to enterprises, but at the same time, there are all kinds of risks. A little carelessness will lead to financial crisis. Combined with the case of kaisa group, this paper analyzes various risks in the liability management of enterprises, so as to enable enterprises to correctly understand this financing method, improve the capital condition, avoid risks and maximize profits.
With the development of enterprises and the expansion of production scale, if enterprises only rely on their own accumulation to develop, it is likely to limit the production scale and even break the capital chain. In this case, enterprises can obtain funds by borrowing. As a low-cost external financing method, including bank loans, bond issuance and commercial credit, liability management has become an indispensable financing method in enterprise operation, which can not only relieve the pressure of capital, accelerate the flow of funds, but also save tax. At the same time, many failed enterprises are unable to repay due debts due to overpaying ability and excessive borrowing, and eventually go bankrupt, or are restricted by production due to debt, thus missing out on opportunities. Therefore, how to make reasonable use of debt management, control and avoid risks and maximize profits has become an inevitable problem for enterprises to solve on the road to success.
The most important reason for enterprises to use debt management is insufficient accumulation of their own, while debt management can quickly raise external funds and improve the strength of enterprises. Debt management can not only replenish capital for financing enterprises, but also collect and utilize idle funds from the society by issuing bonds to realize resource integration, which is more beneficial to realize the development strategy of enterprises.
If an enterprise raises funds by issuing shares, new shareholders have the right to vote on the operation of the company and can also share the accumulated surplus of the company, thus reducing the net earnings per share of common stock. However, in debt financing, creditors do not participate in the management of the company and do not share the accumulated earnings of the company, so as to avoid diluting the control of common shareholders.
The interest paid by the enterprise to the creditor is not related to the profit level of the enterprise. When the return rate of the enterprise's total assets changes, it will bring greater changes to the earnings per share. Because of financial leverage, owners gain more when the rate of interest on debt is lower than the rate of return on capital. Therefore, debt management is of great importance to increase the rate of return on equity capital.
Relative to equity financing, when the company goes through bankruptcy liquidation and distributes the remaining assets, the creditor takes priority in the distribution of preferred stock and common stock shareholders, and takes less risks than shareholders. Therefore, the expected investment return rate of creditors is lower than that of shareholders, which reduces the financing cost of debtors.
According to the relevant provisions of the enterprise income tax law of the People's Republic of China, debt interest can be deducted when calculating the taxable income of enterprises, so enterprises can make full use of this function to reduce the operating burden.
Because the standard of corporate debt repayment is the book value of liabilities, which is not affected by inflation and deflation, the amount that enterprises should repay is lower than the real amount of borrowed money in the case of inflation, thus alleviating the negative effect of currency depreciation.
In the process of debt management, enterprises may borrow money on a large scale because they do not want to miss the opportunity. However, they do not evaluate their solvency. In the environment of independent management and self-financing, enterprises should establish correct financial risk awareness, conduct scientific risk assessment, prevent and successfully deal with risks.
Keeping a good capital flow is an important measure to deal with risks in the operation of liabilities. When the liquidity of assets is good, when the debt crisis occurs, the liquidity is strong and the solvency is strong, so the ability to resist financial risks becomes stronger.
In the case of the good trillion industry, because of its no good risk awareness, in the process of the market, to a large amount of debt to construction and development, after the housing is locked, because 80% of the assets as part of the land, property, etc., cashability is low, causing a debt crisis, not only unable to repay, or even don't have enough working capital, eventually lead to debt restructuring. In addition, as enterprises believe that foreign currency borrowing is not a large proportion, there has been no corresponding hedging policy. For example, large adverse changes in the exchange rate will increase the pressure on enterprises to repay debts.
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