摘要:在當今激烈的市場經濟條件下，負債經營已經成為眾多企業運營管理的重要方式。不少企業因此而不斷壯大，但有些企業在負債經營的同時卻不重視負債經營的管理。如今不合理的負債經營已經成為制約企業發展的一個重要因素，因此如何適度負債經營成為企業所需要解決的首要問題，企業應根據自身的特點進行合理的負債經營。

　　　本文以適度負債的經營理論為基礎，以巨人集團為研究對象，針對企業負債經營過程中存在的問題提出相應的建議和防范風險的措施。本文認為企業要實現適度負債經營最重要的還是要根據自身特點制定合理的負債規模并合理利用財務杠桿，促進企業更迅速的發展。

關鍵詞 負債經營；資本結構；適度負債

Abstract:In today's fierce market economy, the debt management has become an important way of operation and management for many enterprises. However, some companies still do not pay attention to the importance of the debt management. Liability operational risks has become an important factor restricting of the development of enterprises, so how to moderate debt management has become a major problem. Companies should accordingly debt management system based on their characteristics.

　　　This article will by an example, that by Giant Group for the study of operating liabilities, the analysis of its operating status and the reasons for the failure in the past. Enterprise's own reality, unreasonable, and enterprises in the management of existing problems and shortcomings, designed some suggestions to change the company operating liabilities, so debt management can play a greater role in economic life.

Keywords  Debt management  Capital Structure  Moderate Debt

　　　負債經營是現代企業提高競爭力和獲利能力，為實現快速發展而采取的一種積極、主動和進取的經營理念。適度的負債經營會給企業帶來好處，但也有一定風險。所以合理的運用負債經營，可以提高企業財務管理水平，也可以為企業增經濟效益。

　　　企業適度舉債，除了稅收有優惠，通常還能降低公司的代理成本。因為在企業舉債經營的環境下，管理層始終面臨著還款的壓力，這可能會減少管理層對剩余現金的濫用，從而抑制盲目的投資行為。