摘要：現代社會，企業間的競爭異常激烈，只有通過盈利，企業才能生存與發展。作為一種低成本的資金，負債不僅能提高權益資本收益率，而且能降低資本成本。因為需要定期還本付息，負債過度無疑會增大企業的財務風險。因此，合理利用負債成為企業財務管理的一個重要課題。合理運用負債經營，既可以為企業增長經濟效益，又能提高企業財務管理的水平。合理適度安排負債資金，正確認識企業負債經營的利與弊，對提高企業經濟效益有重要的意義。

　　　本文針對永泰能源這一個案進行負債經營狀況分析，眾所周之，負債經營是指企業以已有的自有資金作為基礎，為了擴大經營規模、維系企業的正常營運、開創新事業等，產生財務需求，發生現金流量不足，通過銀行借款、商業信用和發行債券等形式吸收資金，并運用這筆資金從事生產經營活動，使企業資產不斷得到補償、增值和更新的一種現代企業籌資的經營方式。

　　　文章先總體介紹煤炭行業的總體發展趨勢，隨后列出同行業的另一家企業露天煤礦，通過分析比較從而全面分析永泰能源的經營狀況。文章最后，針對永泰能源的具體情況，給出相應的對策與建議。

關鍵詞：負債經營；資本結構；優勢；對策

Abstract：　In modern society, the increasingly fierce competition between enterprises. Only by making profit, enterprises could survive and develop.As a low cost of capital,liabilities not only can reduce the cost of capital, but also improve the rights and interests of capital gains rate. But debt need regular servicing, excessive debt will undoubtedly increase the financial risk of the enterprise. Therefore, the rational use of debt has become an important subject of enterprise financial management. The rational use of debt management, which can improve the level of corporate financial management, and can increase the economic benefit of the enterprise. A correct understanding of the advantages and disadvantages of the enterprise debt management, reasonable arrangements for debt capital, is of important significance to improve the economic efficiency of enterprises. 

　　　This article carries on the analysis of debt management according to the present situation of Win time Energy in this case, the weeks, debt management is refers to the enterprise has its own funds as the basis, in order to expand the operation scale, maintain the normal operation of enterprises, open innovation business, financial demand, cash flow problems, absorbing funds through bank loans, trade credit and the issuance of bonds and other forms, and use the funds to engage in production and business activities, a modern business enterprise assets continue to get compensation, value added and updated the financing mode of operation.

　　　This paper first introduces the overall development trend of coal industry, then make another company in the same industry opencast coal mine, through comparative analysis and comprehensive analysis of Yong Tai energy management status. Finally, according to the specific situation of Yong Tai energy, the corresponding countermeasures and suggestions are given.

Keywords: Debt management  capital structure  advantage  countermeasure