摘要:負(fù)債經(jīng)營被看作是一把雙刃劍，一方面，若運(yùn)用得當(dāng)，負(fù)債經(jīng)營幫助企業(yè)獲得節(jié)稅效應(yīng)；另一方面，若運(yùn)用不當(dāng)，則導(dǎo)致企業(yè)潛在的財(cái)務(wù)風(fēng)險(xiǎn)。通過理性負(fù)債經(jīng)營來獲得財(cái)務(wù)杠桿效應(yīng)，是企業(yè)在日益激烈的市場競爭中謀求生存與發(fā)展的一條現(xiàn)實(shí)路徑。本文借鑒了現(xiàn)代企業(yè)負(fù)債經(jīng)營的相關(guān)理論，綜合運(yùn)用文獻(xiàn)分析法、案例研究和比較相結(jié)合的方法，以上海喜士多便利連鎖有限公司作為研究對象，文章從經(jīng)營觀念、資本結(jié)構(gòu)、融資方式、資本成本和風(fēng)險(xiǎn)預(yù)警機(jī)制等視角，揭示了企業(yè)在負(fù)債經(jīng)營中所存在的誤區(qū)。在探尋內(nèi)外成因的基礎(chǔ)上，結(jié)合便利連鎖行業(yè)的特征以及企業(yè)的整體戰(zhàn)略，提出了相關(guān)舉措：以“集約化”擴(kuò)張為導(dǎo)向，倡導(dǎo)適度負(fù)債理念；合理配置資金以提高利用效率；引入多元債務(wù)資本融資方式；理性控制資本成本以緩解現(xiàn)金流壓力；建立健全企業(yè)風(fēng)險(xiǎn)防范機(jī)制。

關(guān)鍵詞 負(fù)債經(jīng)營；適度負(fù)債；債務(wù)資本；資本結(jié)構(gòu)

Abstract:The debt-operation is viewed as a hard of double-edge sword for modern business. On one hand, the debt-operation helps business gain the Tax-Shield effect. On the other hand, if conducted inappropriately, it will lead to the potential financial risk. To rationally conduct the debt-operation and then to gain the financial leverage is a reality approach for businesses to survive and develop sustainably on the condition of increasingly fierce marketing competition. Learning from the related theories of the debt-operation of modern enterprises, comprehensively employing the following methodologies such as contends, case and comparative analysis, taking Shanghai C-store Co., Ltd as the research object, the paper discloses the misunderstandings of debt operation of Shanghai C-store Co., Ltd from the from the perspectives of business idea, capital structure, financing methods, capital cost and risk warning mechanism. Consequently, according to the characteristics of industrial competition and the strategy of the corporation, the measures are put forward such as to propose the concept of moderate debt on the guide of intensive expansion; to allocate capital in reason and improve the utilization efficiency; to lead into the financing methods of multiple debt capital; to control over the capital cost rationally and ease the pressure on cash flow; to re-enhance the risk avoidance mechanism.

Keywords  Debt-operation  Moderate Debt  Debt Capital  Structure of Capital