摘要:負債經營作為現代企業生存有效的經營方式不僅能給企業帶來收益，也能給企業帶來財務風險，如何有效地控制負債經營及其帶來的財務風險，保證企業的長久發展是目前亟待解決的一個問題。本文界定了負債經營和財務風險的內涵，研究了負債經營的特征、利與弊、負債經營和財務風險的關系，認為適度的負債經營能帶來財務杠桿效益，過度的負債經營能帶來財務風險。以南京紡織品進出口公司為研究對象，分析該公司負債經營的現狀，發現南紡企業資本結構不合理；企業的償債、盈利和營運能力較先進企業比都比較低；籌資活動中現金流出額較多，主要用于支付債務的本息；利用財務預警模型預測該企業存在財務危機先兆。從發現問題出發，提出了控制該公司財務風險的優化措施，主要包含四個方面即:保持適度的負債規模；優化現存的負債結構；提高資產的運營效率；建立財務預警機制。

關鍵詞 負債經營；財務風險；控制

Abstract:As an effective survival mode of the modern enterprise, debt management can not only get income, but also bring the financial crisis. How to control the financial risks and ensure the long-term development of enterprises is a problem urgent to solve. The paper defines the connotation of the debt management and financial risks. Study the debt management characteristics, advantages and disadvantages and the relationship of debt management and financial risks, put forward the view that the moderate debt can bring the profit of financial leverage, but excessive debts maybe bring the financial benefits risk. Taking Nanjing Textiles Import and Export Corporation as research object, and analyze the status of debt management of this company. The author found that the capital structure of this company is irrational; and the solvency, profitability and viability of this company is lower than the advanced enterprise; and cash outflow in financing activities is a larger amount, which are used to pay the principal and interest of the debt; and the financial early warning model predict the threatened financial crisis of this company. From the exist problem, the author finally give the advice which can control the company's financial crisis, it includes four aspects: to maintain an appropriate debt scale; optimize existing debt structure; improve the operational efficiency of the asset; set up financial early warning mechanism.

Keywords   Debt management   Finance crisis   Control