摘  要:負債融資是市場經(jīng)濟條件下企業(yè)籌集資金的必然選擇。但是這種籌資方式，在給企業(yè)帶來巨大效應(yīng)的同時，也會帶來一些潛在的風(fēng)險。本課題通過一個具體企業(yè)的財務(wù)數(shù)據(jù)和信息，分析負債融資對該企業(yè)的正負面效應(yīng)，以及分析該企業(yè)在哪種資本結(jié)構(gòu)下，會實現(xiàn)其價值的最大化。本文的寫作思路為通過了解國內(nèi)外對負債融資的研究現(xiàn)狀及成果，從宏觀方向了解負債融資對企業(yè)的正負面效應(yīng)。再從微觀著手，對一個具體企業(yè)的財務(wù)數(shù)據(jù)進行分析，判斷該企業(yè)是否達到最佳資本結(jié)構(gòu)，和需要改進的方面及具體采取的措施，以及預(yù)期能達到的效果。本課題第一部分主要結(jié)合以前的研究成果學(xué)習(xí)和理順負債融資的概論和其財務(wù)效應(yīng)，以及國內(nèi)外對負債融資的研究。第二部分主要通過一個企業(yè)的財務(wù)數(shù)據(jù)對該企業(yè)負債融資的財務(wù)效應(yīng)進行分析。第三部分主要是通過第二部分的分析，得出該企業(yè)某一籌資周期的最佳資本結(jié)構(gòu)和改善措施，還有預(yù)期達到的效果。第四部分是本課題的結(jié)論。

關(guān)鍵詞：負債融資 財務(wù)管理 最佳資本結(jié)構(gòu) 財務(wù)杠桿 稅收效用

ABSTRACT:Debt financing is a market economy under the conditions of enterprises raise funds inevitable choice. But this financing, giving companies a huge effect, it would also bring some potential risks. This issue through a specific company's financial data and information, analyzing debt financing positive and negative effects of the enterprises, as well as analysis of the enterprise in which the capital structure, to achieve its maximum value. The ideas of this article are the debt financing at home and abroad by understanding the research status and achievements, from the macro to understand the direction of corporate debt financing for positive and negative effects. Then from the microscopic to proceed, on a specific analysis of the company's financial data to determine whether the company achieve an optimal capital structure, and what aspects need to be improved and concrete measures taken, and the expected effect can be achieved. The first part of the thesis is about learning previous research study and an overview of debt financing and the debt financing of research at home and abroad. The second part is the main financial data of an enterprise through debt financing and the financial effects analysis. The third part is the analysis of the second part, the company obtained a funding cycle optimal capital structure and improvement measures. This part also shows the expected effects the company will get. The fourth part is the conclusion of this project.

Keywords：Debt Financing；Financial Management；Optimum Capital Structure；Tax utility