摘要：本文根據我國企業負債經營的情況調查，分析了我國企業負債經營的原因以及企業負債經營不善帶來的嚴重后果。企業營運資金不夠、擴大企業規模時資金不足導致企業負債經營。企業負債經營不善時，將給企業帶來經營失敗、利率過高企業無法支付利息費用、無法按期還本付息、再籌資能力差等嚴重后果。本文還討論了企業負債經營帶來的籌資風險、投資風險、資金回收風險等財務風險，分析了企業負債經營財務風險形成的內因和外因，同時提出了企業負債經營財務風險的防范措施。其防范措施包括：樹立風險意識，建立健全的風險預警機制，確定最佳資本結構，針對利率變動作合理的籌資安排，提高資金的使用率，增加企業的盈利能力。

關鍵詞: 負債經營，財務風險，防范措施

Abstract:This paper according to our country enterprise debt management situation of the investigation, this paper analyzes the reasons of our country enterprise liabilities management and enterprise liabilities from poor management of serious consequences. Enterprise operating funds, expand the scale of the enterprise is not enough when insufficient funds liabilities operations in enterprise. Enterprise debt when bad management, will brings to the enterprise business failure, interest rates too high enterprise can't pay interest expense, fail to honor servicing, poor ability to raise serious consequences. This paper also discusses enterprise management of fundraising risk liability brought, investment risk, capital recovery risk financial risk, and analyzes the financial risk management enterprise liabilities of the formation of the internal and external causes, and put forward the enterprise debt management of the financial risk of preventive measures. The preventive measures include: setting up risk awareness, a sound risk early warning mechanism, determined the best capital structure, interest rate changes to make reasonable financing arrangements, and to increase the financial utilization rate and increase enterprise profitability.

Key words：Debt management, financial risk, and preventive measures

　　　本文分析了企業負債經營的籌資風險、投資風險、資金回收風險等財務風險，同時舉例分析了負債經營不善帶來的嚴重后果，提出了負債經營財務風險的防范措施。企業負債經營的籌資風險主要是籌資規模不合理、籌資方式選擇不當、籌資結構選擇不當引起的風險。企業負債經營的投資風險主要是投資項目的選擇錯誤引起的風險。企業負債經營的資金回收風險主要是應收款收回時間和收回金額不確定性所導致的風險。其中，籌資決策失誤、投資決策失誤、資產流動性差、企業的盈利能力差和企業治理因素是導致企業負債經營財務風險的內因。同時，討論了政治環境、經濟環境、自然環境和行業環境對企業負債經營有一定的影響。本文舉例說明了我國企業負債經營不善帶來的嚴重后果，其中包括經營失敗，利率不利變動導致企業無法支付利息費用，再籌資能力差，無法按期還本付息。論文最后從樹立風險意識，建立健全的風險預警機制、建立債務風險預警機制、確定最佳資本結構、籌資策略、投資策略、資金使用效率等方面提出了我國企業負債經營財務風險的防范措施。