摘要:負(fù)債籌資指企業(yè)以已有的自有資金作為基礎(chǔ)，為了維系企業(yè)的正常營(yíng)運(yùn)等，發(fā)生現(xiàn)金流量不足，通過銀行借款、發(fā)行債券等形式吸收資金，并運(yùn)用這筆資金從事生產(chǎn)經(jīng)營(yíng)，使企業(yè)資產(chǎn)不斷得到補(bǔ)償、增值和更新的一種現(xiàn)代企業(yè)籌資的經(jīng)營(yíng)方式。所以，負(fù)債籌資是現(xiàn)代企業(yè)廣泛采用的一種籌資方式，它成為企業(yè)生產(chǎn)經(jīng)營(yíng)的一個(gè)非常重要的財(cái)務(wù)渠道，企業(yè)在正常經(jīng)營(yíng)中都可能存在一定的負(fù)債。但是企業(yè)在積極運(yùn)用籌資方式的同時(shí)，也面臨著一定的經(jīng)營(yíng)風(fēng)險(xiǎn)和財(cái)務(wù)風(fēng)險(xiǎn)。企業(yè)只有確定最佳的資本結(jié)構(gòu)，樹立正確的風(fēng)險(xiǎn)意識(shí)，適度的負(fù)債經(jīng)營(yíng)，才有可能創(chuàng)造更多的經(jīng)濟(jì)效益，實(shí)現(xiàn)其經(jīng)營(yíng)價(jià)值的最大化。

　　　本文歸納整理華峰氨綸股份有限公司歷年的財(cái)務(wù)報(bào)告及財(cái)務(wù)風(fēng)險(xiǎn)的狀況，闡述華峰氨綸股份有限公司的負(fù)債籌資風(fēng)險(xiǎn)，并提出加強(qiáng)和改進(jìn)負(fù)債籌資風(fēng)險(xiǎn)管理的措施，解決華峰氨綸股份有限公司負(fù)債籌資風(fēng)險(xiǎn)的問題。

關(guān)鍵詞：華峰氨綸；負(fù)債籌資；風(fēng)險(xiǎn)防范

Abstract:Debt financing refers to the enterprise to have its own funds as the basis, in order to maintain the normal operation , but it’s own cash flow is not enough , through bank loans, issuance of bonds and other forms of absorbing capital, and use the funds to engage in production and operation, make the enterprise assets continue to be compensation, value-added and update of a kind of modern enterprise financing mode of operation. Therefore, debt financing is widely used in modern enterprise a financing mode, it become the enterprise production and management of a very important financial channels, enterprises operating in the normal may exist in a certain liabilities. But the enterprise in active use of financing modes at the same time, it also faces the business risk and financial risk. The enterprise only to determine the best capital structure, establish the correct sense of risk, moderate debt management, will it be possible to create more economic benefits, realize its business value maximization.

　　　This paper introduces the basic situation of Huafeng spandex Co., arrange Huafeng spandex Co. over the financial report and the financial risk condition, elaborated Huafeng spandex limited liability financing risk, put forward to strengthen and improve the debt financing risk management measures, to solve the Huafeng spandex limited liability financing risk problems.

Key Words: Huafeng spandex；Debt financing risk；Risk prevention 

　　　負(fù)債籌資是指通過負(fù)債籌集資金。負(fù)債是企業(yè)一項(xiàng)重要的資金來源，幾乎沒有一家企業(yè)是只靠自有資本，而不運(yùn)用負(fù)債就能滿足資金需要的，利用負(fù)債籌集資金可以提高企業(yè)的市場(chǎng)競(jìng)爭(zhēng)能力，擴(kuò)大生產(chǎn)規(guī)模，使企業(yè)得到財(cái)務(wù)杠桿效益，獲得節(jié)稅效益，減少貨幣貶值的損失，降低綜合資金成本。財(cái)務(wù)杠桿具有雙向作用，它既可能把企業(yè)撬高，給企業(yè)帶來正面積極的作用，也可能把企業(yè)撬翻，甚至使企業(yè)倒閉破產(chǎn)，韓國(guó)大宇集團(tuán)、中國(guó)鄭百文就是很好的例子。所以，負(fù)債籌資是一把雙刃劍，它的運(yùn)用是有風(fēng)險(xiǎn)的，不合理的負(fù)債籌資會(huì)演變成一種危險(xiǎn)，甚至?xí)o企業(yè)帶來滅頂之災(zāi)。所以，企業(yè)應(yīng)在正確認(rèn)識(shí)籌資風(fēng)險(xiǎn)的基礎(chǔ)上，充分重視籌資風(fēng)險(xiǎn)的作用及影響，掌握籌資風(fēng)險(xiǎn)的防范措施，使企業(yè)既獲得負(fù)債經(jīng)營(yíng)帶來的財(cái)務(wù)杠桿收益，同時(shí)將風(fēng)險(xiǎn)降低到最低限度，使負(fù)債經(jīng)營(yíng)更有利于提高企業(yè)的經(jīng)營(yíng)效益，增強(qiáng)企業(yè)市場(chǎng)競(jìng)爭(zhēng)力。所以，在當(dāng)前經(jīng)濟(jì)環(huán)境下對(duì)企業(yè)負(fù)債籌資風(fēng)險(xiǎn)及防范進(jìn)行研究不僅具有理論意義同時(shí)也具有現(xiàn)實(shí)意義。