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1、附录An Analysis of Advantages and Disadvantages of Enterprise Liability OperationWith the development of market economy, enterprises in the fierce market competition for survival, or invincible, must continue to strengthen its own economic strength, many entrepreneurs, the capital of enterprises liken
2、ed yes to maintain the normal activities of life companiesblood, obviously money is important to the survival and development of enterprises, and strengthen its economic strength, sufficient ftinds must be guarantccd.At present, Chinas most enterprises, especially state-owned enterprises have faced
3、funding shortages, and therefore, how to obtain funds on the business community is a crucial decision.Typically, the business has two main funding sources: first, the owner of investment funds; second, debt financing.Here, we talk about the corporate debt financing business.Liability management is t
4、he responsibility of enterprises to pay particular to ensure through legal channels, paid fbr using other peoples money to make up their own capital deficiencies, in order to obtain paymentProfit remaining after the cost of borrowing, which is the rapid accumulation of capital, a shortcut to speed u
5、p the development of enterprises, fbr pre-emptive strike, to seize the market fbr large gains.Enterprise Capital Management inseparable combination of capital, not a well-run company has no debt, the debt is the growing need fbr the development of an important condition.Correct understanding of debt
6、 management, debt management is of great significance to the enterprise.Contradiction exists in all matters, debt management is no exception, that companies use debt Operation, also has its advantages and disadvantages.What are the pros and cons, how can we better bring the economic benefits and cre
7、ate more, so that enterprises in the competition is ahead?1, positive impact on firm debt1. Debt management can make up fbr long-term development in the operation and the shortage of funds business in the course of business must need the money, and rely on internal accumulation of own funds, not onl
8、y in the time allowed, but the numbers are difficult tomeet their development needs, so companies without sufficient funds, debt fiinds operate more power can be used to expand business scale and economic strength, and improving operating efficiency and competitiveness.A business not only in the lac
9、k of funds needed to balance business, that is, when more fiinding fbr debt management is also very ncccssary.An enterprise solely fbr the accumulation and use their own funds, the amount of funding is always limited.Enterprises can effectively access debt and controlling the amount of funds more ra
10、tionally ratio between the organization and coordination of funds, improve technical equipment, the reform process, introducing advanced technology, Gengxin equipment, enlarge the scale and broaden range and increase the quality of cntcrpriscscnhancc the economic strength and competitiveness.2. Debt
11、 management can reduce the weighted average cost of capital corporate debt financing costs lower than the cost of equity financing, debt interest payments as a pre-tax payments, debt management from the tax effect11 to benefit businesses can pay less income tax.That is, when the total amount is fixe
12、d, a certain proportion of debt financing can reduce the weighted average cost of capital enterprises.3. Liabilities of business enterprises will nleverage eflecCLiabilities operator interest paid to creditors is a the level of corporate earnings has nothing to do with the fixed expenses, the compan
13、ys total return on assets subject to change, then business owners will bring substantial fluctuations in earnings, this effect isfinancial management has been called nfinancial leverage cffcct.nDcbt leverage on earnings per share by calculating the degree of financial leverage to the table.Said that
14、 financial leverage (DFL) is the percentage change in earnings per share and percentage change in profit before interest and tax rate.Leverage can be expressed as: DFL = (AEPS / EPS) / (AEBIT / EBIT) which, DFL-financial leverage, AEPS-change in earnings per share amount, EPS-camings per share, AEBI
15、T-ratc pre-tax profit of variation,EBIT-intcrcst profit before tax.This shows that the liabilities of business as long as the investment rate of return greater than the interest rate situation, enterprises can be profitable, debt management companies will be able to bring significant financial lever
16、age effect When the enterprise profit rate than the debt cost of capital funds, the company earnings will increase to a greater extent.At the same time, businesses can use their own fiinds debt savings to create new profits.Thus, to some extent in raising debt financing fbr corporate yield plays an important role.4. Debt management help companies to maintain control over theln business decisions facing the new funding, if the way of the issuance of stocks to raise equity c
