摘要:负债经营被看作是一把双刃剑，一方面，若运用得当，负债经营帮助企业获得节税效应；另一方面，若运用不当，则导致企业潜在的财务风险。通过理性负债经营来获得财务杠杆效应，是企业在日益激烈的市场竞争中谋求生存与发展的一条现实路径。本文借鉴了现代企业负债经营的相关理论，综合运用文献分析法、案例研究和比较相结合的方法，以上海喜士多便利连锁有限公司作为研究对象，文章从经营观念、资本结构、融资方式、资本成本和风险预警机制等视角，揭示了企业在负债经营中所存在的误区。在探寻内外成因的基础上，结合便利连锁行业的特征以及企业的整体战略，提出了相关举措：以“集约化”扩张为导向，倡导适度负债理念；合理配置资金以提高利用效率；引入多元债务资本融资方式；理性控制资本成本以缓解现金流压力；建立健全企业风险防范机制。
关键词 负债经营；适度负债；债务资本；资本结构
Abstract:The debt-operation is viewed as a hard of double-edge sword for modern business. On one hand, the debt-operation helps business gain the Tax-Shield effect. On the other hand, if conducted inappropriately, it will lead to the potential financial risk. To rationally conduct the debt-operation and then to gain the financial leverage is a reality approach for businesses to survive and develop sustainably on the condition of increasingly fierce marketing competition. Learning from the related theories of the debt-operation of modern enterprises, comprehensively employing the following methodologies such as contends, case and comparative analysis, taking Shanghai C-store Co., Ltd as the research object, the paper discloses the misunderstandings of debt operation of Shanghai C-store Co., Ltd from the from the perspectives of business idea, capital structure, financing methods, capital cost and risk warning mechanism. Consequently, according to the characteristics of industrial competition and the strategy of the corporation, the measures are put forward such as to propose the concept of moderate debt on the guide of intensive expansion; to allocate capital in reason and improve the utilization efficiency; to lead into the financing methods of multiple debt capital; to control over the capital cost rationally and ease the pressure on cash flow; to re-enhance the risk avoidance mechanism.
Keywords Debt-operation Moderate Debt Debt Capital Structure of Capital
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