企业负债经营的问题与对策外文资料翻译TheadvantagesanddisadvantagesofdebtmanagementI.INTRODUCTIONLiabilitiescanraisethemoney.Enterprisesinthecaseofinsufficientfunds,debtmanagementmayusemorepowertoexpandenterprisescaleandeconomicstrength,shorttimetoimprovetheoperationefficiencyofenterprisesandcompetitiveness.Anyaenterprisenotonlyinthecaseofinsufficientfundsneedindebtedness,infundsundertheconditionofrelativelyabundantindebtednessisalsoverynecessary.Evenifanenterpriseinternalcapitalaccumulation,morebyitsowncapitalaloneenterprisescaleandhecanusetheamountofmoneyislimited.Throughresponsiblebusiness,andcontrolcanbeobtainedmoretheamountofcapital.Aslongasreasonableusethesefundsorganizationandcoordination,expandthebusinessscopeofbusinessandthewayofthinking,improvethetechnologyandequipment,reformprocess,theintroductionofadvancedtechnology,updatingequipment,expandthescaleofenterprise,broadenthescopeofbusiness,improvethequalityoftheenterprise,canstrengthenenterpriseeconomicstrengthandcompetitionability.II.TheadvantagesofdebtmanagementDebtmanagementisacommoditytoacertainstageofeconomicdevelopment.Theinevitableproductofmarketeconomyistheonlywayforthedevelopmentofenterprises.Enterprisestodevelop,relyingoninternalaccumulationanditsownfundstomeettheneedsofenterprisedevelopment,notonlydoesnotallowtimeandthenumberwouldstillbedifficulttomeetthedemand,itwilllosebusinessopportunitiesandconstraintsoftherapiddevelopmentofenterprises.Rationaluseofdebt,toenablebusinessestoobtainfinancialleverageeffect.Improperusemayincreasetheenterprise’sfinancialrisk,sothatenterprisesinvolvedinfinancialcrises.Taxdebtcanplayarole.Becauseunderthecurrentsystem,thefinancialliabilitiesincludedinthecostofinterest,andbeforethedeductionofincometax,itcangeneratetaxsothatsmallbusinessincometax,thusincreasingtheequitycapitalgains.Thehigherinterestchargeson,thegreaterthetaxsection,sothatbusinesseswithliabilitiesusingitsownfundsforallbusinessescomparedtothecostincrease,reductioninprofits.Theamountofincometaxbereduced,therebyreducingtheamountofincometaxpaidtoreducethetaxburdenonenterprises.Liabilitiesofbusinessenterprisescanreducethecostofcapital.Operatingrequirementsoftheliabilitiesofenterprisesregularlypayinterestandprincipalpaymentsduetocreditorsforasmallerinvestmentriskandthereforerequiredalowrateofreturnoninvestment.Inaddition,theroleoftheabove-mentionedtaxandthereforethecostofdebtcapitalisusuallylessthanthecostofequitycapital.Liabilitiesofbusinesscanbenefitfrominflation.Liabilitiesaregenerallyduetodebtservice,anincreaseintheinflationrate,theoriginalliabilityoftherealpurchasingpowerwilldecline,aftertheenterprisebyreducingtheamountofdebtservice,infact,istoshifttheconsequencesofcurrencydepreciationtothecreditors.Debtmanagementisbeneficialtomaintaincontrolofcompanies.Intheenterprisefacinganewfinancingdecisions,suchasiftofindstockwaytoraiseequitycapital,notonlythecostofcapitalthandebtfinancing,willalsobringequityscattered,affecttheexistingshareholdersforthecontroloftheenterprise.ButiftoissuebondsorborrowfromBanksandotherfinancialinstitutionscapital,toraisedebtcapital,thecreditorhasnorighttoparticipateinthecompany'soperatingdecisions,whileexpandingenterprisecapitalsourcedoesnotaffectthecontroloftheenterprise,isconducivetomaintainingexistingshareholderscontrolenterpriseproductionandbusinessoperationactivities.Thebalanceoffinanc...