案例：麦道克的债务危机①

内容提要1内容提要债务风险问题虽然不是一个新兴的财务管理问题，但多年来却一直没有得到很好的解决，很多企业仍然处于债务风险的泥潭中难以自拔，特别是国内国有企业的这一问题也尤为严重。本文主要是以当前企业所面临的困境为出发点，提出一些针对债务风险防范与控制的解决方案，某些方法是过去业内人士一直讨论的，这里笔者只是加以改正，希望在企业中能够得到更好的运用。本文伊始采用纵向对比分析法对我国国有企业及国有控股企业的债务风险进行分析，同时对研究现状加以概括，在分析了影响债务风险的因素之后开始从债务风险的防范和控制两个方面展开讨论。在债务风险的防范部分，笔者采用由浅入深的手法，先是确定企业防范债务风险的制度的建立，然后制定企业的债务风险预警系统，确保企业处于债务风险的警惕状态。在债务风险的控制部分，主要从三部分（即：流动性、经济性、安全性）展开讨论。流动性主要是从期限这一角度来考虑的，不仅包括债务本身的期限，而且考虑了债务与收益的期限匹配；经济性主要是从资金成本和收益率的角度出发，考虑了项目的现金流问题；安全性顾名思义，从企业举债的安全层面考虑，确定企业是否处于安全的状况下及在出现问题情况下的自保行为。希望本文能为理论界的同行对债务风险问题的思考提供一些思路，为企业实践中的债务风险的防范与控制问题做出一点贡献。关键字：债务风险债务风险的防范债务风险的控制ABSTRACT1ABSTRACTThoughthefinancialriskisnotanewemergingproblemoffinancialmanagement,ithasnevergottensatisfactorysettlementformanyyears.Alotofenterprisesarestillhardtoextricateoneselfinthemireofthefinancialrisk,especiallytothestate-ownedenterprises.Thisarticlebeginswiththepresentpredicamentfacedwithmanyenterprises.Thenputsforwardsomemethodsabouthowtopreventandcontrolthefinancialrisk.Somemethodshavebeenbeingdiscussedinthepastyears,theauthorcorrectsthemandhopestogetbetterapplicationintheenterprise.Afteranalyzingthefinancialriskofthestate-ownedenterprisesandstate-runholdingenterprisesbytheapproachoflongitudinalanalysis,theauthorintroducesthepresentresearchconditionsconcerningthistopic,afteranalyzingthefactorsofthefinancialrisk,theauthorlaunchesdiscussingfromtworespectsoftheprecautionandcontrolofthefinancialrisk.Theauthoradoptsthetacticsfromthesuperficialitytothedepthdiscussingtheprecautionofthefinancialrisk.Firstlytheauthorestablishesthefoundationofthesystemsofprecautionofthefinancialrisk,thenmakesthefinancialriskwarningsystems,guaranteeingtheenterpriseinthestateofwatchingoutforthefinancialrisk.Itdiscussesthecontrolofthefinancialriskmainlyincludingthreeparts(namely:Mobility,economic,security).Mobilitymainlyconcerningwiththedeadline,notonlythedeadlineofliabilitiesitself,butconsideringthatthematchofthedeadlineoftheliabilitiesandincome;Economicproceedsfromfundcostandearningratio,andconsidersthecashflowissuesofproject;Securityasitsnamelysuggests,considersfromsecurityoffinanceaspectanddeterminesenterprisebeinginthesafestate,anditcarriesontheself-insurancebehaviorswhenitgoeswrong.Ihopethatthisarticlecanoffersometrainsofthoughtforthinkingabouttheriskquestionofthedebttothecolleaguesofthetheorycircleandmakealittlecontributionfortheprecautionofthedebtriskintheenterprisepracticeandcontrolquestion.KeyWords:FinancialRisk,ThePrecautionofFinancialrisk,TheControlofFinancialRisk目录1目录引言······················································································1一、债务风险的因素分析·····························································1（一）内部因素········································································1（二）外部因素········································································3二、债务风险的防范····································································4（一）建立债务风险管理制度······················································4（二）进行债务风险预警····························································6三、债务风险的控制···································································10（一）流动性··········································································10（二）经济性··········································································13（三）安全性··········································································20结束语·····················································································24参考文献·····················································································25后记·····················································································27引言1引言最近几年世界上一些大公司接连倒闭，如2000年美国能源业巨头安然公司申请破产保护，美国世界通信公司走向破产边缘等。这些企业共同的教训都是盲目扩张，高负债经营，形成严重亏损，最后由于资金周转不灵而陷入严重的债务风险的泥潭。事情虽然发生在国外的公司，但中国企业也要引以为戒，提高警觉。20世纪80年代以来，中国各级政府逐步将国有企业推向市场，改革“统收统支”的财政体制，实行“独立核算、自负盈亏、自主经营、自我发展”的企业财务制度，与此同时，开始试行“拨改贷”制度，从而使企业成为独立自主的商品生产经营者。这样，国有企业为了参与市场竞争，在竞争中求生存、图发展，逐步学会负债经营，许多企业依靠借债开展生产经营活动，并获得成功。到20世纪90年代，国有企业负债经营已经十分普遍，负债在企业资金总量中所占份额也越来越大，自有资金与债务资金已成为企业资金流转中的两个轮子，并行不悖。中国企业在经历了财政拨款融资——银行贷款型融资——市场调节型融资机制后，企业形成了以外部融资为主、内部融资为辅；以间接融资为主，直接融资为辅的融资格局，这种不平衡的融资结构使企业的资金“短缺”也表现为不平衡，即股本资本（资本金）相对短缺、债务资本相对充足。①以致国有企业已债台高筑，达到必须加以清理的局面。为了进一步说明我国企业债务风险的状况，下面，对我国国有及国有控股企业的主要财务指标进行列表分析，从中我们可以发现国有及国有控股企业所存在的高债务风险问题。从表1中我们可以看到：国有企业的流动比率维持在1.00左右，远低于经验证明的合理的流动比率2.00，说明国有企业的变现能力不强，会直接影响企业的短期偿债能力，降低企业的信誉；流动资产周转率反映企业的流动资产周转速度，国有企业的流动资产周转速较慢，最终会降低企业的营运能力，说明国有企业的资产管理效率不高；由于实行债转股政策的原因，资产负债率虽然有所降低，但截止到2001年，资产负债率仍维持在60%左右，已经超过了50%的正常水平，有的企业甚至高达100%。而且在负债结构中，流动负债占2/3，长期负债不足1/3，这样企业的长期偿债能力定会受其①刘淑莲，《企业融资方式、结构与机制》，中国财政经济出版社，2002年版，第3页。债务风险的防范与控制问题探讨2影响；成本费用利润率、销售利润率和资产净利率都说明企业的盈利能力，盈利能力相当于企业的造血功能，虽然国有企业的盈利能力有了一定程度的提高，但仍保持在一个较低的状态下。没有较强的盈利能力，国有企业的债务偿还问题就得不到彻底解决，持续下去情况便会恶化；资本保值增值率反映企业的成长情况，从数字分析说明国企的增长速度较慢。表1国有及国有控股企业的主要财务指标指标年度资产总额（亿元）负债总额（亿元）所有者权益（亿元）流动比率流动资产周转率资产负债率%成本费用利润率%销售利润率%资产净利率%资本保值增值率%199438477.2826103.8712342.831.0067.844.623.752.15116.32199547472.0631149.1016230.090.9665.623.102.551.55131.49199652757.0334324.3718406.180.9265.061.831.520.82113.41199770191.9744709.0425096.31