摘要:受世界金融危机的影响，纺织行业近年来呈现出市场需求下跌的状态，大多数企业盈利能力下降，导致经营活动中资金流不足，纺织企业普遍选择负债经营模式。但负债经营是一把双刃剑，一方面可能为企业带来收益，另一方面可能给企业带来亏损，甚至破产。为了促进企业更好地发展，达到企业盈利的目的，企业首先要加强对合理负债的认识，合理负债不仅可以解决资金流不足的问题，而且可以给企业带来丰厚的收益。所以切实掌握合理负债的经营策略对企业来说至关重要。

　　　本文主要结合已有的文献，采用案例分析法，将华芳股份有限公司作为研究对象，从该企业自身负债经营现状分析其优势，通过分析该公司的各项财务指标，并与纺织行业同规模的先进企业进行对比，找出该企业过度负债经营存在的问题及成因，结合问题从内外两个角度提出促进该企业发展的负债经营策略。

关键词 负债经营；流动负债；财务杠杆；资产负债率

Abstract:Under the influence of the economy crisis in the world,the textile industry shows the state that the market demand has fell in recent years.The profitability of many enterprises become decline,which lead to lack of capital flow of operating activities, so most of the textile enterprise usually begin to choose the debt management. Debt management as a double-edged sword, on the one hand, it may make a profit for the enterprise, on the other hand, it may bring to the losses or even bankruptcy. In order to promote the better development and eventually achieve the profit, the enterprise must firstly strengthen the understanding of reasonable liabilities.Because reasonable debt can not only solve the problem of lack of capital flow, but also can bring in the huge profits. So grasping the strategy of the reasonable liabilities is essential for businesses.

　　　This paper combined with the existing literature,and took Huafang textile Co., Ltd. as the research object.It analyzed the advantages from the enterprise's current status of debt management. By analyzing the company's financial indicators and comparing with the advanced company in the textile industry, the paper found out the problems of excessive debt management and the causes.Finally,the strategies were put forward from the two side ,which can promote the development of the enterprise.

Keywords  Debt management  Financial leverage  Current liabilities  Debt asset ratio

本论文主要是通过研究我省华芳纺织股份有限公司的负债经营体系，结合相关理论研究现状，总结出企业负债经营的优势以及发现其在负债经营方面的存在问题，并针对存在的问题提出适合该公司负债经营的相关举措。同时，结合该公司的实际情况，将公司的负债经营与公司的整体战略规划联系在一起，结合公司日常生产经营特点与负债经营风险理论探讨出适合该纺织企业的负债经营方法。