摘  要:负债融资是市场经济条件下企业筹集资金的必然选择。但是这种筹资方式，在给企业带来巨大效应的同时，也会带来一些潜在的风险。本课题通过一个具体企业的财务数据和信息，分析负债融资对该企业的正负面效应，以及分析该企业在哪种资本结构下，会实现其价值的最大化。本文的写作思路为通过了解国内外对负债融资的研究现状及成果，从宏观方向了解负债融资对企业的正负面效应。再从微观着手，对一个具体企业的财务数据进行分析，判断该企业是否达到最佳资本结构，和需要改进的方面及具体采取的措施，以及预期能达到的效果。本课题第一部分主要结合以前的研究成果学习和理顺负债融资的概论和其财务效应，以及国内外对负债融资的研究。第二部分主要通过一个企业的财务数据对该企业负债融资的财务效应进行分析。第三部分主要是通过第二部分的分析，得出该企业某一筹资周期的最佳资本结构和改善措施，还有预期达到的效果。第四部分是本课题的结论。

关键词：负债融资 财务管理 最佳资本结构 财务杠杆 税收效用

ABSTRACT:Debt financing is a market economy under the conditions of enterprises raise funds inevitable choice. But this financing, giving companies a huge effect, it would also bring some potential risks. This issue through a specific company's financial data and information, analyzing debt financing positive and negative effects of the enterprises, as well as analysis of the enterprise in which the capital structure, to achieve its maximum value. The ideas of this article are the debt financing at home and abroad by understanding the research status and achievements, from the macro to understand the direction of corporate debt financing for positive and negative effects. Then from the microscopic to proceed, on a specific analysis of the company's financial data to determine whether the company achieve an optimal capital structure, and what aspects need to be improved and concrete measures taken, and the expected effect can be achieved. The first part of the thesis is about learning previous research study and an overview of debt financing and the debt financing of research at home and abroad. The second part is the main financial data of an enterprise through debt financing and the financial effects analysis. The third part is the analysis of the second part, the company obtained a funding cycle optimal capital structure and improvement measures. This part also shows the expected effects the company will get. The fourth part is the conclusion of this project.

Keywords：Debt Financing；Financial Management；Optimum Capital Structure；Tax utility