摘要：本文从企业负债经营的角度入手，通过对东方航空公司的分析，从企业的偿债能力、盈利能力等多角度进行研究，发现东航在负债经营的条件下，具有一定的优势所在，同时也存在一定的风险。本文以东航为分析对象，根据其2013～2016年间的财务报表数据，在分析负债经营状况的基础之上，从东航偿债能力、运营能力和盈利能力多个方面对其负债经营作出分析。实验结果研究表明：东方航空公司存在一定的负债经营风险。继而从企业的各个方面探讨了企业负债经营时应采取的策略，由此可见，东方航空公司应该需要树立正确风险防控意识，加强风险防控意识,正确把握企业负债经营的适宜度，从而合理安排资金比例，选择正确的筹资方式，从而为企业创造最佳的经营效益，促进市场经济的稳健发展。

关键词：负债经营；偿债能力；风险防控；财务报表；财务风险

Financial Analysis of Debt Management

Abstract：This article takes Eastern Airlines as the research object and based on the data of the financial statements from 2013 to 2016, based on an analysis of China Eastern Airlines' operating status and its liabilities, it analyzes the East from both long-term solvency and short-term solvency. The airline's liability operating efficiency. The experimental results show that: Eastern Airlines has a certain degree of liability business risks. Then from various aspects of the company, we discussed the strategies that should be adopted when the company is operating in debt. It can be seen that Eastern Airlines should establish a correct risk prevention and control awareness, strengthen the awareness of risk prevention and control, and properly grasp the appropriateness of the company's liability management, so as to be reasonable. Arrange the proportion of funds, choose the right financing method, strengthen the management of debt financing, and suggest that the solvency analysis and decision-making be correctly performed in accordance with the development status of the enterprise, scientifically determine the best plan for financing, and try to avoid and control financial risks. Create the best operating efficiency for the company and promote the steady development of the market economy.

Key Words：Liabilities operations; solvency; risk prevention and control; financial statements; Debt management

目  录

绪论1

一、负债经营概述2

（一）负债经营的概念及特征 2

（二）负债经营研究的目的和意义 2

（三）负债经营的现状  3

二、负债经营的优势分析4

（一）负债经营可以弥补资金短缺，能够较快速度筹集到资金，缓和资金紧缺的状况 4

（二）负债经营给企业带来的“杠杆效应”  4

（三）负债经营有利于保持公司的控制权 4

（四）负债经营有利于降低公司的资本成本 4

（五）使企业在通货膨胀中获取一定的收益 4

（六）负债经营有利于公司内部管理，提高公司经济效益 5

三、负债经营的弊端与风险分析6

（一）杠杆效应对负债公司产生的负面影响 6

（二）举债规模庞大，加剧无力偿债的风险 6

（三）企业再筹资能力受到过度负债影响 6

（四）过高的负债比率，促使股票市场价格下跌 6

四、东方航空股份有限公司负债经营效益分析8

（一）东航基本情况介绍 8

（二）东航负债经营现状分析 8

1、东航负债经营下出现的问题及财务风险评估  8

2、东航负债经营问题的成因 12

五、东航负债经营的策略和建议 14

(一) 增强公司风险意识，采取有效风险防控举措14（二）通过科学决策，选择最佳筹资方式14（三）选择最佳的还款方式14

（四）通过优化组合，以达到结构合理15