论负债的意义  

On the Meaning of Liability

作　　者：刘峰[1] 詹昀菲 林熹 LIU Feng;ZHAN Yun-fei;LIN Xi

机构地区：[1]厦门大学会计发展研究中心 [2]厦门大学管理学院

出　　处：《财务研究》2022年第5期3-11,共9页Finance Research

基　　金：教育部人文社会科学重点研究基地重大项目(13JJD790028)。

摘　　要：本文以恒大、大北农、小米等公司的案例切入,尝试结合具体的经济环境及其变化,来探究负债的意义。本文认为,传统财务理论从静态和偿付风险角度定义负债,不能完全涵盖负债的意义,并提出三个可能的认识角度:(1)过量债务资本驱动的规模扩张,容易产生错配风险;(2)资本运营,高估了负债的作用;(3)股权债权化与债权股权化,模糊了债权与股权的边界。因此,我们需要重新认识负债的含义,从而为资本结构研究提供一个有效的理论基础。Using the case of three companies,including Evergrande,Great Northern Agriculture and Xiaomi,this paper explores the meaning of liability in the context of changed economic environment.Traditionally,the term liability is elaborated from the perspective of insolvency risk which could not fully capture the nature of liability.We try to open the box of liability and propose a three fold argument:(1)Debt-financing capital-driven,especially excessive-debt-capital-driving scale extended reproduction is prone to lead to mismatch risk;(2)The so called capital-operation,or ziben yunying in Mandarin,overestimates the possible role of liability;(3)The debtization of equity and the equitisation of liability both blur the otherwise clear-cut boundary between debt and equity,and bring a brand new topic for researchers.Thus,the meaning of liability need to be reconceptualized and capital structure research calls for the new and appropriate underlying theory.

关 键 词：负债 外源性扩张 资本运营 股权债权化 

分 类 号：F275[经济管理—企业管理]