资产负债率与企业债务风险

——基于债务结构与资产质量的视角

张新民　韩紫轩

（对外经济贸易大学）

内容提要：在企业的融资实践中，不同的融资方式对企业资产负债率有不同影响。在评估企业的偿债风险时，传统分析方法将资产负债率视为度量企业偿债风险的重要指标。不可否认，资产负债率确实包含了一定的企业偿债风险信息。但是，将资产负债率作为度量企业偿债风险的绝对化指标，并将其控制在特定百分比的管理实践，可能迫使企业为了经营和发展需求进行不必要的融资以降低资产负债率。这种融资行为不仅损害企业的财务绩效，还对股东权益造成冲击。本文对资产负债率与企业偿债风险之间的关系进行了理论分析与案例研究，认为资产负债率并不直接等同于企业面临的偿债风险，企业偿债风险的评估不仅与资产负债率有关，更与企业的债务结构（经营性负债与融资性负债）以及资产质量密切相关。本文的研究为资产负债率的多维度解读提供了新视角，也为企业优化债务结构提供了理论支持。

关键词：资产负债率；偿债风险；债务融资；债务结构；资产质量

作者简介：张新民，对外经济贸易大学国际商学院/北京企业国际化经营研究基地教授、博士生导师，北京，100029；韩紫轩，对外经济贸易大学商学院博士研究生，通信作者。

基金项目：北京市社会科学基金重点项目“产业链视角下的北京市民营企业融资研究”（24GLA010）

引用格式：张新民,韩紫轩.资产负债率与企业债务风险——基于债务结构与资产质量的视角[J].经济与管理研究,2025,46(4):134-144.

Debt-to-Asset Ratio and Corporate Debt Repayment Risk

—Based on Debt Structure and Asset Quality

ZHANG Xinmin, HAN Zixuan

(University of International Business and Economics, Beijing 100029)

Abstract: The debt-to-asset (D/A) ratio contains certain information about a company’s debt repayment risk. However, using it as the only metric for measuring debt repayment risk may lead managers to overemphasize this ratio, thereby neglecting the company’s actual operational needs and its long-term development strategy. In some corporate management practices, controlling the D/A ratio to a specific percentage may force companies to take unnecessary financing actions. This blind financing behavior harms the company’s financial performance and shareholders’ equity.

This paper examines the relationship between the D/A ratio and corporate debt repayment risk, utilizing both theoretical analysis and case studies. The findings reveal that the D/A ratio does not directly equate to the debt repayment risk faced by a company. The assessment of a company’s debt repayment risk is not only closely related to the D/A ratio but also to the company’s development stage, debt structure, and particularly the composition of operating liabilities, financing liabilities, and asset quality. Specifically, the structure of financing liabilities and operating liabilities is the key to understanding debt repayment risk. In the stage of ongoing business development, the dominance of operating liabilities and the high D/A ratio due to business activities often indicate strong competitiveness of a company rather than an increase in debt repayment risk. In contrast, the interest-bearing debt ratio can more accurately measure a company’s true debt repayment risk level. Furthermore, a company’s ultimate debt repayment ability depends on asset quality, rather than purely on financial ratios. High-quality asset allocation and a robust operational structure are core elements that support long-term debt repayment ability. A company’s debt repayment ability is fundamentally determined by asset structure allocation, asset profitability, and the ability to obtain cash. In addition, with the advent of the digital economy, traditional D/A ratio analysis methods are undergoing transformation. During the digital transformation process, the financial structure of companies has also undergone profound changes. Especially with the introduction of data resources, traditional methods of calculating and using the D/A ratio need to be updated.

This paper presents a new perspective on the multidimensional interpretation of the D/A ratio and offers theoretical support for optimizing debt structures, enhancing asset quality, and improving financial management. Companies should not rely solely on the D/A ratio as a core indicator, but should instead comprehensively examine the diversity of debt structures, asset quality, and interest-bearing debt ratios. By optimizing the profitability of operating assets and cash flow generation capabilities, companies can establish a more robust financial foundation, leading to sustained long-term growth and value enhancement. This paper offers practical insights into advanced financial management strategies and provides theoretical support for policy formulation and corporate risk management.

Keywords: debt-to-asset ratio; debt repayment risk; debt financing; debt structure; asset quality

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