日本企业的负债经营,以及对筹集大量建设资金,提高资金运用效果,促进经济高速度增长的事实,表明了它在企业经营战略上的成功。 (一)日本企业的负债状况在西方企业的资本构成中,日本企业的自有资本率普遍很低。即使在因石油危机而实行“减量经营”的1978年,日本企业的自有资本率也只达到18%,而美国、西德的负债率都比较接近传统的负债指标,即 The fact that Japanese companies are in debt management, as well as raising a large number of construction funds, improving the effectiveness of capital use, and promoting high economic growth, demonstrates its success in corporate business strategy. (I) Debt situation of Japanese companies In the capital structure of Western companies, the rate of self-owned capital of Japanese companies is generally very low. Even in the year 1978 when the “oil reduction crisis” was implemented for “reduction management”, Japanese companies’ own capital ratio only reached 18%, while the debt ratios of the United States and West Germany were relatively close to the traditional liabilities index.