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债务也会有风险吗?国内某饭店,80年代中期在建设时通过银行利用了日元转贷款,建成后尽管在经营上颇有一套,但财务上却日益陷入窘境,到90年代后期终于因为无法偿还贷款而被转贷银行接管了。为什么呢?原因出在汇率上。该企业借款时的日元汇率为1美元等于200多日元,但后来日元逐步升值,到1995年最高时达1美元只等于近80日元,这个饭店的日元债务以美元计也就大大增加了,饭店的业务经营再好,也赶不上因汇率变动而出现的债务负担加重,也就无法避免财务上的巨大亏损了。除了汇率风险,债务还有利率风险。国内企业在利用外汇转贷款、境外直接贷款时,有许多使用的是浮动利率,即以伦敦银行间同业拆放利率(LIBOR)加上一定的差额作为贷款利率。当LIBOR上升时,企业债务负担也就会加重。
Debt will be at risk? A domestic hotel in the mid-1980s through the bank in the construction of the use of the yen to lend, despite the establishment of a quite a set of operations, but financially increasingly into a dilemma, and finally into the late 90s because of Can not repay the loan and was taken over by the lending bank. Why? The reason lies in the exchange rate. The Japanese yen exchange rate of the company borrowed was equal to 200 U.S. dollars at a dollar exchange rate, but then the Japanese yen gradually rose to a maximum of one U.S. dollar at 80 U.S. dollars in 1995. The Japanese yen debt of the hotel is in U.S. dollars Greatly increased, no matter how good the business of the hotel, but also keep up with the debt burden due to changes in exchange rates increased, it can not avoid tremendous financial losses. In addition to exchange rate risk, debt and interest rate risk. Many domestic enterprises use floating interest rates when they use foreign exchange to lend to and from abroad for direct loans. That is, they use the LIBOR plus a certain margin as their loan interest rate. As LIBOR rises, corporate debt burdens increase.