目前,不少高比例负债经营的乡镇企业,由于受投资利益的驱动,其资金运转形成了两个怪圈:一个怪圈是:负债→资产→盈利→扩大负债……;另一个怪圈是:负债→资产→亏损→扩大负债……。两个怪圈的共同点都是在负债的基础上进一步产生“负债饥渴”,只有不断扩大负债,才能满足企业经营过程的资金需要。 At present, many township and village enterprises with high proportion of debt are driven by the interests of their investments, and the capital operation has formed two vicious circles: one is: debt→assets→profits→enlargement of liabilities... and the other is: debt→ Assets → Losses → Expanded Liabilities.... The common thread of the two strange circles is that they further develop “debt hunger and thirst” on the basis of liabilities. Only by continuously expanding liabilities can the capital needs of the business process be met.