企业的发展同国家经济形势联系密切，钢铁企业表现得尤甚，跟随着国家经 济发展同步进入了“新常态”。钢产品产能过剩，市场需求不足，负债经 营是近几 年多数钢企的普遍经营状态，企业盈利能力不足，运营资金短缺，融资难度提高， 偿债压力增大，企业面临债务风险的可能性越来越高，对于陷入财务困境的企业 来说 ，摆脱或者防范债务风险迫在眉睫。 本文采用案例分析法，以包钢集团债务化解为研究对象，以债务风险管理理 论研究为基础，结合包钢集团近年的经营状况，归纳总结产生债 务风险的原因， 分析其对企业带来的广泛影响。同时，梳理了包钢集团为降低资产负债率、摆脱 债务风险实施的各项措施，通过债转股，调整债务结构，推动资产重组，实施去 库存，加强成本控制，提高资产运营率等方式取得了一定成效，但债务风险依然 存在，为此，本文提出了助力企业摆脱负债风险的对策建议，以保障企业未来有 序平稳经营，研 究结论也对高负债企业化解债务风险具有一定参考价值。 关键词：包钢集团，债务风险，风险化解，资本结构 II Abstract The development of enterprises is closely related to the national economic situation， in which iron and steel enterprises are especially performing， and ，and follow the national economic development into a "New Normal". Overcapacity of steel products， insufficient market demand and operation on borrowings are the general operational status of most enterprises in recent years. The enterprise profit ability is insufficient， the operation fund is short， the financing difficulty is raised， the pressure for paying debts is increased and the possibility that the enterprise faces the debt risk is higher and higher， for the enterprise in financial distress， it is urgent to get rid of or guard against the debt risk. This paper adopts case analysis method， takes Baogang Group as the research object， takes the theory research of debt risk as the foundation and combines the recent operational status of Baogang Group to summarize the causes of debt risk and analyze the influence of debt risk on all aspects of the enterprise. At the same time， this paper studies and analyzes the concrete measures and achievements of Baogang Group in the way of getting rid of debt risk， through debt to equity， debt asset restructuring， changing capital structure， reducing asset-liability ratio， destocking， strengthening cost control， improving asset operation rate， to help enterprises to get rid of debt risk. And put forward propose solutions to existing issues to ensure the future orderly and smooth operation of enterprises.。。。。。。以下内容略