偿债风险是指企业并购后由于债务负担过重，缺乏短期融资和必要的现金持有量，导致支付困难的可能性。通常情况下企业通过需借款、杠杆收购等方式来完成并购。而收购后目标企业未来资金流量具有不确定性，杠杆收购更是必须实现很高的回报率才能使收购者获益。
究竟负债对企业的经营有何影响，在实践中又该如何降低偿债风险呢？
What does the operation in debts affect the enterprises' performance and how can enterprises decrease their risks of paying off debts?
缩小市场风险敞口和避免偿债成本的大量增加可以释放资源和保护财政优先重点。
Reducing exposure to market risks and avoiding significant increases in debt-servicing costs can free up resources and protect fiscal priorities.
正如这些国家的债券最近降低的评级所暗示的那样，他们(可能还要加上意大利和爱尔兰)在不久的将来也有无法偿债的风险。
As the recent downgrading of these countries' bonds suggests, they (perhaps along with Italy and Ireland) are also at risk of default in the near future.
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