论“杠杆原理”在企业中的应用---财务杠杆研究

论文编号:CW212  论文字数:11262,页数:17

论“杠杆原理”在企业中的应用---财务杠杆研究
摘 要
 资本结构问题是企业财务决策中一个重要问题，设置一个合理的财务杠杆水平跟是对公司的业绩至关重要。财务杠杆是资本结构理论中有关债务水平设置在公司实务中的进一步体现。改革开饭之后，中国经历了二十多年的迅猛发展，股份制改革逐渐成熟，金融市场的运作逐步完善，如何正确而有效的进行公司治理，最大限度的增加所有者权益就被提到日程上来；如何有效地利用财务杠杆，进行资本结构的合理配置就成为许多公司首要解决的问题。本文首先介绍了财务杠杆定义，引用了财务杠杆的相关原理；然后讨论了财务杠杆产生作用的根源及财务杠杆效应分析，最后就我国的上市公司的财务杠杆水平进行具体而细致的分析。并提出了我国上市公司应根据所处环境确定合理的负债水平，来增强财务灵活性，恰当利用财务杠杆，以增强企业抗御财务风险能力。
 
 关键词：财务杠杆；杠杆效应；财务风险；资本结构
 
  
On the "leverage" in the enterprise application
 ---- Financial leverage of
 Abstract
 Capital structure is an important corporate financial decision-making problem, set a reasonable level of financial leverage with the company's performance is crucial. Financial leverage is the debt capital structure theory, the level set in the company reflected the further practice. After dinner the reform, China has experienced two decades of rapid development, joint-stock reform, maturity, financial markets gradually improve, and how to correct and effective corporate governance, the maximum increase in equity to be on the agenda; how effective use of financial leverage, for the rational allocation of capital structure has become the primary problem in many companies. This paper introduces the definition of financial leverage, financial leverage refers to the relevant principles; and then discuss the root causes of an effect of financial leverage and financial leverage effect analysis, and finally to China's listed company's financial leverage to the specific and detailed analysis. Listed companies in China and put forward their environment should be determined based on a reasonable level of debt, to enhance financial flexibility, the proper use of financial leverage to enhance their ability to resist financial risks.
 
 Keywords: financial leverage leveraged financial risk capital structure
 
 
 
 目录
1 绪论 1
1.1 杠杆原理研究背景 1
1.2 杠杆原理国内外研究现状 1
1.3 杠杆原理研究意义 2
2 财务杠杆相关理论 3
2.1 财务杠杆定义 3
2.2财务杠杆原理 3
2.3 财务杠杆的影响因素 4
2.3.1 息税前利润率 4
2.3.2 负债的利息率 4
2.3.3 资本结构 4
2.4 财务杠杆的注意事项 4
2.3.1 负债时机适宜 5
2.3.2 负债数量适度 5
2.3.3 短期偿债能力适当 5
2.4 财务杠杆效应分析 6
2.4.1 财务杠杆的正效应 6
2.4.2 财务杠杆的负效应 7
3 财务杠杆在我国上市公司应用情况 9
3.1  财务杠杆在上市公司应用总体情况 9
3.1.1财务杠杆总体水平分析 9
3.1.2 我国上市公司的财务杠杆水平及财务风险情况 9
3.2 我国上市公司财务杠杆影响分析 10
4结束语 12
参考文献 13
致谢 14