論“杠桿原理”在企業中的應用---財務杠桿研究

論文編號:CW212  論文字數:11262,頁數:17

論“杠桿原理”在企業中的應用---財務杠桿研究
摘 要
 資本結構問題是企業財務決策中一個重要問題，設置一個合理的財務杠桿水平跟是對公司的業績至關重要。財務杠桿是資本結構理論中有關債務水平設置在公司實務中的進一步體現。改革開飯之后，中國經歷了二十多年的迅猛發展，股份制改革逐漸成熟，金融市場的運作逐步完善，如何正確而有效的進行公司治理，最大限度的增加所有者權益就被提到日程上來；如何有效地利用財務杠桿，進行資本結構的合理配置就成為許多公司首要解決的問題。本文首先介紹了財務杠桿定義，引用了財務杠桿的相關原理；然后討論了財務杠桿產生作用的根源及財務杠桿效應分析，最后就我國的上市公司的財務杠桿水平進行具體而細致的分析。并提出了我國上市公司應根據所處環境確定合理的負債水平，來增強財務靈活性，恰當利用財務杠桿，以增強企業抗御財務風險能力。
 
 關鍵詞：財務杠桿；杠桿效應；財務風險；資本結構
 
  
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
 
 
 
 目錄
1 緒論 1
1.1 杠桿原理研究背景 1
1.2 杠桿原理國內外研究現狀 1
1.3 杠桿原理研究意義 2
2 財務杠桿相關理論 3
2.1 財務杠桿定義 3
2.2財務杠桿原理 3
2.3 財務杠桿的影響因素 4
2.3.1 息稅前利潤率 4
2.3.2 負債的利息率 4
2.3.3 資本結構 4
2.4 財務杠桿的注意事項 4
2.3.1 負債時機適宜 5
2.3.2 負債數量適度 5
2.3.3 短期償債能力適當 5
2.4 財務杠桿效應分析 6
2.4.1 財務杠桿的正效應 6
2.4.2 財務杠桿的負效應 7
3 財務杠桿在我國上市公司應用情況 9
3.1  財務杠桿在上市公司應用總體情況 9
3.1.1財務杠桿總體水平分析 9
3.1.2 我國上市公司的財務杠桿水平及財務風險情況 9
3.2 我國上市公司財務杠桿影響分析 10
4結束語 12
參考文獻 13
致謝 14