企业利用财务杠杆的案例研究.docVIP

企业利用财务杠杆的案例研究 题 目：企业利用财务杠杆的案例研究 学 院： 国 际 商 学 院 专 业： 会 计 学 姓 名： 姜 爱 玲 指导教师： 顾 鑫 2011 年 5 月 1 日 企业利用财务杠杆的案例研究 摘 要 财务杠杆是指企业利用负债来调节权益资本收益的手段，合理运用财务杠杆给企业权益资本带来的额外收益，即财务杠杆利益。由于财务杠杆受多种因素的影响，在获得财务杠杆利益的同时，也伴随着不可估量的财务风险。因此，只有对财务杠杆有了透彻地了解企业才能更好的应用负债这个有利的筹资途径，才会对企业未来的发展有很好的帮助；只有认真研究财务杠杆并分析影响财务杠杆的各种因素，搞清其作用、性质以及对企业权益资金收益的影响，才能让财务杠杆为企业服务，这也是合理运用财务杠杆为企业服务的基本前提。 关键词：财务杠杆 财务风险 财务杠杆利益 Abstract Financial leverage refers to enterprises to take advantage of liabilities to regulate the rights and interests of capital gains means, Rational use of financial leverage equity capital to enterprises will bring in additional revenue, that is, the interests of financial leverage1. Because of financial leverage is influenced by many factors, in the interests of financial leverage was also accompanied by an immeasurable financial risks. Therefore, With financial leverage only thorough understanding of enterprise applications in order to better benefit liabilities of the fund-raising channels, only the future development of enterprises have a good help; only seriously study and analyze the impact of financial leverage financial leverage a variety of factors, understand its role, the nature of the business interests of the impact of capital gains so as to enable the financial leverage for enterprise services, this is also the basic premise of reasonably operating the financial leverage to serve the enterprise. Keywords: financial leverage financial risk Benefit onFinancial Leverage　　 目 录 前言…………………………………………………………………………………………1 1.公司资本结构与财务杠杆理论…………………………………………………………2 1.1财务杠杆原理……………………………………………………………………… 2 1.1.1基本概念及原理………………………………………………………………2 1.1.2财务杠杆作用的衡量及相关结论……………………………………………2 1.2资本结构…………………………………………………………………………… 3 1.2.1资本机构理论…………………………………………………………………3 1.2.2资本结构决策…………………………………………………………………4 2.企业利用财务杠杆的利弊分析和原则…………………………………………………6 2.1财务杠杆的“双面性”……………………………………………………………6 2.1.1企业负债经营的