财务杠杆在企业的应用对策研究.docVIP

财务杠杆在企业的应用对策研究 ［ ］财务杠杆作为企业利用负债调节权益资本收益的手段，已经受到越来越广泛的重视。 由于财务杠杆受多种因素的影响，只冇合理运用冰能产生正效应，从而给企业权益资本带来 额外收益，但同时也伴随着不可估量的财务风险。因此，认真研究财务杠杆并分析其影响因 素，搞清其作用、性质以及对企业权益资本收益的影响，是合理运用财务杠杆为企业服务的 基木前提0 另外，两方国家对于财务杠杆的研究己有多年历史，而我国对其原理和应用，尽管理论 界引用财务杠杆的概念已为时不短，但內觉地以其基本原理冇效地指导实践这一步却迟迟没 存迈出。所以，深入研究财务杠杆的原理及其效应，对于提高我企业的经营效益有着积极 的意义。 Research and application of financial leverage in the enterprise [Abstract] Financial leverage as a means of debt adjustment the equity and capital gains by the enterprise have been more and more appreciated. Because of many factors on financial leverage, only reasonable use can produce a positive effect，and giving enterprise the additional revenue of equity capital, but the incalculable financial risk is also associated with. Therefore，carefully study and analysis the factors of the financial leverage, finding out its role, the nature and the impact of capital gains on corporate equity is the basic premise of service for the enterprise by use financial leverage reasonably. In addition, there is a long history of studies on financial leverage in Western countries. In our country the quotations of this conception have existed for a long time. But few initiatively use the basic principles to guide the practices efficiently. Therefore, doing farther studies on principles and effects of financial leverage unquestionably has positive impact on enterprises development in our country. [Key word] Financial leverage Asset-liability ratio Corportate bond TOC \o 1-5 \h \z 弓丨 W 1 HYPERLINK \l bookmark2 \o Current Document \h 一、 财务打.杆的一般概念 1 HYPERLINK \l bookmark3 \o Current Document \h （-）财务杠杆的涵义及计量 1 HYPERLINK \l bookmark4 \o Current Document \h （二）财务杠杆基本原理 2 HYPERLINK \l bookmark5 \o Current Document \h 二、 财务杠杆的效应分析 3 HYPERLINK \l bookmark6 \o Current Document \h （一） 财务杠杆效应的影响因素 3 HYPERLINK \l bookmark7 \o Current Document \h （二） 财务杠杆正效应分析 4 HYPERLINK \l bookmark8 \o Current Document \h （三） 财务杠杆负效应分析 6 HYPERLINK \l bookmark9 \o Current Document \h 三、 财务杠杆在我W企业中的