试论杠杆作用与资本结构.doc

论文题目：试论杠杆作用与资本结构 摘 要 随着我国社会主义市场经济的发展和现代企业制度的建立，企业的资本结构的优化已成为现代企业筹资决策中的核心问题。良好的资本结构有利于企业的发展，杠杆作用对企业资本结构的调整具有很大的意义。在息税前利润率和负债利息率不变的情况下,，负债比率越高，财务杠杆系数就越大；反之，财务杠杆系数就越小。 企业为了解决风险或者减少风险，对外部资金进行筹集或者对自身资金的处理，会造成企业资本结构的变化，进而对企业的价值造成或多或少的影响。 本文通过对以往国内外的研究理论进行系统性的整理以及分析，对杠杆作用理论、企业资本结构理论以及杠杆作用对企业结构的影响进行分析研究，为企业在进行资本结构变化时，提供一定的理论支持以及建议，使企业的资本结构达到最优化，为企业的发展提供最优的资本条件。。 关键词：财务杠杆 筹资 资本结构 优化 Abstract Along with our country socialist market economy development and modern enterprise system establishment, enterprises capital structure optimization has become in the modern enterprise fund raising decision-making the core question. The good capital structure is advantageous to enterprises development, the leverage has the very big significance to the enterprise capital structure adjustment. In front of the rest tax the profit margin and in the debt interest rate invariable situation, the debt ratio is higher, the financial release lever coefficient is bigger; Otherwise, the financial release lever coefficient is smaller. The enterprise in order to solve the risk or the reduced risk, carries on the collection or to own fund processing to exterior fund, can create the enterprise capital structure the change, then has the more or less influence to enterprises value. This article through carried on the systematic reorganization as well as the analysis to formerly the domestic and foreign research theory, to the leverage theory, the enterprise capital structural theory as well as the leverage conducted the analysis research to the enterprise structure influence, for the enterprise when carries on the capital structural change, provides certain theory support as well as the suggestion, enables the enterprise the capital structure to achieve the optimization, provides the most superior capital condition for enterprises development. Key word: Financial leverage Fund raising Capital structure Optimization 目录 1 概述………………………………………………………………………………1 1.1 财务杠杆原理………………………………………………………………1 1.2