财务杠杆原理及其运用—以博通资讯公司为例.docxVIP

PAGE 16 财务杠杆原理及其运用 ——以博通资讯公司为例 摘 要 经济全球化的快速发展，对企业的经营和发展提出了更高的标准、更严苛的要求。如果企业的发展跟不上时代的变化，那么企业将面临随时被淘汰的危机。因此，企业必须不断提高其竞争力，以便在竞争激烈的市场环境中生存。资本是影响企业竞争力的因素之一。但是企业自身的资本是有限的，所以通过融资来保证企业资本的充足性至关重要。然而，由于财务杠杆具有利息费用抵税的优势和杠杆带来的高收益，许多企业更倾向于通过债务融资进行外部融资，这也间接导致了财务杠杆水平的提高。基于以上，本文以西安博通资讯股份有限公司（博通资讯公司）为例，采用案例研究法，以财务杠杆为主要研究内容，首先总结了财务杠杆基本原理和相关理论，然后进一步分析了目前博通资讯公司企业财务杠杆运用存在的问题，最后提出了合理运用财务杠杆原理的建议，为企业更好地应用财务杠杆原理带来理论和实践指导。 关键词：财务杠杆；资本结构；财务杠杆效应 The principle of financial leverage and its application ——Take But’one Information Corporation as anexample Abstract The rapid globalization of economy sets stricter standards and requirements for the operation and development of enterprises. If the development of enterprises can not keep up with the changes of the times, then enterprises will face the crisis of being eliminated at any time. Therefore, if enterprises want to occupy a stable position in the fierce market environment, they have to constantly improve their own level of competition. Capital is one of the factors that affect the competitiveness of enterprises. But the capital of the enterprise itself is limited, so it is very important to guarantee the adequacy of the enterprise capital through financing. However, because financial leverage has the advantage of interest expense tax and the high income brought by leverage, many enterprises prefer to use debt financing for external financing, which indirectly leads to the improvement of financial leverage. Based on the above, this paper takes Xian But’one Information Co., Ltd. (But’one Information Co., Ltd.) as an example, adopts case study method, and takes financial leverage as the main research content. Firstly, it summarizes the basic principles and related theories of financial leverage, then further analyzes the existing problems in the use of financial leverage of enterprises of But’one Information Co., Ltd., and finally puts forward the principle of reasonable use of financial leverage The suggestions of this paper can provide the