财务杠杆原理及应用问题探讨.doc

摘要：财务杠杆是企业利用负债来调节权益资本收益的方法。在现代市场的经济条件下，我国大多企业都采用负债经营方式，为了有足够的资金来保证企业的生存和发展，企业通过向投资者筹措资本金，或者通过金融市场或其他途径融入部分资金，以弥补资本金不足，利用财务杠杠的原理，使企业在不改变生产方法、销售条件等的前提下提高资金收益率，使企业越做越强。

　　　财务杠杆是一把“双刃剑”，既可以给企业带来积极的影响，也可以带来消极的影响。本文从财务杠杆的涵义出发，分析了影响财务杠杆作用的因素,结合财务杠杆的涵义及其效应，对我国企业在财务杠杆应用方面进行深入探讨,提出了一些对策和建议。

关键词: 财务杠杆；举债经营；企业融资

Abstract：Financial leverage is the use of liabilities of enterprises to adjust the interests of capital gains method. In the modern market economy condition, most Chinese enterprises have adopted debt management mode, in order to have enough money to ensure the survival and development of enterprises, enterprises to the investors through raising capital, or through the financial markets, or in any other way into part of the funds, to make up for the shortage of capital, use financial lever principle, so that enterprises in does not change the production methods, marketing conditions, under the premise of improving the profitability of funds, so that enterprises increasingly strong.

　　　Financial leverage is a "double-edged sword", which can bring positive effects, also can bring negative effect. This article from the financial leverage meaning sets out, analyzed the influence of financial leverage factor, combined with the financial lever and its effect, for the Chinese enterprises in the financial leverage applied aspects carries on the thorough discussion, puts forward some countermeasures and suggestions.

Key Words： Financial leverage; Operating leverage;Enterprise financing

　　　本文是通过在本校图书馆借阅相关书籍，参考相关期刊的文章，上网收集相关资料对各学者的观点和见解进行分析、归纳与总结，形成自己的文章。主要的研究方法有：①规范研究方法：综合分析法、归纳总结法②文献研究方法：文献整理。

　　　本文集中从理论层面上对财务杠杆原理进行分析，并对影响财务杠杆作用的三个影响因素：负债利息率、息税前利润率、资本结构，分别进行详细分析。本文还通过列举海鑫集团的成功及大宇集团的解散，这两个案例来揭示财务杠杆的双面性，具体分析运用财务杠杆所带来的积极或消极作用。文章最后对如何科学地利用财务杠杆提出相关的建议，并根据我国企业融资难的局面，如何合理地将财务杠杆原理应用到企业中提出相关的建议。