Financial leverage effect

Debt financing , Financial Leverage Effect and Competition in Product Market

负债融资、财务杠杆效应与产品市场竞争

This paper mainly analyzes the financial leverage effect of listed companies in China .

本文分析了我国上市公司的财务杠杆效应。

The Analysis of Financial Leverage Effect

财务杠杆效应分析

Financial leverage effect of margin enlarge the Finance risk .

融资融券扩大了交易筹码，具有一定的财务杠杆效应，其实质就是放大了金融风险。

Generally speaking , capital structure has two main effects-corporate governance effect and financial leverage effect .

资本结构的选择对企业至关重要，概括起来讲，资本结构的效应主要体现为治理效应和财务杠杆效应两种。

Anta and Peak should accordingly increase liabilities to play the financial leverage effect .

安踏公司和匹克公司应适度增加负债，发挥财务杠杆效应。

We argue that the interference of government to corporate debt financing has weakened the financial leverage effect on corporate values and risk of profit .

我们认为，由于我国政府对上市公司举债行为的干预，弱化了财务杠杆对公司价值及公司利润风险的作用。

This paper begins with a look at the classical theory of capital structure . On the basis of theoretical analysis , the effect of debt financing lies in financial leverage effect , the tax shield effect and the company governance effects .

本文首先对经典资本结构理论进行回顾，并在理论基础上分析得出债务融资具有财务杠杆效应、税盾效应以及公司治理效应。

Then incentive and constraint mechanism of market is subdivided into benefit incentive mechanism , free cash flow constraint mechanism , financial leverage effect , and information transmission mechanism . Contact constraint mechanism is subdivided into bankruptcy mechanism and default constraint mechanism .

并进一步把市场激励约束机制细分为企业控制人收益激励、自由现金流约束机制、财务杠杆效应和信息传导机制；契约约束机制细分为破产机制和硬约束机制。

Debt financing brings forward financial leverage effect ; also , it results in the competition pressure in product market . Reasonable proportion of debt financing must be set on the basis of the balance between financial leverage effect and the competition in product market .

负债融资产生财务杠杆效应的同时，又会导致企业产品市场竞争的压力，企业在财务杠杆效应与产品市场竞争之间权衡的基础上才能确定合理的负债融资比例。

The results show that financial leverage has significant positive effect on firm value .

结果发现，财务杠杆对公司价值（成长性）具有显著的积极效应；

However , financial leverage and operating leverage effect has two sides , both positive impact and negative impact to the enterprise .

然而财务杠杆和经营杠杆的效应是两方面的，既可以给企业带来正面、积极的影响，也可以带来负面、消极的影响。

Besides , this passage will distinguish firm performance from financial performance and prove that that financial leverage effect should exist independently and not be affected by debt governance and firm performance .

另外，本文还将公司治理效应的业绩指标与财务杠杆效应的财务绩效指标区别开来，证明了债务对公司的治理效应与财务杠杆效应是相互独立的。