财务杠杆作用

适度负债发挥财务杠杆作用

Moderate Debt and Giving Full Play to the Role of Financial Leverage

财务杠杆作用盈利度

Degree of financial leverage

浅析经营杠杆作用和财务杠杆作用

A Discussion on the Functions of Management and Accounting As Levers

浅议财务杠杆作用的限制条件

Analysis of Limited Conditions of Financial Lever

负债利息税前支付，具有节税效应，可以帮助公司合理避税；二是财务杠杆作用。

Debt interest duty payment before , with tax savings effect , can help companies locally-based ; Secondly , financial leverage .

营业杠杆和财务杠杆作用的程度，分别用营业杠杆系数和财务杠杆系数来衡量。

The degree of the lever functions can be measured respectively with the coefficient of the operational lever and that of the financial lever .

银行贷款融资具有筹资速度快、借款弹性好、可以发挥财务杠杆作用的特征，成为我国公司最常用的融资方式。

Bank loan is characterized as fast , stretch financing , and role of financing Leverage . So it becomes the most used financing channel .

对于负债筹资财务杠杆作用的研究，国外学者起步较早，已经形成较为完整的理论成果，并用于指导实践。

Foreign scholars started debt financing for financial lever research earlier , has formed a comparatively complete theoretical results , and used to guide practice .

由此可见，河北省上市公司资本结构的优化意识仍有待提高，债务的财务杠杆作用有待被充分利用。

It is clear that the consciousness to optimize the capital structure is yet to be improved and the leverage of debt shall be fully tapped . 3 .

作为一种具有财务杠杆作用的证券产品，融资融券在为市场带来机会的同时，也带来了不可小视的风险。

Of financial leverage as a kind of securities products , margin trading opportunities for the market at the same time , also brought quite a lot of risk .

实证分析的结果反映出，中国上市公司债务融资不足、财务杠杆作用效率低下。

Based on these conclusions , the author considers that the efficiency of financial leverage is too low , and the capital from liabilities is not enough in China 's listed companies .

企业负债不仅起着税盾和财务杠杆作用，还能改善企业金融结构和提高市场价值、强化对企业经理的监督和约束。

Debt of enterprises not only works as tax shield and financial leverage , but also improves financial structure and promotes market value as well as enhances supervision over and constraint on managers .

然而，由于期货市场聚集了现货市场的风险以及期货交易的财务杠杆作用，使得期货市场必然是一个高风险的场所。

However , the futures market is of high risk , not only because of the inclusion of the risks of spot transactions but also of the financial leverage effects arisen from futures transaction itself .

但是，由于财务杠杆作用的发挥要受到诸多环境条件的限制，因此相关的实证研究得出的结论经常与理论相背离。

However , because the full play of the financial leverage should be limited by a great deal of environmental conditions , so the conclusion drawn from the empirical study has often deviated from the theory .

上市企业应充分利用企业债券融资的抵税作用、财务杠杆作用，实现企业资本结构最优，进而实现企业市场价值最大。

The author believes that the listed corporations should take full advantage of the tax offset effect and financial leverage function of corporation bond financing to optimize their capital structures , and then proceed to maximize their market values .

主要包括：适当提高资产负债率，更好地发挥财务杠杆作用；适度增加长期负债，优化企业负债结构；改善企业短期债务结构；发挥政府职能，扩宽企业融资渠道。

Mainly includes : increasing asset-liability ratio , exert better financial leverage ; A modest increase in the long-term debt , optimizing enterprise debt structure ; Improve enterprise short-term debt structure ; The role of government function , widen enterprise financing channels .

由此引发企业资本成本在企业价值管理中的应用研究，倡导企业重视资本成本，强调其在实践运用中的财务杠杆作用和企业价值管理思想。

From this causes the application study of the enterprise cost of capital in enterprise value management , tries to advocate the company to pay attention to the cost of capital , and emphasizes its economic leverage and enterprise value management thought in practice .

微观上，国有股及法人股的减少，改善了上市公司的股权结构，有利于提高公司经营管理水平，而回购亦改善了公司资产结构，有利于财务杠杆作用的发挥。

Micro , reduction of state-owned shares and legal person shares improves the ownership structure of companies , which will help companies improve their management . Simultaneously , stock-repurchase improves companies ' asset - structure , which is conducive to the role financial leverage plays .

第二部分介绍了财务杠杆及其作用程度的相关理论，为文章的后续研究奠定理论基础。

The second part introduces some related theories of financial lever , it is the basis of follow-up studies .

如何通过筹资发挥财务杠杆的作用，确定最佳资金结构是股份制企业筹资决策的关键。

How to perform the function of financial lever by fund raising and determine an optimal capital structure are keys to decision-making of corporation fund raising .

受国家利率市场化的启示，从宏观经济政策联想到微观经济决策，在企业中也同样具有经济杠杆，即财务杠杆的作用问题。

Enlightened by marketization of interest rate , from macroeconomic policy association of microeconomic decision , also equally have the economic lever in the enterprise , namely the problem of the financial leverage .

基于股权结构视角，本文从股权属性和股权集中度两个方面分析股权结构对财务杠杆抑制作用和促进作用的影响。

From the perspective of ownership structure , we analyze the impact of ownership structure on the inhibition and promotion of the role of financial leverage from the perspective of equity property and equity concentration .

本文简要分析了企业负债经营的利弊，阐述了通过适度负债，企业可确定最优资金结构，有效降低资金成本，充分发挥财务杠杆的作用，进而达到提高经济效益的目的。

The paper analyzes advantages and disadvantages of debt management for business and discusses that the goal of promoting economic effectiveness of businesses would be achieved by fixing optimum fund structure , lowering cost and suitable debt .

要遏制应收账款的沉积，一方面要加强企业内部管理的控制，另一方面要发挥财务杠杆的作用，不断完善应收账款的管理政策。

So , to avoid it , on one hand , the company must take efforts in management , on the other hand , finance leverage can assist to perfect the manage policy of account receivable aggradation .

创业板上市公司普遍具有较高的股权比重，随着企业的成长和规模的扩大，要更加注重发挥财务杠杆的作用，实现企业价值最大化。（4）企业成长能力在减弱。

GEM-listed companies generally have a higher proportion of equity . With the growth and expansion of the scale of enterprises , they should pay more attention to the financial leverage to maximize enterprise value . ( 4 ) Business growth capacity is weaker than before .

现代企业财务中营业杠杆和财务杠杆的作用，均表现为其对收益和风险的放大效应。

The functions of operational lever and financial lever in modern enterprises finance are displayed in the magnifying effect to its returns and risk .

所以，利用财务杠杆筹资就要研究财务杠杆作用的限制条件，如普通股资本净值、借款利率的高低、经营风险的大小、现金收支的状况等。

On the contrary , it can result in difficulties . Therefore , limited conditions of financial lever should be researched carefully , such as common stock net capital , loan interest operating risk and condition of cash flow .