财务杠杆效应

负债融资、财务杠杆效应与产品市场竞争

Debt financing , Financial Leverage Effect and Competition in Product Market

安踏公司和匹克公司应适度增加负债，发挥财务杠杆效应。

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

自1958年MM定理提出后，资本结构理论的发展实现了资本结构从财务杠杆效应向治理效应的转变。

Since the MM theory was put forward in 1958 , the development of theory of capital structure has finished the transformation from the finance effect of capital structure to the governance effect of capital structure .

新体系既可以更真实地反映企业经营业绩，也能够为融资活动提供决策支持，指导企业充分发挥资本结构的财务杠杆效应。

And the new system will support the financing decision better .

资本结构效应概括起来主要有“财务杠杆效应”和“治理效应”两种。

Capital structure effects generally involve financial level and governance effect .

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。

Financial leverage effect of margin enlarge the Finance risk .

本文分析了我国上市公司的财务杠杆效应。

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

财务杠杆效应分析

The Analysis of 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。

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

通过分析行业内资本结构与赢利能力来考察电信行业资本结构的财务杠杆效应的合理性。

It also analyzes the rationality of leverage financing with regard to the capital structure and profitability of the telecom industry .

政府对农业上市公司提供税收优惠政策时应该区别对待，企业在不享受税收优惠政策后应该充分利用负债的财务杠杆效应增加企业的价值。

Government should provide different tax credits and firms should make good use of leverage effect to increase the firms ' value .

但从这些变量间的相关系数来看，目前我国上市中小企业公司绩效与融资结构相关性并不大，说明我国上市中小企业还未能充分利用财务杠杆效应。

However , the correlation coefficient of these indexes , presently , the correlation of corporate performances of Chinese listed SMEs and financing structure was not absolutely evident .

由于财务杠杆效应，在总收益不变的前提下，负债越高股权收益越高；

Due to financial lever effect , on condition that the total income is not changed , the higher the liabilities are , the higher the income of stock equity ;

财务杠杆效应有正效应和负效应之分，通常用财务杠杆系数来衡量。

The effect of financial leverage could be divided as the negative effect and the positive one , which could be measured by the degree of financial leverage ( DFL ) .

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。

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 .

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。

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 .

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。

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 .

上市公司选择负债经营主要目的是希望通过债权资本带来的财务杠杆效应实现对每股收益的扩张作用，实现公司价值最大化的经营目标。

The purpose that the listed companies choose to operate in liability is to realize the expansion function on the earning per share ( EPS ) through the financial lever effect of debt capital so as to realize the enterprise 's value maximization .

保险业发展受税收政策的影响较大，无论从净资产收益率、财务杠杆效应，还是从提升企业价值上考虑，税收对保险业发展都形成了瓶颈制约。

Insurance 's development is affected greatly by tax policy , no matter from the return on net assets , financial lever effect , or promoting enterprise 's value , and the tax revenue has formed the ' bottleneck ' restrictions to the insurance .

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。

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 .

财务杠杆原理及效应分析

Financial Lever Principle and the Analyse on the Efficiency of Financial Affairs Lever

公司财务杠杆具有正负效应，并与企业价值呈相关关系。

The financial leverage of companies has straight negative effects , and presents relevant relations with companies ' value .

关于债务融资的意义，传统的财务理论仅仅告诉我们具有税盾收益和财务杠杆效应等。

Traditional financial theory tells us that debt financing has the effect on taxation earning and financial lever .