摘要资本结构问题是企业财务决策中一个重要问题，设置一个合理的财务杠杆水平更是对公司的业绩至关重要。财务杠杆是资本结构理论中有关债务水平设置在公司实务中的进一步体现。改革开放之后，中国经历了二十多年的迅猛发展，股份制改革逐渐成熟，金融市场的运作逐步完善，如何正确而有效的进行公司治理，最大限度的增加所有者权益就被提到日程上来；如何有效的利用财务杠杆，进行资本结构的合理配置就成为许多公司首要解决的问题。本文首先介绍了财务杠杆定义，引出了财务杠杆的相关原理；然后讨论了财务杠杆产生作用的根源及财务杠杆效应分析，最后就我国的上市公司的财务杠杆水平进行具体而细致的分析。并提出了我国上市公司应根据所处环境确定合理的负债水平，来增强财务灵活性，恰当利用财务杠杆，以增强企业抗御财务风险能力。学习林俊德心得体会
关键词：财务杠杆 杠杆效应 财务风险 资本结构
ABSTRACT
Capital structure is an important problem in enterprise financial decisions. It is also crucial to establish a suitable Financial Leverage for corporations, which influences corporations’ benefit to a great extent. Financial Leverage is an application of the Theories of Capital to corporations’ management. Since the reform and opening up, China experienced a period of rapid development, during which time the reform in the shareholding system was gradually mature and the operations in the financial markets were also more and more regularity. How to manage corporations efficiently so as to increase the shareholders’ proceeds is becoming more and more important. In this circumstances, how to handle Financial Leverage efficiently and how to frame capital structure properly are the first problem the listed companies must resolve.The suggestion part brings forward some suggestions,such as establishing reasonable financial level; seaking for the balance between financial agility and financial level.
In this text, firstly, introduced the principle of financial leverage,leads to the concept of financial leverage associated；secondly, discussed the root causes of financial leverage and have an effect of financial leverage effect；at last, analyzed the Financial Leverage of Chinese listed companies.
Key words: financial level；domino effect of financial level；financial risk; capital framework
目录
中文摘要 I
英文摘要 II
引言 1
一 财务杠杆的概述 2
（一）财务杠杆的定义 2
（二）财务杠杆的原理 2
（三）财务杠杆的影响因素 3
1.息税前利润率 3
2.负债的利息率 3
3.资本结构 3
（四）财务杠杆的产生 3
1.负债时机适宜 4
2.负债数量适度 4
3.短期偿债能力适当 4
（五）财务杠杆效应分析 5
1.财务杠杆的正效应 5
2.财务杠杆的负效应 6
二 财务杠杆在我国本文来自优.文,论-文·网原文请找腾讯3249.114上市公司应用情况 8
（一）财务杠杆在上市公司应用总体情况 8
1.我国上市公司财务杠杆总体水平分析 8
2.我国上市公司财务杠杆影响分析 9
（二）财务杠杆在上市公司各行业应用情况 10
1.地产类、商业类、综合类的财务杠杆水平较高 10
2.工业类、公用事业类的财务杠杆水平较低 11
（三）上市公司财务杠杆效应分析 11
1.上市公司总体财务杠杆效应情况 11
2.上市公司财务杠杆效应分析 12
三 我国企业在应用财务杠杆中存在的问题及解决措施 14
（一）我国企业在应用财务杠杆中存在的问题 14
1.许多企业财务杠杆水平偏高和偏低 14
2.财务杠杆发挥负效应的企业在逐年增多 14
（二）解决措施 14
1.根据所处环境确定合理的负债水平 14
2.提高企业抵御财务风险能力 15
四 结论 16
参考文献 17
致 谢 18,2551