论财务杠杆的利益与风险

摘要：在现代市场经济当中，负债经营已经日益发展成为企业的普遍现象，发展为现代企业经营发展的重要策略之一。在一定的条件下，企业可以通过适当的举债，来满足企业当前的资金需求，为企业带来一定的财务杠杆利益，有助于实现企业的长远发展。但是，倘若企业使用不当，则会给企业带来损失，形成一定的财务风险。因此，财务杠杆实际上是一把双刃剑，并且如何使用好财务杠杆这一把“双刃剑”已经成为现代企业财务管理的众多关键问题之一。本文首先研究了财务杠杆和财务风险的相关内涵，其次又分别分析了影响财务杠杆和财务风险的关键因素以及财务杠杆的相关效应，最终提出利用财务杠杆来规避财务风险企业可采取的方法。56141

毕业论文关键词：财务杠杆，财务风险，杠杆效应，风险防范

Abstract: Indebted management has gradually become a common phenomenon and developed as one of the significant strategies in the modern enterprise development. Through the reasonable debt under certain conditons, enterprises can not only meet their demands of fundings, but also bring benefits of financial leverage to the enterprise and help to realize the long-term developing targets of enterprise. But if it’s used improperly, it will bring losses and the financial risk to the enterprise. Therefore, the financial leverage is actually a double-edged sword. The method of avoiding financial risks in the use of financial leverage has become one of the key problems of the modern business finance management. The process of this research starts on the connotation of financial leverage and financial risk, and then, analyzes the critical factors affecting the financial leverage and financial risk and points out the effects of financial leverage bringing to the enterprise. It also proposes the relevant approaches of avoiding financial risks through the rational use of financial leverage.

Keyword: financial leverage, financial risk, financial leverage effect, risk prevention

1 引言 4

2 财务杠杆的原理及测算 4

2.1 财务杠杆的必要性 4

2.2 财务杠杆的涵义 4

2.3 财务杠杆利益分析 5

2.4 财务风险分析 5

2.5 财务杠杆系数 5

3 财务杠杆和财务风险的相关影响因素 6

3.1 息税前利润率 6

3.2 负债利息率 7

3.3 资本规模 7

3.4 资本结构 7

4 财务杠杆效应分析 8

4.1 财务杠杆的正效应 8

4.2 财务杠杆的负效应 9

5 利用财务杠杆来规避财务风险的方法 10

5.1 端正融资观念和夯实财务基础 10

5.2 建立合理资本结构和保持适当偿债能力 10

5.3 建立有效的财务风险预警系统 11

结论 12

参考文献 13

致谢 15

1 论财务杠杆的利益与风险:http://www.youerw.com/kuaiji/lunwen_60591.html