財務杠桿在企業(yè)中的應用研究【開題報告+論文+外文及翻譯+文獻綜述+任務書】


摘要

資本結構問題是企業(yè)財務決策中一個重要問題，設置一個合理的財務杠桿水平更是對公司的業(yè)績至關重要。財務杠桿是資本結構理論中有關債務水平設置在公司實務中的進一步體現(xiàn)。改革開放之后，中國經(jīng)歷了二十多年的迅猛發(fā)展，股份制改革逐漸成熟，金融市場的運作逐步完善，如何正確而有效的進行公司治理，最大限度的增加所有者權益就被提到日程上來；如何有效的利用財務杠桿，進行資本結構的合理配置就成為許多公司首要解決的問題。本文首先介紹了財務杠桿定義，引出了財務杠桿的相關原理；然后討論了財務杠桿產(chǎn)生作用的根源及財務杠桿效應分析，最后就我國的上市公司的財務杠桿水平進行具體而細致的分析。并提出了我國上市公司應根據(jù)所處環(huán)境確定合理的負債水平，來增強財務靈活性，恰當利用財務杠桿，以增強企業(yè)抗御財務風險能力。
關鍵詞：財務杠桿   杠桿效應   財務風險   資本結構

 
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

 
目錄
中文摘要 I
英文摘要 II
引言 1
一  財務杠桿的概述 2
（一）財務杠桿的定義 2
（二）財務杠桿的原理 2
（三）財務杠桿的影響因素 3
1.息稅前利潤率 3
2.負債的利息率 3
3.資本結構 3
（四）財務杠桿的產(chǎn)生 3
1.負債時機適宜 4
2.負債數(shù)量適度 4
3.短期償債能力適當 4
（五）財務杠桿效應分析 5
1.財務杠桿的正效應 5
2.財務杠桿的負效應 6
二  財務杠桿在我國上市公司應用情況 8
（一）財務杠桿在上市公司應用總體情況 8
1.我國上市公司財務杠桿總體水平分析 8
2.我國上市公司財務杠桿影響分析 9
（二）財務杠桿在上市公司各行業(yè)應用情況 10
1.地產(chǎn)類、商業(yè)類、綜合類的財務杠桿水平較高 10
2.工業(yè)類、公用事業(yè)類的財務杠桿水平較低 11
（三）上市公司財務杠桿效應分析 11
1.上市公司總體財務杠桿效應情況 11
2.上市公司財務杠桿效應分析 12
三 我國企業(yè)在應用財務杠桿中存在的問題及解決措施 14
（一）我國企業(yè)在應用財務杠桿中存在的問題 14
1.許多企業(yè)財務杠桿水平偏高和偏低 14
2.財務杠桿發(fā)揮負效應的企業(yè)在逐年增多 14
（二）解決措施 14
1.根據(jù)所處環(huán)境確定合理的負債水平 14
2.提高企業(yè)抵御財務風險能力 15
四 結論 16
參考文獻 17
致  謝 18