财务杠杆对公司的影响

本科毕业设计（论文）

题目：财务杠杆对上市公司投资决策的影响

教学单位： 经济管理一系 专 业： 会计学 学 号： 1009061376 姓 名： 宋杨 指导教师： 李晶

2014 年 5月

摘要

优胜劣汰是市场的竞争机制。为了获得竞争优势，企业需灵活地应对面临的风险。然而不可能完全依靠自有资金，负债于现代企业来讲仍是不可缺少的资金来源。投资决策最优化，也就是对各个方案进行分析、评估、选择的过程，合理的选择就是优选。投资决策是力求企业财务获得最大效益的活动，在投资决策上应当适时充分考虑财务杠杆的大小及其影响，最大限度地发挥财务杠杆的优势，才能够让公司在有限资金的基础上，为投资者创造更多效益。

本文基于企业价值最大化的理财目标，对上市公司的财务杠杆效应进行实证分析，揭示财务杠杆对企业投资决策的影响因素及相关关系，对于提高上市公司投资决策的水平，保证财务杠杆效应的充分发挥具有重要的理论指导意义，为我国上市公司合理运用杠杆效应提供宝贵经验。

关键词：财务杠杆；企业价值；投资决策

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Abstract

Financial leverage is an enterprise application , using the liability of financial leverage in the enterprise management tools to adjust interest in capital gains . Rational use of financial leverage equity capital to enterprises in financial leverage additional revenue brought business management application , that financial leverage . Because of financial leverage on many factors , while obtaining financial leverage , but also the financial risk associated with incalculable . Hence the need to study the mechanism of the financial leverage to enable enterprises to benefit in the use of financial leverage , while appropriate attention to controlling risks , take appropriate countermeasures . Based on an overview of the basic theory of financial leverage , analyze internal and external factors and the correlation between the various factors studied the positive and negative effects of financial leverage , and control the risks associated with financial leverage is the rational use of debt financing of listed companies , optimize the capital structure , play provide a reference . Based on an overview of the basic theory of financial leverage , analyze internal and external factors and the correlation between the various factors studied the positive and negative effects of financial leverage , and control the risks associated with financial leverage is the rational use of debt financing of listed companies , optimize the capital structure , play provide a reference.

Key Words: financial leverage,capital structure,factors

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目录

1 绪论 ...................................................................................................................................1

1.1 论文研究的背景和意义..............................................................................................1

1.1.1 研究背景 .........................................................................................................1 1.1.2 研究意义 .........................................................................................................1 1.2 国内外研究情况 ........................................................................................................1

1.2.1 国内研究情况 ..................................................................................................1 1.2.2 国外研究情况 ..................................................................................................1 1.3 研究的内容 ...............................................................................................................2 1.4 研究的重点难点及研究方法.......................................................................................2

1.4.1 本文的重点......................................................................................................2 1.4.2 本文的难点......................................................................................................2 1.4.3 本文的研究方法...............................................................................................2

2 财务杠杆的相关概念及运行机制 .........................................................................................3

2.1 财务杠杆的相关概念及影响因素................................................................................3

2.1.1 财务杠杆的概念...............................................................................................3 2.1.2 财务杠杆系数的公式及运行机制 ......................................................................3 2.1.3 财务杠杆的影响因素........................................................................................4 2.2 财务杠杆正负效应.....................................................................................................5

2.2.1 高额收益效应 ..................................................................................................5 2.2.2 利息抵税效应 ..................................................................................................5 2.2.3 财务危机效应 ..................................................................................................5

3 财务杠杆对投资决策的影响-以大宇集团为例.......................................................................6

3.1 背景介绍...................................................................................................................6 3.2 大宇失败的主要影响因素分析 ...................................................................................6

3.2.1 举债性经营，希望扭转财务杠杆的效应............................................................6 3.2.2 集团内缺乏盈利业务，总资产报酬率不高 ........................................................7 3.3

对上市公司投资决策的影响 ....................................................................................7 3.3.1 加大财务风险 ..................................................................................................7

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3.3.2 降低资金成本 ..................................................................................................8 3.3.3 影响债务融资能力 ...........................................................................................8

4．上市公司对财务杠杆的应对措施及教训 ...............................................................................9

4.1 上市公司的对策分析 .................................................................................................9

4.1.1 上市公司进行相应的债务融资..........................................................................9 4.1.2 建立最佳的资本结构........................................................................................9 4.1.3 适当运用优先股股利政策............................................................................... 10 4.1.4 企业还要合理安排资金，以维持高流动性的资产............................................ 10 4.1.5 注意保持财务安全 ......................................................................................... 10 4.2 对我国上市公司的启示............................................................................................ 11 结论....................................................................................................................................... 12 参考文献................................................................................................................................ 13

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