摘要
企业举债融资是现代市场经济下企业融资的主要方式,债务资本的存在不仅会产生固定的财务费用,而且还能引起每股收益的变动率大于稀释前利润变动率,即产生财务杠杆效应,因此,财务杠杆的存在及水平变动会对企业的经营绩效产生巨大影响。本文以安徽A公司为研究案例,基于对其在2008~2016年间的财务杠杆和经营绩效进行现状分析的基础上,通过选取财务杠杆和经营绩效密切相关联的四项指标,对安徽A公司财务杠杆对经营绩效影响进行实证分析,归纳出它们产生的影响因素,并在此基础上提出合理的政策建议。
In the market economy,most companies raise money by debts.The existence of debt capital not only produces fixed financial expenses,but makes the earnings per share change rate greater than the profit before dilution.That＇s the leverage effect,the existence of financial leverage and horizontal changes can have an impact on the business performance of enterprises.In this paper,an example of A company in Anhui have been sarriyed.Based on the current analysis of the financial leverage and business performance of A company from 2008 to 2016,by selecting four indicators of financial leverage and business performance,an empirical analysis of the impact of financial leverage on business performance of A company was studied.From the results of empirical analysis,we draw the conclusion and put forward the policy recommendations.
出处
《河池学院学报》
2017年第5期123-128,共6页
Journal of Hechi University
关键词
财务杠杆
经营绩效
影响
研究
financial leverage
business performance
influence
study
