论文总字数：20635字

摘 要

随着经济全球化的不断发展和资本市场的日趋完善，我国的经济发展也进入了一个新的历史时期。上市公司的数量不断增加、规模日益扩大，并且面临着严峻的市场竞争。要在竞争中寻求发展，资金是必不可少的，这就使负债筹资成为上市公司发展壮大的必由之路。对于负债筹资财务杠杆作用的研究，国外学者起步较早，己经形成较为完整的理论成果，并用于指导实践。我国学者对这方面的研究还处于初步阶段，对理论方面的研究比较浅显，实证研究的内容也较少。

论文首先回顾了国内外对财务杠杆这一课题的重要研究成果，找到我国在财务杠杆研究中存在的问题和不足。第二部分介绍了财务杠杆及其作用程度的相关理论，为文章的后续研究奠定理论基础。第三部分是本文的主体一一实证部分，在这部分中介绍了研究样本的选取方法、指标的选择原则，并对所收集的数据进行分析计算，掌握目前我国上市公司财务杠杆运用的具体情况。第四部分是全文的结论部分，针对存在的问题提出解决对策并对文章从整体的角度所做的总结。

本文的研究对财务杠杆问题在理论方面具有一定的借鉴意义，对上市公司财务杠杆的利用具有一定的指导意义。

关键词:财务杠杆 财务杠杆系数 资本结构

Abstract

With the constant development of economic globalization and capital market, the economic development of our country has entered a new historical period. The number

of listed companies is increasing,the scale is expanding, and facing severe market competition. In order to develop, debt is necessary. Foreign scholars started debt financing for financial lever research earlier, has formed complete theoretical results, and used to guide practice. But our a comparatively Chinese scholars' research production hasn't achieved that level.

The first part of the thesis reviews the research Production of the Chinese and foreign academician about financial level, finding the existed problems in research of financial lever in China. The second part introduces some related theories of financial lever, it is the basis of follow-up studies. The third part is the main part of the thesis This section introduces the selection method, the selection principle, the index of collected data analysis and mastering the special situations and existing problems of the listed companies. The forth part is the conclusion of this thesis, it includes research contents，some countermeasures and suggestions gived for the unreasonable phenomena mentioned above.

The research of this thesis has certain guidance functions to the listed company about how to choice the financial lever, and there is sure meaning to the theoretical research of this question for reference.

Key Words: Financial lever；Financial leverage；Capital framework

目录

摘要...............................................................................................................................Ⅰ

ABSTRACT......................................................................................................................Ⅱ

第一章 绪论.................................................................................................................1

1.1研究意义.................................................................................................................1

1.2研究现状.................................................................................................................1

1.3研究方法.................................................................................................................4

第二章 财务杠杆相关理论......................................................................................5

2.1财务杠杆效应..........................................................................................................5

2.1.1财务杠杆相关概念...........................................................................................5

2.1.2财务杠杆的正、负效应理论..........................................................................5

2.2财务杠杆及其作用程度的计量方法.....................................................................6

2.2.1财务杠杆的计量方法......................................................................................6

2.2.2财务杠杆作用程度的计量方法......................................................................6

第三章 上市公司财务杠杆实证研究...................................................................7

3.1样本的选择..............................................................................................................7

3.2指标的选择..............................................................................................................7

3.2.1指标的选择原则...............................................................................................7

3.2.2指标的具体内容...............................................................................................7

3.3计算及分析..............................................................................................................9

3.3.1财务杠杆总体水平的分析...............................................................................9

3.3.2财务杠杆分布情况的实证研究.....................................................................10

3.3.3财务杠杆效应分析.........................................................................................11

第四章 问题、对策及研究结论.............................................................................13

4.1财务杠杆利用中存在的问题................................................................................13

4.2合理利用财务杠杆的建议....................................................................................13

4.3研究结论.............................................................................................................. 14

参考文献......................................................................................................................15

致谢................................................................................................................................17

第一章 绪论

1.1研究意义
财务杠杆的概念：财务杠杆又叫筹资杠杆或融资杠杆，它是指由于固定债务利息和优先股股利的存在而导致普通股每股利润变动幅度大于息税前利润变动幅度的现象。无论企业营业利润多少，债务利息和优先股的股利都是固定不变的。当息税前利润增大时，每一元盈余所负担的固定财务费用就会相对减少，这能给普通股股东带来更多的盈余。这种债务对投资者收益的影响，称为财务杠杆，财务杠杆影响的是企业的税后利润而不是息税前利润。

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