財(cái)務(wù)杠桿在企業(yè)中的應(yīng)用研究【開(kāi)題報(bào)告+論文+外文及翻譯+文獻(xiàn)綜述+任務(wù)書(shū)】


摘要

資本結(jié)構(gòu)問(wèn)題是企業(yè)財(cái)務(wù)決策中一個(gè)重要問(wèn)題，設(shè)置一個(gè)合理的財(cái)務(wù)杠桿水平更是對(duì)公司的業(yè)績(jī)至關(guān)重要。財(cái)務(wù)杠桿是資本結(jié)構(gòu)理論中有關(guān)債務(wù)水平設(shè)置在公司實(shí)務(wù)中的進(jìn)一步體現(xiàn)。改革開(kāi)放之后，中國(guó)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(chǎng)的運(yùn)作逐步完善，如何正確而有效的進(jìn)行公司治理，最大限度的增加所有者權(quán)益就被提到日程上來(lái)；如何有效的利用財(cái)務(wù)杠桿，進(jìn)行資本結(jié)構(gòu)的合理配置就成為許多公司首要解決的問(wèn)題。本文首先介紹了財(cái)務(wù)杠桿定義，引出了財(cái)務(wù)杠桿的相關(guān)原理；然后討論了財(cái)務(wù)杠桿產(chǎn)生作用的根源及財(cái)務(wù)杠桿效應(yīng)分析，最后就我國(guó)的上市公司的財(cái)務(wù)杠桿水平進(jìn)行具體而細(xì)致的分析。并提出了我國(guó)上市公司應(yīng)根據(jù)所處環(huán)境確定合理的負(fù)債水平，來(lái)增強(qiáng)財(cái)務(wù)靈活性，恰當(dāng)利用財(cái)務(wù)杠桿，以增強(qiáng)企業(yè)抗御財(cái)務(wù)風(fēng)險(xiǎn)能力。
關(guān)鍵詞：財(cái)務(wù)杠桿   杠桿效應(yīng)   財(cái)務(wù)風(fēng)險(xiǎn)   資本結(jié)構(gòu)

 
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(cái)務(wù)杠桿的概述 2
（一）財(cái)務(wù)杠桿的定義 2
（二）財(cái)務(wù)杠桿的原理 2
（三）財(cái)務(wù)杠桿的影響因素 3
1.息稅前利潤(rùn)率 3
2.負(fù)債的利息率 3
3.資本結(jié)構(gòu) 3
（四）財(cái)務(wù)杠桿的產(chǎn)生 3
1.負(fù)債時(shí)機(jī)適宜 4
2.負(fù)債數(shù)量適度 4
3.短期償債能力適當(dāng) 4
（五）財(cái)務(wù)杠桿效應(yīng)分析 5
1.財(cái)務(wù)杠桿的正效應(yīng) 5
2.財(cái)務(wù)杠桿的負(fù)效應(yīng) 6
二  財(cái)務(wù)杠桿在我國(guó)上市公司應(yīng)用情況 8
（一）財(cái)務(wù)杠桿在上市公司應(yīng)用總體情況 8
1.我國(guó)上市公司財(cái)務(wù)杠桿總體水平分析 8
2.我國(guó)上市公司財(cái)務(wù)杠桿影響分析 9
（二）財(cái)務(wù)杠桿在上市公司各行業(yè)應(yīng)用情況 10
1.地產(chǎn)類(lèi)、商業(yè)類(lèi)、綜合類(lèi)的財(cái)務(wù)杠桿水平較高 10
2.工業(yè)類(lèi)、公用事業(yè)類(lèi)的財(cái)務(wù)杠桿水平較低 11
（三）上市公司財(cái)務(wù)杠桿效應(yīng)分析 11
1.上市公司總體財(cái)務(wù)杠桿效應(yīng)情況 11
2.上市公司財(cái)務(wù)杠桿效應(yīng)分析 12
三 我國(guó)企業(yè)在應(yīng)用財(cái)務(wù)杠桿中存在的問(wèn)題及解決措施 14
（一）我國(guó)企業(yè)在應(yīng)用財(cái)務(wù)杠桿中存在的問(wèn)題 14
1.許多企業(yè)財(cái)務(wù)杠桿水平偏高和偏低 14
2.財(cái)務(wù)杠桿發(fā)揮負(fù)效應(yīng)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(fù)債水平 14
2.提高企業(yè)抵御財(cái)務(wù)風(fēng)險(xiǎn)能力 15
四 結(jié)論 16
參考文獻(xiàn) 17
致  謝 18