上市公司微观经济杠杆管理的实证分析——基于房地产行业的分析  

An Empirical Analysis of Microeconomic Leverage of Listed Companies——Case Study of Real Estate Industry

作　　者：刘名旭[1] 代娜[1] 

机构地区：[1]成都信息工程学院会计系,四川龙泉610103

出　　处：《天津商业大学学报》2009年第1期16-20,共5页Journal of Tianjin University of Commerce

摘　　要：以房地产上市公司为研究对象,以房地产行业为例对上市公司的财务杠杆、经营杠杆和复合杠杆进行计算与比较分析。研究发现:房地产上市公司的杠杆值不是很合理,尤其是财务杠杆偏小,表现为财务保守行为;而经营杠杆和财务杠杆有较强的正相关关系,说明上市公司没有利用杠杆均衡原理进行风险控制,上市公司在进行杠杆管理时,没有同时兼顾风险控制和杠杆效应,而是偏重于风险因素考虑。The paper analyzes financial leverage, operating leverage and combined leverage of listed companies in real estate industry, and finds that the microeconomic leverage is ineffective to some extent, which is embodied in the following aspects： financial leverage is too weak to produce the intended effect; there is a positive correlation between operating leverage and financial leverage, which indicates that listed companies don＇ t control risks by means of balance of leverage; and listed companies don＇t give consideration to risk control and leverage effect but pay more attention to risks.

关 键 词：微观经济杠杆 杠杆风险 杠杆效用 杠杆均衡 

分 类 号：F275[经济管理—企业管理]