对财务杠杆的再认识  

A New Interpretation of Fiscal Leverage

作　　者：胡振兴[1] 

机构地区：[1]河南理工大学经济管理学院,河南焦作454000

出　　处：《管理学刊》2016年第3期41-53,共13页Journal of Management

基　　金：河南省哲学社会科学基金项目(2015BJJ008);河南省政府决策研究招标课题(2015B292);河南理工大学博士基金项目(B2010-24);河南理工大学人文社会科学研究基金项目--应用决策咨询专项(SKJC2015-2);河南理工大学经济管理学院2015年创新课程建设项目

摘　　要：财务杠杆分为经营性杠杆与金融性杠杆1。经营性杠杆来源于经营性投资,体现为以固定经营性成本为支点的销售变动对息税前利润变动的放大。企业意欲获得可能的经营性杠杆收益,就必须承担相应的经营性杠杆损失,这就是常义的经营性风险,其决定因素是边际贡献和固定经营性成本。金融性杠杆起因于金融性筹资,反映出以固定金融性成本为支点的息税前利润变动对普通股资本收益变动的放大。普通股股东意欲获得可能的金融性杠杆收益,就必须承担相应的金融性杠杆损失,这就是常义的金融性风险,其影响因素包括息税前利润、税前固定金融性成本和税后固定金融性成本。经营性杠杆与金融性杠杆之间的相互作用呈现出连锁化、互补化和定量化特征。The fiscal leverage can be divided into operational leverage and financial leverage. The former is based on the operational investment, which embodies the enlargement of the earnings before interest and tax due to the changes of the sales that are supported by the fixed operational costs. Enterprises aspiring to gain prospective operational leveraged revenue must assume the corresponding operational leveraged loss, which is the common operational risk and usually determined by the contribution margin and the fixed operational costs. While, the latter starts from the financial fund-raising, which embodies the enlargement of the capital gain from the equity stock due to the changes of the earnings before interest and tax that are supported by the fixed financial costs. On one hand, the shareholders of the equity stock long for the probable financial leverage income. On the other hand, they should also assume the corresponding financial leverage loss, which counts for the common financial risk. The factors influencing it consist of the earnings before interest and tax, the fixed financial costs before interest and tax and the fixed financial costs after interest and tax. On the whole,the interplay between the operational leverage and the financial leverage performs to be concatenate, complementary and quantifiable.

关 键 词：经营性杠杆 金融性杠杆 固定经营性成本 固定金融性成本 经营性风险 金融性风险 

分 类 号：F275[经济管理—企业管理]