财务杠杆对企业经营的影响研究  

Research on the Influence of Financial Leverage on Business Operation

作　　者：高茜雯 Xiwen Gao(Wuhan University of Science and Technology,Wuhan,Hubei,430070,China)

机构地区：[1]武汉科技大学,湖北武汉430070

出　　处：《管理科学与研究（中英文版）》2022年第6期273-276,共4页Management Science and Research

摘　　要：近年来,随着我国资本市场的发展,企业融资渠道日益拓宽,财务杠杆在促进企业生产经营方面发挥着越来越重要的作用。企业的财务杠杆水平不仅可以通过财务杠杆的高低影响企业利润,而且也影响着企业的资本结构。本文通过实证研究发现,企业杠杆水平越高,企业间的业绩差异就越大;相比于低杠杆(财务杠杆为负)企业,高杠杆(财务杠杆为正)企业间业绩差异更为显著;当债务规模较小时(小于或等于零),高债务杠杆(财务杠杆为正)企业间业绩差异更显著。因此,企业在进行产业升级及转型时应更加重视财务杠杆问题,通过合理控制负债水平和提高资本效率来促进企业发展。In recent years,with the development of Chinese capital market,enterprise financing channels are increasingly widening,financial leverage plays a more and more important role in promoting enterprise production and management.The level of financial leverage of an enterprise can not only affect the profit of an enterprise through the level of financial leverage,but also affect the capital structure of an enterprise.Through empirical research,this paper finds that the higher the enterprise leverage level,the greater the performance difference between enterprises;Compared with low-leverage(negative financial leverage)enterprises,the performance difference between high-leverage(positive financial leverage)enterprises is more significant.When the debt scale is small(less than or equal to zero),the performance difference between enterprises with high debt leverage(positive financial leverage)is more significant.Therefore,enterprises should pay more attention to the issue of financial leverage during industrial upgrading and transformation,and promote the development of enterprises through reasonable control of debt level and improvement of capital efficiency.

关 键 词：企业杠杆 业绩差异 绩效模型 研究方法 

分 类 号：F27[经济管理—企业管理]