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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干息税前利润变动幅度的现象。运用财务杠杆会给企业带来收益,但也会使企业增加财务风险。本文以我国A股港口上市公司为例,分析了财务杠杆对港口企业总资产收益率与净资产收益率的影响,从而进一步探讨财务杠杆对港口企业收益与风险的影响,以期加深对财务杠杆的认识,合理制定财务决策。 相似文献
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试论资本结构与杠杆作用对筹资决策的影响 总被引:3,自引:0,他引:3
筹资决策分析的目标是以最小的资金成本使财务利益最大化。影响筹资决策的因素很多,文章主要探讨企业的资本结构与杠杆作用对筹资决策的影响。杠杆作用主要包括经营杠杆和财务杠杆,经营杠杆是企业固定成本对变动成本的比率及其对息税前盈余的影响;财务杠杆是指长期债务的运用对每股收益的影响。 相似文献
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企业在一定时期内,成本结构的变动,会对企业收益产生一定影响,从而使企业面临一定的财务风险。因此,企业要取得理想收益,就必须合理利用复合杠杆来规避各种企业风险。本文试以M公司为例,浅谈其财务杠杆利用的合理性,并在此基础上,并提出相应建议。 相似文献
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与国际发达的资本市场类似,我国资本市场也存在企业零(低)杠杆现象。基于1992-2014年沪深两市全部A股上市公司的财务报表数据及股票收益数据,文章使用事件研究法与日历时间组合法,实证检验了零(低)杠杆公司的财务特征及股票长期收益情况。研究表明,我国A股市场中的零(低)杠杆现象呈现扩大化及增长趋势,且零(低)杠杆公司具有规模小、上市年限短、市账比高、投资水平低及盈利性好等共同特征。研究也发现相较非零(低)杠杆公司,连续三(五)年零(低)杠杆公司具有显著的长期超额收益,说明持续的极端财务保守政策对于股票收益具有重要的影响作用。 相似文献
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ZHU Zhi-yu 《重庆与世界》2014,31(11):6-11
The bio-control potential of rhizospere bacteria Pseudomonas fluorescens against plant-parasite nematode had been demonstrated. P. fluorescens had shown the effect to enhance tobacco resistance to root-knot nematode Meloidogyne incognita. Inoculation with P. fluoreseens in tobacco could lead to significant reductions in the number of juveniles that penetrated tobacco root and further life stage development of the juveniles. The number of juveniles penetrated into tobac- co root in treatment with P. fluorescens is significantly different from CK at 2DAI, 6DAI, 8DAI and 10DAI. Significant reduction and delayed development of juveniles that penetrated into tobacco root and treated were observed in treatment at 14DAI, 21DAI, 28DAI and 35DAI. In addition, P. fluoreseens treatment leads to a significant reduction in the number of eggs per egg-mass at 35 DAI. The results show P. fluorescens induced a continuously suppression on root-knot nema- tode M. incognita throughout their entire early infection phase of root penetration, subsequent life stage development and reproduction. 相似文献
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《世界经济与政治》2017,(6):156-160
Recent years have witnessedsignificant changes in the Asia-Pacific regionalstructure featuring the shift in power balance among related countries as well as adjust-ments in their respective regional strategies. So what is the prevailing trend in thistransformation and what kind of regional order will likely emerge in the future? To an-swer these questions, the paper tries to explore the following dimensions: the evolvingregional context, shift in power balance and power conversion, geo-political and geo-e-conomic developments and interactions between them, and evolving regional order. Asthe study shows, the broadening of regional geographical scope, the rise in the numberof actors involved, as well as changesin the relations among them, have combined tocast a pluralistic and complex flavor to the regional structure. While the power balanceamong China, the United States and Japan shifts, and power conversion is also occur-ring. China and Japan are paying increasing attention to their security roles, whereasthe United States under the Obama administration laid more stress on expanding itsgeo-economic clout. In spite of the intensifying geopolitical competition among China,the United States and Japan in recent years, a Sino-US strategic compromise-whichholds the key to regional geopolitics-isother front, some kind of geo-economicmore likely to take place in the future. On thecooperation will probably emerge. In the longerterm, it will be the geo-economic trend thatwill prevail over the geopolitical trend inthe region. Finally, the future evolution of regional order wiI1 mainly follow the eco-nomic logic, accompanied by the dilutionof its hegemonic and hierarchical nature.Hence, a pluralistic and complex regional community will emerge. 相似文献
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《The Scandinavian economic history review / [the Scandanavian Society for Economic and Social History and Historical Geography]》2012,60(1):60-79
Abstract The Hanseatic League and her kontors (trading posts) were an integral part of the medieval trade system in Northern Europe. Hanse merchants dominated many markets in this region and managed to maintain a monopoly-like role in towns like Novgorod and Bergen for many centuries. Consequently, one focus of historical research about the Hanseatic League lay on the mechanisms that enabled the Hanse merchants to keep that strong of a position for such a long time. This article is part of the discussion about this topic. Based on Lübeck merchants with business interest in the Norwegian town of Bergen, the so-called Bergenfahrers (Bergen travellers), it will give new insights into the Hansards' economical and social organization. The three main points are (a) the integration of the Bergen market in the Hanseatic trade network as an intermediary trading place on the vivid East–West route of Hanse trade; (b) the importance of the Bergenfahrers within the Hanse merchants' economical, social and political networks; and (c) the structure of the Bergenfahrers network patterns in the late Middle Ages. In addition to new insights into the important role of Bergen and the Bergenfahrers within Lübeck's and the other Wendish Hanse towns' trading system, this articles provides further proof for the usefulness of the methods of Social Network Analysis in medieval economic research. 相似文献
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The British Navy in the age of sail was the most successful bureaucracy of its time. Its organization and incentive structures differed importantly from contemporaneous private sailing ventures, but closely resembled those of today’s large corporations. To induce efficient effort, the navy used a hierarchical tournament, in which sailors competed for higher pay that came with promotions based on relative performance. Promotion probabilities, the option value of future promotions, and the higher effort required of men in higher ranks and on larger vessels, combined to yield a highly skewed pay structure. 相似文献
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This paper quantifies the local impacts of mechanized logging on forest-dependent communities in Indonesia, before and after decentralization. A conceptual framework incorporates financial, social, enforcement, rent-seeking, and environmental impacts. Using data from 60 communities in East Kalimantan, the empirical results suggest that significantly more households received financial and in-kind benefits after decentralization compared to before. Many communities engaged in self-enforcement activities against firms both before and after decentralization. Post-decentralization, a significantly higher proportion of households perceived community forest ownership. There were few significant differences in perceived environmental impacts. Little evidence exists of a post-decentralization trade-off between environmental and financial contractual provisions. 相似文献
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商业银行的特殊性体现在风险性、外部性和多重治理目标上,尤其集中体现在风险管理的本质上。风险管理日益成为现代商业银行的主体活动和核心职能,资本管理成为现代商业银行风险管理的核心。在整合EVA和RAROC指标的基础上。文章构建了以资本管理为核心的银行治理的综合评价指标,以求真实反映银行经营的成果,有效衡量风险收益和风险成本的对比关系,从而反映以资本管理为核心的银行风险管理的过程、能力和效率。 相似文献
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We investigate the effect of mandatory IFRS adoption on trade credit. We document that firms in countries that adopt IFRS receive more trade credit from their suppliers, consistent with improved financial reporting quality and comparability playing a role in facilitating informal financing. This increase is larger for countries with a low level of societal trust, a poor pre‐IFRS‐adoption information environment, and stronger legal enforcement. These cross‐sectional results suggest that the conditions under which higher‐quality information is made publicly available affect suppliers' decisions to provide trade credit. This increase is also larger for firms with greater exposure to foreign markets, a finding that highlights the importance of more comparable international financial reporting standards in facilitating cross‐country trade credit. We also find that IFRS adoption has a stronger positive effect on trade credit for firms with greater liquidity needs. Finally, we find that firms in countries that adopt IFRS also extend more trade credit to their customers. Overall, our results support the notion that financial reporting can have a causal effect on trade credit. 相似文献
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Torsten J. Gerpott und Nejc M. Jakopin 《Zeitschrift für Planung & Unternehmenssteuerung》2008,19(1):7-37
Zusammenfassung Die vorliegende Studie analysiert für 87 Neuprodukteinführungen (NPE) und Auslandsmarkteintritte
(AME) von Telekommunikations(TK)-Diensteanbietern in Deutschland, zu denen 42 Schlüsselinformanten
in einer schriftlichen Befragung Auskunft gaben, (1) inwieweit deren zeitliche Eintrittspositionierung durch
Marktcharakteristika und Unternehmensressourcen erkl?rbar ist sowie (2) inwieweit und gegebenenfalls
unter welchen unternehmensexternen und -internen Situationsbedingungen deren Markteintrittstiming mit dem
wahrgenommenen Eintrittserfolg assoziiert ist. Ein früher Markteintritt wurde dann realisiert, wenn
die Wettbewerbsintensit?t im adressierten Gesch?ft niedrig und das Budget für den Expansionsschritt
überdurchschnittlich ausfielen. Zwischen dem Markteintrittstiming und der Beurteilung des Eintrittserfolgs
bestand ein nicht monotoner, umgekehrt U-f?rmiger Zusammenhang: Frühe Folger wiesen signifikant
bessere Erfolgswerte auf als Pioniere und sp?te Folger, deren Erfolgsniveaus nicht signifikant divergierten.
In einer Industrie, die durch starke externe Netzeffekte gepr?gt ist, fallen offenbar die Nachteile
eines Markteintritts als Pionier oder sp?ter Folger st?rker ins Gewicht als die Vorteile dieser
beiden zeitlichen Eintrittspositionierungen. Unabh?ngig vom Markteintrittstiming wurden NPE/AME von
TK-Unternehmen als erfolgreicher eingestuft, wenn sie sich in einen Markt mit stark wachsender Nachfrage
und aufeinander abgestimmt (re)agierenden Wettbewerbern mit qualitativ überdurchschnittlichen, abw?rtskompatiblen,
erprobbaren und wenig erkl?rungsbedürftigen TK-Diensten engagierten.
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Arjun Jayadev 《World development》2011,39(2):159-173