财务管理中的杠杆效应与风险探析

财务管理学中的经营杠杆、财务杠杆和复合杠杆相关理论是企业优化资本结构、获取经营杠杆收益、控制经营风险、实现股东收益最大化与控制企业财务风险的重要理论,涉及筹资活动、投资活动与经营活动多个方面,是筹资决策、投资决策和经营决策的重要依据。本论从经营杠杆、财务杠杆相关理论依据与内涵入手,在分析经营杠杆、财务杠杆和复合杠杆计算及公式的基础上,重点对其三项指标的性质与作用进行分析与评价。以达到全面的、正确的理解杠杆效应与风险程度的相互关系,明晰经营风险和财务风险之间的联系,以实现经营(投资)决策与筹资决策的相互配合,共同控制与降低企业复合风险。

Analysis of Leverage Effect and Risk in Financial Management

The related theories of operating leverage, financial leverage and compound leverage in financial management are important theories for companies to optimize their capital structure, obtain operating leverage returns, control operating risks,maximize shareholder returns and control corporate financial risks. Many aspects of investment activities and business activities are an important basis for financing decisions, investment decisions, and business decisions. This thesis starts with the relevant theoretical basis and connotation of operating leverage and financial leverage. Based on the analysis of the calculation and formulas of operating leverage, financial leverage and compound leverage, it focuses on the analysis and evaluation of the nature and function of its three indicators. In order to achieve a comprehensive and correct understanding of the relationship between the leverage effect and the degree of risk, to clarify the relationship between business risk and financial risk, to achieve the coordination of business(investment) decisions and financing decisions, to jointly control and reduce corporate risk.