【作者】 孙丽萍；

【导师】 罗福凯；

【作者基本信息】 中国海洋大学 ， 会计学， 2004， 硕士

【摘要】 随着我国股市的不断发展，上市公司对社会经济生活产生越来越重要的影响。而财务杠杆的合理运用，是上市公司财务管理的一个重要方面，它对于增大企业权益、控制适度财务风险具有重要作用，因此对该问题进行深入研究具有很强的现实意义。 本文首先对中外学术界关于财务杠杆研究情况进行全面分析，掌握前沿动态。通过国内外研究的比较，了解我国关于财务杠杆研究的不足之处是对财务杠杆缺乏系统认识，更缺少运用实证方法进行的研究。然后，本文在第二部分选择比较恰当的研究样本、财务指标和研究方法，提出研究假设，为进行实证研究作好准备工作。第三部分主要理清了财务杠杆主要定理和规则，作为本论文的理论基础。第四、第五部分是本文的重点，运用样本数据进行推理、计算和分析论证，得出结论。首先，本文对三年内财务杠杆总体水平、总体分布情况、各行业水平及产生的正负效应情况等进行了实证研究，全面分析了我国目前财务杠杆的运用情况。其次，通过实证方式验证了影响财务杠杆水平的内外部原因，并将实证研究结果与有关理论及国内外实证研究进行了比较。在此基础上，进行了财务杠杆最优规则的探索。本文第六部分对全文进行了总结，提出了自己的建议，并指出了本文研究存在的局限性。 本文的研究对上市公司财务杠杆的选择有一定的指导作用，并对该问题的理论研究有一定借鉴意义。更多还原

【Abstract】 With the constant development of the stock market of our country, the listed company has a more and more important impact on social economic life. The rational application of the financial lever, is an important respect of the financial administration of listed company. It has important function in increasing the rights and interests of enterprise and controlling appropriate financial risk, So it has very strong realistic meanings to carry on further investigation on this question.Firstly, this thesis analyzes the actuality of the Chinese and foreign academia all-sided about the financial lever, and grasps the forward position trends. Secondly, relatively appropriate research samples, financial indexes and research approaches are chose in the second part in the thesis, and studying suppose is put forward, in preparation for carrying on the empirical work. The third part makes it clear about the main theorem and rule of financial lever, which is the theoretical foundation as this thesis. The four and the fifth part are focal points of the thesis, which use the sample data to carry on reasoning, calculating and analyzing that is proved, and drawing the conclusion. First of all, it has empirical research on collectivity, distribution, trade level and domino effects of financial lever, and analyzes our country’s application of the financial lever at present. Then, it verifies the inside and outside factors that influence the financial lever through the way of empirical work, and compares the result of study with relevant theories and domestic and international positive research of empirical work. On the basis of this, it explores in carrying on the financial lever optimum and regularly. The final part summarizes the full thesis, puts forward some suggestions, and points out the limitations of the existence in this thesis.The research of this thesis has certain guidance functions to the choice of the financial lever of listed company, and there is sure meaning to the theoretical research of this question for reference.更多还原