会计学淮安汤始建华管桩有限公司在财务杠杆运用中存在的误区及其改进精选.doc

摘要 目前，财务杠杆对企业来说是一把“双刃剑”。一方面，财务杠杆帮助企业获得税盾利益；另一方面，财务杠杆如果运用失策，它会产生潜在的财务风险。本文借鉴负债融资相关理论，综合运用文献分析法、案例研究法、比较分析法等，文章首先剖析了淮安汤始建华管桩有限公司在财务杠杆运用中存在的种种误区：负债规模与企业的偿债能力、盈利能力未实现合理的匹配；忽视财务杠杆的负面效应过分倚重负债融资；风险防范机制不尽合理。结合建材行业的经营特征，文章提出了合理运用财务杠杆的相关举措：努力提高偿债能力以避免财务风险；合理运用财务杠杆积极拓展融资渠道；结合建材企业经营特征完善风险防范机制。 关键词 财务杠杆；负债；融资；财务风险 Abstract Nowadays, financial leverage is regarded as a kind of double－edged sword for modern business. On one hand, inancial leverage help business gain the Tax－shield advantage; On the other hand, if been conducted inappropriately, it will lead to the potential financial risk. To begin with, based on the related theories of debt operation, comprehensively employing the case study, literature analysis as well as comparative analysis, the paper analyzes the main practical problems of financial leverage in Huaian Tangshi Jianhua Concrete Pite Co.,LTD：the financing scale does not match the operating strategy and financial strategy; unreasonably rely on the debt financing ignoring the negative effect of financial leverage; the precaution system of financial risk is very poor. Consequently, the paper puts forward the following measures such as：to enhance the solvency in order to avoid the financial risk; to reasonably apply the financial leverage in practice; to improve the precaution system of financial risk according to the construction material industrial characteristics. Keywords financial leverage liabilities financing financial exposure 目 录 1绪论 1 1.1选题的背景与意义 1 1.2国内外研究现状 1 1.2.1国外研究现状 1 1.2.2国内研究现状 1 1.3研究方法 2 1.4研究内容与框架结构 2 1.5主要创新之处 2 2财务杠杆的相关理论基础 3 2.1财务杠杆及财务杠杆系数 3 2.1.1财务杠杆的原理与特点 3 2.1.2财务杠杆系数及其计算方法 3 2.2财务杠杆在企业融资中的运用 4 2.2.1财务杠杆原理对企业的融资影响 4 2.2.2财务杠杆原理在小企业融资决策中的应用 5 2.2.3分析财务杠杆影响因素，防范控制财务风险 5 3淮安建华管桩公司在财务杠杆运用中存在的误区 7 3.1企业在偿债能力尚弱的情况下盲目扩大负债融资规模 7 3.1.1短期偿债能力分析 7 3.1.2长期偿债能力分析 8 3.1.3盲目扩大负债规模引发潜在的财务风险 9 3.2未能理性对待财务杠杆的双重效应而过分倚重负债融资 10 3.2.1财务杠杆对企业的双重效应 10 3.2.2过分倚重负债融资 12 3.3风险防范机制不健全 13 3.3.1较弱的盈利能力导致还本付息所需现金流的紧张 13 3.3.2不尽合理的资本结构加重了企业的偿债