过度经营与财务政策的杠杆原理解析

Study on the Leverage Principle in Over-Operation and Financial Policy

运用经营杠杆与财务杠杆原理对企业的财务政策进行了分析,提出企业扩大投资规模要与业务量的增长幅度相适应,在利用财务杠杆时要注意总资产报酬率与资金成本率之间的关系。杠杆效应刺激了企业的扩张与负债行为,对未来市场和业务发展的良好预期是企业过度经营的直接诱因。过度经营增加了企业经营和财务风险,降低营运效率和获利水平,极易引起财务危机,因此企业在扩张与举债决策前要注重内外部环境的分析,设置杠杆上限,在决策时注意选择扩张方案与筹资途径,当出现过度经营后要采取有效措施降低风险,提高收益质量。

The principle of operating leverage and financial leverage are applied in this paper to the analysis of financial policy. The author proposes that the enlargement of investment scale should be corresponding with the increase of sales. Enterprises should pay attention to the relationship between return on assets and cost of capital when using the financial leverage. Leverage encourages the enterprise to enlarge operation scale but also brings the risk of running into debt. The positive expectation for market situation and sale increase is the direct inducement of over enlargement and over debt. Over operation increases operation risk and financial risk, decreases operation efficiency and profitability, and is likely to bring about financial crisis. Enterprises should analyze their inner and outer environment carefully and set an upper limit of levers before enlargement and getting into debt, select enlargement scheme and financial approach carefully. Effective methods to decrease risk and improve income quality are also suggested.