我国上市公司资本结构的财务杠杆效应分析

The Analysis of Financial Leverage Effect of Capital Structure in China's Company

资本结构的财务杠杆效应,是指企业通过对资本结构中负债比例的选择而对权益资本利润率的影响。目前我国大多数上市公司资本结构的财务杠杆作用处于不合理状态,债务没有发挥它积极的作用,所以上市公司要获得财务杠杆利益,就要改变现有负债率过低的资本结构状况,扩大债务融资,特别是债券融资,使用"硬约束"债权融资。

The financial leverage of the capital structure refers to the impact on returns on the equity capital from the enterpris- es choices of the liabilities ratio of the capital structure. In this paper, China＇s 1,348 listed companies＇ sample data for nearly four years are applied in a sub-analysis for the 2002 -2004 financial leverage coefficient. The results show that the majority of listed companies＇ financial leverage of the capital structure in the state is unreasonable. Debt doesn＇t play its positive role. It is necessary for the listed companies to change the current low rate of debt to the capital structure status and to expand debt financing, especially for bond financing and the use of “hard constraints” debt Financing if they want to obtain financial lever- age interests.