“杠杆”四象限调整搭配研究——基于稳健财务思想

Research about Four-quadrant Combination of Lever——On Prudential Financial Idea

以稳健财务思想为导向的企业可以形成较强的抗风险能力,保障企业的可持续发展。通过将财务杠杆与经营杠杆进行反向搭配,可以将总风险控制在适度的范围内,以利于企业获得稳健的盈利能力和可持续的增长速度,延长企业寿命。基于稳健财务思想,可以利用四象限法分析财务杠杆与经营杠杆的不同搭配方法,并在四象限中对财务杠杆和经营杠杆进行合理、适度的调整。

Prudential financial idea- oriented firms are able to guard against risks and guarantee their sustained development. Firms can control reasonably the total risks through adverse combination of DFL＆DOL, which help firms keep steady profit and sustained growth rate and prolong their longevity. The author analyses the different combination of DFL＆DOL by four quadrants, and adjust reasonably DFL＆DOL in the four quadrants with prudential financial idea. The data of listed companies in 2005 and 2006 show that the companies＇ sustained growth rate is high when their total risks are moderate.