杠杆原理及其在企业财务管理中的应用

Lever Principle and Application in the Financial Management of Enterprises

市场经济条件下，财务管理处于主导的、中心的、支配的地位。财务杠杆系数是指 息税前利润的变动引起的每股盈余的变动，它应该取绝对值，在 负债经营的情况下，它始终大于1。它可以用来表示财务风险的大小。 经营杠杆系数是指业务量的变化引起的息税前利润的变动，它用来表明提高固定资产利用效 率，可以为企业带来额外的收益。

Under the condition of the market economy, financi al management lies in the heading, central and domination position. Financial leverage coefficient which means the changes of the earnings perstock caused by the profit changes before interest tax should take the absolute v alue, always than one; It can show the financial risk, big or small. Management leverage coefficient which me ans the profit changes before interest ＆ tax caused by business changes is used to show fix assets improvement and utilization ratio and can bring extra income for enterprises.