创业板上市公司财务杠杆效应研究

选择我国创业板上市公司作为研究对象,利用样本公司2010-2013年的财务数据,对样本公司财务杠杆水平、财务杠杆系数、财务杠杆运用效果、财务杠杆系数和相关指标之间的关系进行分析研究。研究结果显示:创业板上市公司总体上对财务杠杆的运用效果较好,大部分公司发挥了财务杠杆正面效应,财务杠杆系数和资产负债率、总资产息税前利润率、净资产收益率之间有一定内在联系,当财务杠杆系数在0-2之间时,有利于发挥财务杠杆正面效应。最后根据分析结果提出了相关的建议,以帮助创业板上市公司合理利用财务杠杆。

This paper selects the GEM listed companies as research objects, and uses the financial data of sample companies from 2010 to 2013. This paper studies the level of financial leverage, the degree of financial leverage （DFL）, the financial leverage effect, the relationship between DFL and relevant indexes of sample companies. The study results show the GEM listed com- panies as a whole achieve good effects, and most companies achieve positive effects of financial leverage. And there is a cer- tain internal relation among DFL and asset-liability ratio, return on total assets ratio, and rate of return on net assets. When the degree of financial leverage is between 0 and 2, it is helpful to realize the positive effects of financial leverage. Finally, it puts forward relevant reference suggestions to help the GEM listed companies reasonably use the financial leverage.