摘要
我国上市公司融资过程中,存在着财务杠杆利用不充分、利用错位的现象。除客观上存在的融资环境等方面的原因外,主要是由于上市公司盈利能力差、经理人的风险偏好等原因造成的。要有效利用财务杠杆,上市公司必须提高自身盈利能力、建立有效的财务风险防范机制、把握利用财务杠杆的“度”、正确处理好财务杠杆与营业杠杆的关系等。
Our listed companies haven't made use of the financial leverage sufficiently and correctly in the course of their financing.In addition to the reason of our financial environment,it is mainly because of their low profitability, and their manager's risk preference etc.To make use of the financial leverage sufficiently,our listed company should improve their profitability,establish a mechanism of preventing financial risks,pay attention to the degree of the fi- nancial leverage,and handle the relationship between the financial leverage and the operational leverage.
关键词
财务杠杆
风险偏好
盈利能力
营业杠杆
financial leverage
risk reference
profitability
operational leverage
