财务杠杆与企业绩效的关联机理与影响路径研究

Research on the Correlative Mechanism and Influence Path between Financial Leverage and Enterprise Performance

为化解企业和地方政府的债务风险,国家实施了一系列去杠杆的宏观政策并取得了显著的效果,然而,从防范企业风险、保障企业生存和发展的角度出发,如何实现财务杠杆与企业绩效的平衡是企业始终面对的现实问题。在分析财务杠杆与企业绩效关联机理基础上,探讨了危机情景下财务杠杆与企业绩效的影响路径,提出了面对危机情景财务杠杆与企业绩效的平衡建议,以降低财务杠杆对企业绩效产生的负面影响。

The state has implemented a series of macro policies of deleveraging and achieved remarkable results for solving the debt risks of enterprises and local governments.However,from the perspective of preventing enterprise risks and ensuring the survival and development of enterprises,how to achieve the balance between financial leverage and enterprise performance is a realistic problem that enterprises always face.Based on the analysis of the correlative mechanism between financial leverage and enterprise performance,this paper discusses the influence path of financial leverage and enterprise performance in crisis situations,and puts forward some suggestions on balancing financial leverage and enterprise performance in crisis situations to reduce the negative impact of financial leverage on enterprise performance.