【正文】 徐州工程學(xué)院畢業(yè) 論文 I 摘要 目前，財(cái)務(wù)杠桿對(duì)企業(yè)來(lái)說(shuō)是一把“雙刃劍”。一方面，財(cái)務(wù)杠桿幫助企業(yè)獲得稅盾利益；另一方面，財(cái)務(wù)杠桿如果運(yùn)用失策，它會(huì)產(chǎn)生潛在的財(cái)務(wù)風(fēng)險(xiǎn)。本文借鑒負(fù)債融資相關(guān)理論，綜合運(yùn)用文獻(xiàn)分析法、案例研究法、比較分析法等，文章首先剖析了淮安湯始建華管樁有限公司在財(cái)務(wù)杠桿運(yùn)用中存在的種種誤區(qū)：負(fù)債規(guī)模與企業(yè)的償債能力、盈利能力未實(shí)現(xiàn)合理的匹配；忽視財(cái)務(wù)杠桿的負(fù)面效應(yīng)過(guò)分倚重負(fù)債融資；風(fēng)險(xiǎn)防范機(jī)制不盡合理。結(jié)合建材行業(yè)的經(jīng)營(yíng)特征，文章提出了合理運(yùn)用財(cái)務(wù)杠桿的相關(guān)舉措：努力提高償債能力以避免 財(cái)務(wù)風(fēng)險(xiǎn)；合理運(yùn)用財(cái)務(wù)杠桿積極拓展融資渠道；結(jié)合建材企業(yè)經(jīng)營(yíng)特征完善風(fēng)險(xiǎn)防范機(jī)制。 關(guān)鍵詞 財(cái)務(wù)杠桿 ； 負(fù)債 ； 融資； 財(cái)務(wù)風(fēng)險(xiǎn) 徐州工程學(xué)院畢業(yè) 論文 II Abstract Nowadays, financial leverage is regarded as a kind of double－ edged sword for modern business. On one hand, financial leverage help business gain the Tax－ shield advantage。 On the other hand, if been conducted inappropriately, it will lead to the potential financial risk. To begin with, based on the related theories of debt operation, prehensively employing the case study, literature analysis as well as parative analysis, the paper analyzes the main practical problems of financial leverage in Huaian Tangshi Jianhua Concrete Pite Co.,LTD： the financing scale does not match the operating strategy and financial strategy。 unreasonably rely on the debt financing ignoring the negative effect of financial leverage。 the precaution system of financial risk is very poor. Consequently, the paper puts forward the following measures such as： to enhance the solvency in order to avoid the financial risk。 to reasonably apply the financial leverage in practice。 to improve the precaution system of financial risk according to the construction material industrial characteristics. Keywords financial leverage liabilities financing financial exposure 徐州工程學(xué)院畢業(yè) 論文 I 目 錄 1 緒論 .............................................................................................................................................. 1 ............................................................................................................... 1 國(guó)內(nèi)外研究現(xiàn)狀 ................................................................................................................... 1 國(guó)外研究現(xiàn)狀 ................................................................................................................ 1 國(guó)內(nèi)研究現(xiàn)狀 ................................................................................................................ 1 研究方法 ............................................................................................................................... 2 研究?jī)?nèi)容與框架結(jié)構(gòu) ........................................................................................................... 2 主要?jiǎng)?chuàng)新之處 ....................................................................................................................... 2 2 財(cái)務(wù)杠桿的相關(guān)理論基礎(chǔ) .......................................................................................................... 3 財(cái)務(wù)杠桿及財(cái)務(wù)杠桿系數(shù) ................................................................................................... 3 財(cái)務(wù)杠桿的原理與特點(diǎn) ................................................................................................ 3 財(cái)務(wù)杠桿系數(shù)及其計(jì)算方法 ........................................................................................ 3 財(cái)務(wù)杠桿在企業(yè)融資中的運(yùn)用 ........................................................................................... 4 ................................................................................ 4 財(cái)務(wù)杠桿原理在小企業(yè)融資決策中的應(yīng)用 ................................................................ 5 分析財(cái)務(wù)杠桿影響因素，防范控制財(cái)務(wù)風(fēng)險(xiǎn) ............................................................ 5 3 淮安建華管樁公司在財(cái)務(wù)杠桿運(yùn)用中存在的誤區(qū) .................................................................. 7 企業(yè)在償債能力尚弱的情況下盲目擴(kuò)大負(fù)債融資規(guī)模 ................................................... 7 短期償債能力分析 ........................................................................................................ 7 長(zhǎng)期償債能力分析 ........................................................................................................ 8 盲目擴(kuò)大負(fù)債規(guī)模引發(fā)潛在的財(cái)務(wù)風(fēng)險(xiǎn) .................................................................... 9 未能理性對(duì)待財(cái)務(wù)杠桿的雙重效應(yīng)而過(guò)分倚重負(fù)債融資 ............................................. 10 財(cái)務(wù)杠桿對(duì)企業(yè)的雙重效應(yīng) ...................................................................................... 10 過(guò)分倚重負(fù)債融資 ...................................................................................................... 12 風(fēng)險(xiǎn)防范機(jī)制不健全 ......................................................................................................... 13 較弱的盈利能力導(dǎo)致還本付息所需現(xiàn)金流的緊張 .................................................. 13 不盡合理 的 資本結(jié)構(gòu)加重了企業(yè)的償債能力 .......................................................... 14 4 淮安建華管樁公司財(cái)務(wù)杠桿運(yùn)用的改進(jìn)措施 ........................................................................ 15 ................................................................................. 15 ...................................................................................................... 15 優(yōu)化負(fù)債結(jié)構(gòu) .............................................................................................................. 16 合理運(yùn)用財(cái)務(wù)杠桿積極拓展融資渠道 ............................................................................. 17 采取多種融資方式，拓寬企業(yè)融資渠道 .................................................................. 17 徐州工程學(xué)院畢業(yè) 論文 II 分析利率、匯率走勢(shì)，合理籌資 .............................................................................. 18 結(jié)合建材企業(yè)經(jīng)營(yíng)特征完善風(fēng)險(xiǎn)防范機(jī)制 ..................................................................... 18 樹(shù)立正確的風(fēng)險(xiǎn)觀念 .................................................................................................. 19 建立財(cái)務(wù)風(fēng)險(xiǎn)預(yù)警體系，提高應(yīng)變能力 .................................................................. 19 完善企業(yè)內(nèi)部管理 ...................................................................................................... 19 從籌資到投資互動(dòng)性的視角來(lái)提高融資效率 .......................................................... 19 結(jié)論 ..........................................................................................