【正文】 徐州工程學(xué)院畢業(yè) 論文 I 摘要 目前，財務(wù)杠桿對企業(yè)來說是一把“雙刃劍”。一方面，財務(wù)杠桿幫助企業(yè)獲得稅盾利益；另一方面，財務(wù)杠桿如果運用失策，它會產(chǎn)生潛在的財務(wù)風險。本文借鑒負債融資相關(guān)理論，綜合運用文獻分析法、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務(wù)杠桿運用中存在的種種誤區(qū)：負債規(guī)模與企業(yè)的償債能力、盈利能力未實現(xiàn)合理的匹配；忽視財務(wù)杠桿的負面效應(yīng)過分倚重負債融資；風險防范機制不盡合理。結(jié)合建材行業(yè)的經(jīng)營特征，文章提出了合理運用財務(wù)杠桿的相關(guān)舉措：努力提高償債能力以避免 財務(wù)風險；合理運用財務(wù)杠桿積極拓展融資渠道；結(jié)合建材企業(yè)經(jīng)營特征完善風險防范機制。 關(guān)鍵詞 財務(wù)杠桿 ； 負債 ； 融資； 財務(wù)風險 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 國內(nèi)外研究現(xiàn)狀 ................................................................................................................... 1 國外研究現(xiàn)狀 ................................................................................................................ 1 國內(nèi)研究現(xiàn)狀 ................................................................................................................ 1 研究方法 ............................................................................................................................... 2 研究內(nèi)容與框架結(jié)構(gòu) ........................................................................................................... 2 主要創(chuàng)新之處 ....................................................................................................................... 2 2 財務(wù)杠桿的相關(guān)理論基礎(chǔ) .......................................................................................................... 3 財務(wù)杠桿及財務(wù)杠桿系數(shù) ................................................................................................... 3 財務(wù)杠桿的原理與特點 ................................................................................................ 3 財務(wù)杠桿系數(shù)及其計算方法 ........................................................................................ 3 財務(wù)杠桿在企業(yè)融資中的運用 ........................................................................................... 4 ................................................................................ 4 財務(wù)杠桿原理在小企業(yè)融資決策中的應(yīng)用 ................................................................ 5 分析財務(wù)杠桿影響因素，防范控制財務(wù)風險 ............................................................ 5 3 淮安建華管樁公司在財務(wù)杠桿運用中存在的誤區(qū) .................................................................. 7 企業(yè)在償債能力尚弱的情況下盲目擴大負債融資規(guī)模 ................................................... 7 短期償債能力分析 ........................................................................................................ 7 長期償債能力分析 ........................................................................................................ 8 盲目擴大負債規(guī)模引發(fā)潛在的財務(wù)風險 .................................................................... 9 未能理性對待財務(wù)杠桿的雙重效應(yīng)而過分倚重負債融資 ............................................. 10 財務(wù)杠桿對企業(yè)的雙重效應(yīng) ...................................................................................... 10 過分倚重負債融資 ...................................................................................................... 12 風險防范機制不健全 ......................................................................................................... 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務(wù)杠桿運用的改進措施 ........................................................................ 15 ................................................................................. 15 ...................................................................................................... 15 優(yōu)化負債結(jié)構(gòu) .............................................................................................................. 16 合理運用財務(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，合理籌資 .............................................................................. 18 結(jié)合建材企業(yè)經(jīng)營特征完善風險防范機制 ..................................................................... 18 樹立正確的風險觀念 .................................................................................................. 19 建立財務(wù)風險預(yù)警體系，提高應(yīng)變能力 .................................................................. 19 完善企業(yè)內(nèi)部管理 ...................................................................................................... 19 從籌資到投資互動性的視角來提高融資效率 .......................................................... 19 結(jié)論 ..........................................................................................