摘要：財務杠桿是企業(yè)利用負債來調(diào)節(jié)權益資本收益的方法。在現(xiàn)代市場的經(jīng)濟條件下，我國大多企業(yè)都采用負債經(jīng)營方式，為了有足夠的資金來保證企業(yè)的生存和發(fā)展，企業(yè)通過向投資者籌措資本金，或者通過金融市場或其他途徑融入部分資金，以彌補資本金不足，利用財務杠杠的原理，使企業(yè)在不改變生產(chǎn)方法、銷售條件等的前提下提高資金收益率，使企業(yè)越做越強。

　　　財務杠桿是一把“雙刃劍”，既可以給企業(yè)帶來積極的影響，也可以帶來消極的影響。本文從財務杠桿的涵義出發(fā)，分析了影響財務杠桿作用的因素,結合財務杠桿的涵義及其效應，對我國企業(yè)在財務杠桿應用方面進行深入探討,提出了一些對策和建議。

關鍵詞: 財務杠桿；舉債經(jīng)營；企業(yè)融資

Abstract：Financial leverage is the use of liabilities of enterprises to adjust the interests of capital gains method. In the modern market economy condition, most Chinese enterprises have adopted debt management mode, in order to have enough money to ensure the survival and development of enterprises, enterprises to the investors through raising capital, or through the financial markets, or in any other way into part of the funds, to make up for the shortage of capital, use financial lever principle, so that enterprises in does not change the production methods, marketing conditions, under the premise of improving the profitability of funds, so that enterprises increasingly strong.

　　　Financial leverage is a "double-edged sword", which can bring positive effects, also can bring negative effect. This article from the financial leverage meaning sets out, analyzed the influence of financial leverage factor, combined with the financial lever and its effect, for the Chinese enterprises in the financial leverage applied aspects carries on the thorough discussion, puts forward some countermeasures and suggestions.

Key Words： Financial leverage; Operating leverage;Enterprise financing

　　　本文是通過在本校圖書館借閱相關書籍，參考相關期刊的文章，上網(wǎng)收集相關資料對各學者的觀點和見解進行分析、歸納與總結，形成自己的文章。主要的研究方法有：①規(guī)范研究方法：綜合分析法、歸納總結法②文獻研究方法：文獻整理。

　　　本文集中從理論層面上對財務杠桿原理進行分析，并對影響財務杠桿作用的三個影響因素：負債利息率、息稅前利潤率、資本結構，分別進行詳細分析。本文還通過列舉海鑫集團的成功及大宇集團的解散，這兩個案例來揭示財務杠桿的雙面性，具體分析運用財務杠桿所帶來的積極或消極作用。文章最后對如何科學地利用財務杠桿提出相關的建議，并根據(jù)我國企業(yè)融資難的局面，如何合理地將財務杠桿原理應用到企業(yè)中提出相關的建議。