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摘要财务杠杆效应是由于负债利息等固定费用的存在而导致税后利润变化率大于息税前利润变化率的现象。如果企业的息税前利润率增加，则税后利润变化率将以更大幅度增加，给企业带来财务杠杆利益；反之则导致财务风险。那么,在经营管理过程中如何合理运用财务杠杆使其为企业创造收益服务，这是理论界和企业界都值得进一步探究的问题。45038
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针对财务杠杆，本文选择恒大集团作为研究个案，对其资产负债率、变现能力、营运能力、盈利能力进行了分析。发现其负债和存货比重较大，但是营运及盈利能力较强，经营管理比较合理，因而其负债经营给它带来了财务杠杆利益。
因此，当企业经营效益高、发展态势较好，可以适当扩大负债筹资的比例，发挥财务杠杆利益；反之，则应减少负债，规避风险。
毕业论文关键词 经营管理能力； 恒大集团； 财务杠杆作用
Abstract The financial leverage is the phenomenon that the change of the rate of profit after tax is greater than that of the profit before interest and tax due to fixed interest fee of debt. If the rate of enterprise's profit before interest and tax increase, the rate of the after tax profit will increase in ever larger wage, taking more substantial benefits to the enterprise; otherwise it will lead to financial risk. Then, in the operation and management process, how to make proper use of financial leverage to generate the revenue for the enterprise, is worth further inquiry by both the theoretical and the business community circles.
In view of financial leverage, this paper choose Guangzhouevergrande as a case study, analyzing its the debt to asset ratio, liquidity, operating capacity, and profitability. We can found that its debt and stock take a larger proportion, but its ability of operation and profitability ,as well as management is strong, thus its debt management brings benefit on financial leverage to it.
Therefore, when the enterprise is in a good development trend, it can be appropriate to expand the proportion of debt financing, which will play a benefit on financial leverage; on the contrary, it should be to reduce debt, in order to prevent financial risk
Key words: Ability of operation and management; Guangzhouevergrande; The effect of financial leverage
目录
摘要 I
Abstract II
一、绪论 1
（一）研究意义 1
（二）研究内容 1
（三）研究结构框架 2
二、理论分析 2
（一）财务杠杆的基本概念 2
（二）财务杠杆的作用原理研究 2
（三）财务杠杆系数的理解 3
三、恒大集团财务杠杆运用案例研究 4
（一）恒大集团基本情况及其资本结构情况 4
（二）恒大集团财务杠杆效应分析 4
（三）恒大集团财务风险控制建议 12
四、结论与展望 13
（一）结论 13
（二）本文不足 13
（三）展望 14
参考文献 15
致谢 16
论财务杠杆在企业经营中的作用——基于恒大集团的研究
一、绪论
（一）研究意义
所谓的债务融资，是指企业通过银行贷款，优先股等方式借入资金，以较低的资本成本率赢取较高的投资回报率。2008年下半年以来，在全球金融危机冲击中，我国很多企业因流动性不足导致破产或者被收购。债务管理不仅能为企业所有者带来额外的收入，也使企业面临的财务风险，如何运用债务杠杆效应对企业是很重要的。