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Talk financial lever

来源: 作者:Stand originally 时间:2008-12-30 Tag: 点击:
[content summary] financial lever is to show the enterprise is used indebted will adjust the method of gains of capital of rights and interests. Reasonable the additional profit that uses financial lever to be brought to capital of business rights and interests, namely financial lever interest. Because financial lever suffers the effect of a variety of elements, in acquire financial lever interest while, also accompanying inestimable financial risk. Accordingly, study financial lever seriously and analyse all sorts of elements of lever of influence finance affairs, make clear its action, property and the influence to gains of capital of business rights and interests, it is reasonable the basic premise that applies financial lever to serve for the enterprise. .

[keyword] risk of finance affairs of interest of lever of financial lever finance affairs

Financial lever is the concept with a very wide application. In physics, use a lever and a fulcrum, can raise very heavy object with very small force, and what is financial lever? Acquire our country's current money from western conduct financial transactions the meeting bound understanding to financial lever, have the following kinds of point of views roughly: One of: Definition of will financial lever is in for " enterprise make what raise fund to debt when capital structure is decision-making use " . Consequently financial lever can call financing lever, capital lever to perhaps be in debt again manage. This kind of definition emphasizes financial lever is to be opposite a indebted kind to use. Secondly: Think financial lever is to point to raise debt appropriately in raise fund, adjust capital structure to bring additional profit to the enterprise. If be in debt,manage make enterprise every dividend profit rises, call financial lever; If make enterprise every dividend profit drops, call negative financial lever normally. Clearly, in this kind of definition, what financial lever emphasizes is the result that be managed through be in debt and causes.

Additional, a little financial learned man thinks financial lever is to show the capital total that is in an enterprise is medium, the major effect that capital gains produces pair of as a result of the debt financing that use interest rate secures company sovereign rights. As comparative as the 2nd kind of viewpoint, this kind defines the result that also emphasizes particularly on to be managed at be in debt, but its will be indebted the debt financing that interest rate of management object bureau be confined to secures, the object limits that the author thinks its are defined is narrow. The author will be in hind discuss in article, the enterprise is in the fact is to go up can choose one part interest rate but floating debt financing, achieve the goal that transfers financial risk thereby. And advanced in two kinds of definitions, the author more apt defines financial lever what be in debt to be opposite to use, and call its financial lever increase as a result (loss) or (negative) financial lever interest. These two kinds are defined and do not have substantially different, but the definition of before the author thinks to use one kind of definition to concept of system of theory of management risk and even financial risk, management lever, whole lever, had the effect of systematization, the further research of scholar of facilitating finance affairs and communication. We go up in the foundation of the concept that made clear financial lever, discuss companion to follow further the move is indebted the financial lever profit that manage (loss) with interest of lever of finance affairs of financial risk, influence (loss) the element with financial risk and how to use finance affairs better lever and reduce financial risk.
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