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| 晨光文具财务杠杆效应分析
摘要
举债具有财务杠杆效应而财务杠杆效应具有两方面的作用，既可以给企业带来正面积极的影响，又可以带来负面消极影响。在这个大环境下适度举债可以达到降低成本，提高公司价值的作用。财务杠杆发挥作用的程度不仅要考虑财务风险和财务杠杆效应，还要注意财务及经营杠杆给企业带来的复合风险。本文正是基于这样的时代背景，系统研究财务杠杆给文具行业带来的效应，针对晨光文具有限公司利用财务杠杆效应分析优化融资结构和调整融资方式并强化风险管理并从息税前利润率、负债的利息率、资本结构进行分析。发现其存在的问题，提出适当的改进，回避财务风险。因此晨光文具应优先调整企业资本结构，合理分配财产使用并根据企业自身发展需求合理举债，扩大企业资产规模同时也须注意企业的成本管控尤其是材料成本和创新研发成本两大模块，结合晨光文具企业信息与行业整体情况制定风险预警系统，提高企业风险防范能力。
晨光文具财务杠杆分析效应
关键词：晨光文具；财务杠杆；资本结构2
ABSTRACT
In order to optimize the allocation of resources,financial leverage analysis can help enterprises achieve this goal. The application of financial leverage in enterprises can be reflected in debt,which has the effect of financial leverage,and the effect of financial leverage has two aspects, which can bring both positive and negative effects to enterprises. In this environment, moderate debt can reduce costs and improve the value of the company.At the same time, debt management has certain risks.How to make better use of the "double-edged sword" of financial leverage to improvethe economic benefits of enterprises will become a problem of concern for enterprises. Therefore, the degree of financial leverage should not only consider financial risk and financial leverage effect,but also pay attention to the compound risk brought by financial and operating leverage. Based on this background, this paper systematically studies the effect of financial leverage on stationery industry, analyzes and optimizes the financing structure,adjusts the financing methods and strengthens the risk management of Chenguang Stationery .
KEYWORDS: Chenguang；Financial Leverage；Debt
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