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企业的发展实际上是一个不断融资和投资的过程,并且是怎样从融资和投资过程中取得最大的利润,这样看来,融资是企业发展的源泉。企业的资金来源不外乎两个,股东资金和债务资金,两者的比重决定了企业的资金结构,引入了财务杠杆的概念。财务杠杆,又称融资杠杆或资本杠杆,是企业在制定资本结构决策时对债务筹资的利用。正如力学中杠杆的作用--利用一根杠杆和一个支点,就能用很小的力量抬起很重的物体,财务杠杆意指企业用相对少量的股东资本,利用适当的举债为股东获得很大的利益。本文从财务杠杆的角度来分析企业资本结构后股东利润最大化的关系。
The development of an enterprise is actually a process of continuous financing and investment, and how to obtain the maximum profits from the financing and investment process. It seems that financing is the source of enterprise development. The source of funds for an enterprise is nothing more than two, shareholders’ funds and debt funds. The ratio of the two determines the capital structure of the company and introduces the concept of financial leverage. Financial leverage, also known as financing leverage or capital leverage, is the use of debt financing by companies when making capital structure decisions. Just like leverage in mechanics - using a lever and a fulcrum, you can lift very heavy objects with very little force. Financial leverage means that companies use a relatively small amount of shareholder capital and use appropriate debt to get for the shareholders. Big interest. This article analyzes the relationship between shareholders’ profit maximization after the analysis of corporate capital structure from the perspective of financial leverage.