论文部分内容阅读
本文从低杠杆经营优势及财务弹性的理论模型出发,分析了行业竞争强度和企业资产负债率之间的负向相关性,并以“苏宁电器”为例,进一步验证了在预期出现产业竞争时,企业如何应用低财务杠杆经营策略来应对行业竞争。据此可知,在激烈的行业竞争来临之际,企业为了确保竞争优势与稳定财务弹性,主动选择低财务杠杆经营模式是一种自主化财务管理战略。本文的研究结论在分析企业资本构成、制定符合企业需求的财务政策方面可以提供积极的借鉴意义。
Based on the theoretical model of low leverage and financial flexibility, this paper analyzes the negative correlation between the intensity of the industry competition and the ratio of assets and liabilities of enterprises, and takes “Suning Appliance” as an example to further verify that in the expected industry Competition, how to apply low financial leverage business strategy to deal with industry competition. From this we can see that in the fierce competition in the industry, the enterprises in order to ensure competitive advantage and stable financial flexibility, take the initiative to choose a low financial leverage business model is an independent financial management strategy. The conclusion of this paper can provide a positive reference for the analysis of the composition of corporate capital and the formulation of financial policies that meet the needs of enterprises.