本科毕业设计（论文）题目：财务杠杆对上市公司投资决策的影响
教学单位：经济管理一系
专业：会计学
学号：**********
*名：**
指导教师：**
2014 年5月
摘要
优胜劣汰是市场的竞争机制。为了获得竞争优势，企业需灵活地应对面临的风险。然而不可能完全依靠自有资金，负债于现代企业来讲仍是不可缺少的资金来源。投资决策最优化，也就是对各个方案进行分析、评估、选择的过程，合理的选择就是优选。投资决策是力求企业财务获得最大效益的活动，在投资决策上应当适时充分考虑财务杠杆的大小及其影响，最大限度地发挥财务杠杆的优势，才能够让公司在有限资金的基础上，为投资者创造更多效益。
本文基于企业价值最大化的理财目标，对上市公司的财务杠杆效应进行实证分析，揭示财务杠杆对企业投资决策的影响因素及相关关系，对于提高上市公司投资决策的水平，保证财务杠杆效应的充分发挥具有重要的理论指导意义，为我国上市公司合理运用杠杆效应提供宝贵经验。
关键词：财务杠杆；企业价值；投资决策
Ab s tract
Financial leverage is an enterprise application , using the liability of financial leverage in the enterprise management tools to adjust interest in capital gains . Rational use of financial leverage equity capital to enterprises in financial leverage additional revenue brought business management application , that financial leverage . Because of financial leverage on many factors , while obtaining financial leverage , but also the financial risk associated with incalculable . Hence the need to study the mechanism of the financial leverage to enable enterprises to benefit in the use of financial leverage , while appropriate attention to controlling risks , take appropriate countermeasures . Based on an overview of the basic theory of financial leverage , analyze internal and external factors and the correlation between the various factors studied the positive and negative effects of financial leverage , and control the risks associated with financial leverage is the rational use of debt financing of listed companies , optimize the capital structure , play provide a reference . Based on an overview of the basic theory of financial leverage , analyze internal and external factors and the correlation between the various factors studied the positive and negative effects of financial leverage , and control the risks associated with financial leverage is the rational use of debt financing of listed companies , optimize the capital structure , play provide a reference.
Key Words:financial leverage,capital structure,factors
目录
1 绪论 (1)
1.1 论文研究的背景和意义 (1)
1.1.1 研究背景 (1)
1.1.2 研究意义 (1)
1.2 国内外研究情况 (1)
1.2.1 国内研究情况 (1)
1.2.2 国外研究情况 (1)
1.3 研究的内容 (2)
1.4 研究的重点难点及研究方法 (2)
1.4.1 本文的重点 (2)
1.4.2 本文的难点 (2)
1.4.3 本文的研究方法 (2)
2 财务杠杆的相关概念及运行机制 (3)
2.1 财务杠杆的相关概念及影响因素 (3)
2.1.1 财务杠杆的概念 (3)
2.1.2 财务杠杆系数的公式及运行机制 (3)
2.1.3 财务杠杆的影响因素 (4)
2.2 财务杠杆正负效应 (5)
2.2.1 高额收益效应 (5)
2.2.2 利息抵税效应 (5)
2.2.3 财务危机效应 (5)
3 财务杠杆对投资决策的影响-以大宇集团为例 (6)
3.1 背景介绍 (6)
3.2 大宇失败的主要影响因素分析 (6)
3.2.1 举债性经营，希望扭转财务杠杆的效应 (6)
3.2.2 集团内缺乏盈利业务，总资产报酬率不高 (7)
3.3 对上市公司投资决策的影响 (7)
3.3.1 加大财务风险 (7)
