财务杠杆

Enterprise rational use of financial leverage equity capital will bring additional revenue, but also may lead to the improvement of financial risk.

企业合理运用财务杠杆会给权益资本带来额外的收益，同时又可能导致财务风险的提高。

Rational use of financial leverage equity capital to businesses brought about by the additional revenue, that is, the interests of financial leverage.

合理运用财务杠杆给企业权益资本带来的额外收益，即财务杠杆利益。

However, in the long run evolution of capital structure, target leverage plays a more important role, which suggests that in the long term financing behavior of firms is more consistent with the dynamic trade-off model.

我们发现，在财务杠杆的短期波动中，融资缺口和股票市场状况是不可忽视的影响因素，而在资本结构的长期演变过程中，目标杠杆扮演着更加重要的角色。

Cause of the financial leverage is condition to much of equation, the time gain the financial leverage ,you have to assume large immensity of financial risk.

由于财务杠杆受多种因素的制约，在获得财务杠杆利益的同时，也伴随着不可估量的财务风险。

Another factor reviewed as an indicator of financial risk is a company's degree of financial leverage.

当一个财务危险的指示器是一个公司的财务杠杆作用程度的时候，另外的一个因素检讨了。

In reason to use the financial leverage can give corporations bring up the extra income, that's the financial leverage incomer.

合理运用财务杠杆给企业权益资本带来的额外收益，即财务杠杆利益。

For Berkshire's shareholders, myself included, the cost of this thumb-sucking has been huge. o Our consistently-conservative financial policies may appear to have been a mistake, but in my view were not. In retrospect, it is clear that significantly higher, though still conventional, leverage ratios at Berkshire would have produced considerably better returns on equity than the 23.8% we have actually averaged. Even in 1965, perhaps we could have judged there to be a 99% probability that higher leverage would lead to nothing but good. Correspondingly, we might have seen only a 1% chance that some shock factor, external or internal, would cause a conventional debt ratio to produce a result falling somewhere between temporary anguish and default.

另外我们一贯保守财务政策可能也是一种错误，不过就我个人的看法却不认为如此，回想起来，很明显的我们只要能够再多用一点财务杠杆操作(虽然较之他人还是很保守)，就可以得到远比现在每年平均 23.8%还要高的投资报酬率，即使是在 1965 年我们也可以百分之九十九地确定高一点的财务杠杆绝对只有好处没有坏处，但同时我们可能也会有百分之一的机会，不管是从内部或是外部所引发令人异想不到的因素，使得我们负债比率提高到介于一时冲高到负债倒闭之间。

Therefore, it is especially important to learn the basic knowledge about financial risk and to learn tousle the financial lever to prevent financial risk. Expounds the author's view-point.

因此掌握好有关财务风险的基本内容，学会如何有效地利用财务杠杆工具，防范财务风险，显得尤为重要。

Refore, it is especially important to learn the basic knowledge about financial risk and to learn tousle the financial lever to prevent financial risk. Expounds the author's view-point.

因此掌握好有关财务风险的基本，学会如何有效地利用财务杠杆工具，防范财务风险，显得尤为重要。

Numerical solutions show that stockholders choose to exercise the investment option too early compared to the unleveled enterprise. Compared with value-maximizing policy, stockholders are inclined to overinvestment under the equity-maximizing investment policy, which affects the investment option value and optimal leverage choice, and does harm to the interests of bondholders. When debt constrained, the enterprise decreases the investment trigger first, and then increases it as constraints become more binding.

数值计算显示，与无负债企业相比，杠杆企业具有过度投资倾向以加快实现负债融资所带来的利息税盾价值；与企业价值最大化策略相比，在股东权益最大化目标下，股东具有较早执行投资期权的动机，影响投资期权价值和最优财务杠杆的选择，并侵害了债权人的利益。

The split between the two groups can hardly be papered over.

这两个团体间的分歧难以掩饰。

This approach not only encourages a greater number of responses, but minimizes the likelihood of stale groupthink.

这种做法不仅鼓励了更多的反应，而且减少跟风的可能性。