财务杠杆

They also shed light on the significance of the firm's use of financial leverage.

偿债能力系数表明企业偿还利息的能力，同时也表明乐企业使用财务杠杆的程度。

Listed companies due to the rapid decline of the value of the assets of these companies to increasingly high financial leverage.

上市公司由于对这些公司的资产价值急剧下降到越来越高财务杠杆。

So, we suggest that manager should limitedly make use of financial leverage to raise the value and performance of firms.

故建议公司经理人应有限度的运用财务杠杆以提高公司之价值及经营绩效。

Financial lever is to because the existence of fixed debt interest makes the profit before yield of capital of rights and interests is more than interest duty fluctuant,point to an enterprise rate.

财务杠杆是指企业由于固定的债务利息的存在使得权益资本收益率大于息税前利润变动率。

Based on the samples of over 1000 listed companies at the beginning of Reform of Non-tradable Shares in 2004 and 2006, the share proportion CR1 of the largest shareholder, Z index calculated as the ratio of share ratio of top 2 shareholders and H10 index calculated as the sum of square of share ratio of top 10 shareholders, and Tobin'Q reflecting the value of target company are sele

本文以股权分置改革开始的前后两年即2004年和2006年的一千多家中国上市公司为研究样本，选取第一大股东持股比例CR1、前两大股东持股比例的比值Z指数以及前十大股东持股比例的平方和H10指数作为衡量大股东控制程度的指标，采取托宾Q值来作为衡量公司价值的指标，把公司规模、财务杠杆和第一大股东性质虚拟变量作为控制变量，建立回归方程，实证结果发现三次？

Utilize debt-financing not only increase enterprise's fund, but also improve total assets profit rate when interest rate of debt is lower the profit rate of capital, which is supported by tax shielder function and financial leverage that can increase enterprise's total income, and improve enterprise' s value.

利用债务融资不仅是增加企业资金的主要渠道，而且在企业总资本盈利率大于债务资本利息率的情况下，会通过利息抵税作用和财务杠杆作用增加企业总收益，提高企业资本价值。

Traditional theory on capital structure stress the tax shelter and financial leverage effect from liability.

传统的资本结构理论强调负债的税盾作用，强调负债的财务杠杆作用。

From "skillfully deflected the question," the role of financial leverage.

从&四两拨千斤问题&的作用，财务杠杆。

And thus I provide the evidence to undermine the commonly held opinion that China's public companies improved their performance by increasing financial leverage ratio. Seventhly, the international comparison reveals that the development of capital market has direct influence on the industry performance and the capital markets of developed countries are more effective than those of developing ones. Whether the finance system is bank-dominated or capital-market-dominated means little to the effectiveness of capital market and also the industry productivity. Eighthly, capital market, bank and FDI differ markedly in the mechanism of financing selection, supervisory effectiveness and industry characteristics. Averagely, capital market is the most appropriate mechanism among the three out-sourcing financing, considering the supervisory cost and effectiveness comprehensively. Certainly, some flaws remain in this study.

因此，我们认为，中国各产业上市公司产业绩效的提高不是通过提高财务杠杆比例来实现的；第七，基于资本市场自身的国际比较研究表明，资本市场发展程度直接影响其对产业绩效的改善和促进程度，成熟市场的资本配置效率显著高于新兴市场，而金融体系以银行为主导还是以资本市场为主导，并不影响资本市场功能的有效发挥，也不对产业绩效的影响产生效率上的差异，仅仅表现为在多大规模或范围内对产业绩效产生影响；第八，基于资本市场、银行贷款及外商投资3种外源融资方式对产业绩效影响的比较研究，三种方式在融资选择机制、监督力以及所影响的产业特征方面均存在显著差异，三者对不同产业绩效的影响呈现互补作用，而资本市场是监督成本与效力结合较好的融资方式。

They also worried that the 25% share allowed to be held by foreign companies in each bank would bring the country's vital financial levers perilously close to foreign control.

他们同样担忧外资银行手中的那25%的股份会使国家重要的财务杠杆逐步处于外国人的掌控之中。

But we don't care about Battlegrounds.

但我们并不在乎沙场中的显露。

Ah! don't mention it, the butcher's shop is a horror.

啊！不用提了。提到肉，真是糟透了。