企业风险与杠杆效应

企业承受的全部风险来自于销售收入的波动及杠杆的大小 ,杠杆的存在会加大企业风险 ;但在销售收入或营业收入增长的情况下 ,杠杆会使经营收入和股东回报锦上添花。杠杆的大小最终取决于企业的投融资决策。因此 ,企业管理者通过掌握杠杆知识 ,一方面可以了解企业所承受的全部风险的大小 ;另一方面可以科学地决策 ,熟练地操纵杠杆 ,使企业安全、有效地运营

Enterprise Risk and Leverage Effect

All the risk enterprises are exposed to come from the fluctuations of sales income and the size of leverage.The presence of leverage adds to the enterprise risk.But under conditions where either the sales income or the operating income increases,the leverage will enhance operating income and shareholders'returns.Since the size of leverage depends upon the investing and financing policies,the management should acquire sufficient knowledge of leverage for the purpose of a skillful manipulation of the leverage and a safe and efficient operation of the enterprise on the basis of an accurate determining of the size of its risk exposure.