财务杠杆对企业发展的影响——以绿城中国为例摘 要财务杠杆作为一种通过利用有固定利息的债务使企业每股收益的变动大于息税前利润变动、促进企业发展的工具,既可以给企业带来额外的利益,也可以给企业带来额外的损失。因而如何做到前者的同时,尽可能规避相应的财务风险,就成为资本密集、高度依赖财务杠杆的房地产公司面临的极其重要的课题。本文以绿城中国为例,通过对绿城中国 2008 年至 2015 年的融资状况与资本结构的情况进行研究,引入房地产国内现状及绿城中国的发展背景,采用财务杠杆效应理论,根据序时的资料分析其融资与债务结构特点,对绿城中国财务杠杆的使用作出评价。那就是绿城中国上市后的一系列融资策略短时间内让企业快速成长,然而高资产负债率仍较高,公司发展具有及不稳定性,可以总结出房地产企业的财务杠杆运用既要结合当前国家政策背景,因地制宜的作出调整 ,又要视企业的自身特点而定，找到适合企业的债务资本结构。本文最后对我国房地产公司的发展提出了参考性的建议，希望有所帮助。关键词：房地产；绿城中国；财务杠杆I The Impact of Financial Leverage on Enterprise Development -- A Case Study of Greentown ChinaAbstractFinancial leverage as a through the debt use to enable enterprises to common stock shareholders' equity changes greater than earnings before interest and tax changes, a tool to improve the value of the enterprise, can bring additional benefits to the enterprise, also can bring additional losses to the enterprise. So how to do the former, as far as possible to avoid the corresponding financial risks, it becomes capital intensive, highly dependent on the financial leverage of the Real Estate Company is facing a very important issue.In this paper, Greentown China is an example from 2008 to 2015 for the study of capital structure and the operating status .combined with the green city of China and the characteristics of the real estate development, introducing the theory of financial leverage effect, the comprehensive data analysis the financing strategy, Gree...
