摘 要：在全球经济一体化的时代，资本市场的发展越来越迅速,机械制造业企业生存受 到外部环境的影响也会越来越大，这使得其需要不断进行内部结构升级才能适应市场变 化。应对外部环境不利因素影响的主要措施就是加强企业内部的投资风险管理，利用各种 方法对投资风险进行提前预估，以减少因投资失误而产生的财务损失。本文以徐工集团为 例，研究财务杠杆在度量风险方面的应用，从而提出财务杠杆在企业运营中起到的具体作 用，以指导集团企业如何正确利用财务杠杆，减少企业投资风险，提高内部运营效率。85564

毕业论文关键词：财务杠杆，财务风险，徐工集团，财务杠杆合理值域

Abstract:In the era of global economic integration, the development of the capital market is becoming more and more rapid, and the survival of the machinery manufacturing enterprises will be affected by the external environment, which makes it necessary to keep the internal structure upgrade to adapt to the market changes。The main measure to deal with the adverse factors of the external environment is to strengthen the internal investment risk management, the use  of various methods of investment risk in advance to reduce the investment losses caused by financial losses。This paper takes Xugong Machinery as an example to study the application of financial leverage in measuring risk,and put forward the concrete role of financial leverage in the operation of the enterprise to guide the mechanical enterprises to make correct use of financial leverage, reduce the investment risk and improve the internal operation efficiency。

Keywords:financial risk,financial leverage,Xugong Construction Machinery,the reasonable range of financial leverage

目录

1 引言 3

1。1 研究背景 3

1。2 研究意义 3

1。3 研究假设 4

2 财务杠杆与财务风险的界定 4

2。1 财务杠杆 4

2。2 风险的界定 5

2。3 财务风险与财务杠杆的关系研究 5

3 徐工集团财务杠杆及财务风险的分析 6

3。1 徐工集团财务杠杆比率的计算 6

3。2 徐工集团财务杠杆系数的计算 8

3。3 徐工集团的财务风险种类及程度分析 9

4 徐工集团运用财务杠杆中存在的问题 10

4。1 负债结构不合理 10

4。2 财务杠杆与预期现金流量不一致 10

4。3 自身股权结构不合理 10

5 控制徐工集团财务风险的建议 10

5。1