财务杠杆倍数是什么：中英文双语解读

中文

财务杠杆倍数，简称财务杠杆，是评价企业负债经营风险程度的一个重要指标。那么，财务杠杆倍数具体是什么呢？

财务杠杆倍数，也被称为财务杠杆系数或财务杠杆比率，它反映了企业利用债务资金进行经营活动的程度。简单来说，财务杠杆倍数就是企业息税前利润与息税前利润减去债务利息和优先股股息之后的余额的比值。这个指标越高，意味着企业负债经营的程度越大，从而可能带来更高的收益，但同时也伴随着更大的风险。

财务杠杆倍数的大小受多种因素影响，包括企业负债规模、负债结构、利率水平以及息税前利润等。当企业负债规模较大、负债结构不合理或利率水平较高时，财务杠杆倍数会相应增大，从而增加企业的经营风险。反之，当企业负债规模较小、负债结构合理且利率水平较低时，财务杠杆倍数会相应减小，企业的经营风险也会相应降低。

因此，企业在制定财务策略时，应充分考虑财务杠杆倍数的影响，合理安排负债规模和结构，以降低经营风险并实现稳健发展。

英文

What Is the Degree of Financial Leverage? A Bilingual Explanation

The degree of financial leverage, simply known as financial leverage, is a crucial metric for evaluating the risk associated with a company's debt-financed operations. So, what exactly is the degree of financial leverage?

The degree of financial leverage, also referred to as the financial leverage ratio or financial leverage coefficient, reflects the extent to which a company utilizes debt funds for its operational activities. Put simply, it is the ratio of a company's earnings before interest and taxes (EBIT) to the residual amount after deducting debt interest and preferred stock dividends from EBIT. A higher value of this ratio indicates a greater degree of debt financing in the company's operations, potentially leading to higher returns but also accompanying greater risks.

The degree of financial leverage is influenced by various factors, including the size and structure of the company's debt, interest rates, and EBIT. A larger debt size, unreasonable debt structure, or higher interest rates will increase the degree of financial leverage, subsequently elevating the company's operational risk. Conversely, a smaller debt size, reasonable debt structure, and lower interest rates will decrease the degree of financial leverage, subsequently reducing the company's operational risk.

Therefore, when developing financial strategies, companies should fully consider the implications of the degree of financial leverage, reasonably arrange their debt size and structure, in order to mitigate operational risks and achieve stable development.