经营杠杆与财务杠杆原理及应用前提条件分析

针对西方财务理论中两个微观经济杠杆－经营杠杆和财务杠杆，利用数学变换，研究了经营风险和财务风险沿企业收益流作用的机理，得出了经营杠杆与财务杠杆系数计算的快捷方式；并着重分析了经营杠杆与财务杠杆应用的前提条件，指出传统财务理论中经营杠杆与财务杠杆计算与应用时不加任何条件是不完善的。研究结果对企业如何运用微观经济杠杆进行利润和风险预测有很强的指导作用。

Premise Analysis of Microeconomic Leverage Theory's Application

In terms of the two microeconomic leverages-operating and financial leverage, the paper explores the mechanism of how operating risk and financial risk transmit along revenue flow of an enterprise by using mathematical conversion methods. An easier way to calculate operating and financial leverage coefficients is worked out. Pointing out that it is not a proper way in traditional financial theory to calculate and apply the two leverages unconditionally, the paper puts much emphasis on the analysis of the prerequisites of applying operating and financial leverages. The results of the study have great significance in guiding enterprises to make profit and risk forecast by using microeconmic leverages.