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在讨论本文内容之前,需要先明确一下税息前资金利润率与权益资金利润率两项概念不同的指标含义。税息前资金利润率是所得税及支付利息前的利润与企业全部资金的比率,它反映的是企业每单位筹资金额的收益水平;权益资金利润率是所得税及支付利息(举债成本)后的利润对所有者权益资金的比率,它从企业所有者(投资者)的角度反映每投入单位资金后企业的获利水平,两者的分子、分母的内容都不同。筹资中债务与权益的构成比例变动,使加权的资金成本率发生变动。在财务杠杆的作用下,债务与权益的构成比例变动还会使权益资金利润率发生相应的变动。所谓财务杠杆的作用,在西方企业中是指资本结构中长期债务的运用对每股收益
Before discussing the content of this article, we need to clarify the different meanings of the two concepts: the pre-tax interest rate and the non-profit rate. The profit margin before tax interest is the income tax and the interest before interest payment and the ratio of the total funds of the enterprise. It reflects the level of income per unit of financing amount of the enterprise. The profit margin of equity funds is the profit after income tax and interest payment (debt-service cost) The ratio of owner’s equity funds, which reflects the profitability of enterprises after each unit of investment, from the point of view of the owner of the enterprise (investors), both have different contents of numerator and denominator. Changes in the composition of the debt and equity in the financing, the weighted cost of capital costs change. Under the effect of financial leverage, the change in the composition of debt and equity will also cause the profit margin of equity funds to change accordingly. The so-called role of financial leverage in Western companies refers to the use of capital structure in the long-term debt to earnings per share