论文部分内容阅读
传统的财务杠杆效应分析了由于负债融资中固定利息的存在,是基于每股税后盈余(EPS)和息税前利润(EBIT)来构建的财务杠杆效应。本文在将成本概念扩展为财务资本成本和人力资本成本的背景下,首先分析了人力资本财务的基本特征,构建了基于每股税后盈余(EPS)和薪息税前利润(EBSIT)的财务资本杠杆系数和人力资本杠杆系数,发展和完善了财务杠杆效应分析体系。
The traditional financial leverage analysis analyzes the financial leverage effect due to the existence of fixed interest in debt financing based on EPS and EBIT. After expanding the concept of cost into the cost of financial capital and the cost of human capital, this paper firstly analyzes the basic characteristics of human capital finance, and then builds the financial system based on earnings per share (EPS) and pre-tax profit (EBSIT) Capital leverage and human capital leverage, the development and improvement of the financial leverage effect analysis system.