摘要
随着我国经济的迅速发展，企业规模也在不断增大，当企业自有的资金不能满足企业规模扩张的需求时，企业就会运用财务杠杆的手段来解决企业资金短缺问题，从而为自身规模的扩大提供保障。
但是财务杠杆是一把双刃剑，在为企业带来利益的同时也存在着财务风险，当企业不能有效控制财务风险时，企业很可能面临着随时破产的局面。
本文在梳理财务杠杆效应相关理论的基础上，通过对万科集团的财务状况进行分析，重点分析其财务杠杆的应用以及与同行业企业财务杠杆的对比，得出万科集团利用财务杠杆所产生的正面效应和负面效应以及万科集团财务杠杆效应的原因，最后对于发挥万科集团的财务杠杆效应提出一些建议。
关键词：财务杠杆，财务杠杆效应，万科集团
Abstract
With the rapid development of China's economy, the scale of enterprises is also increasing. When the enterprise's own funds can not meet the needs of enterprise scale expansion, enterprises will use the means of financial leverage to solve the problem of capital shortage, so as to provide security for the expansion of their own scale. However, financial leverage is a double-edged sword, which brings benefits to enterprises and also has financial risks. When enterprises can not effectively control financial risks, enterprises are likely to face the situation of bankruptcy at any time. On the basis of combing the relevant theories of financial leverage effect, this paper analyses the financial situation of Vanke Group, focusing on the application of financial leverage and the comparison with the financial leverage of enterprises in the same industry. The positive and negative effects of Vanke Group's use of financial leverage and the reasons for the financial leverage effect of Vanke Group are obtained. Finally, some suggestions are put forward to give full play to the financial leverage effect of Vanke Group.
Key words：Financial leverage, Financial Leverage, Effect Vanke Group
目录
摘要 (I)
Abstract ....................................................................................................... I I 一绪论.. (5)
（一）选题背景 (5)
（二）选题目的及意义 (6)
二财务杠杆效应理论以及相关概念概述 (7)
（一）财务杠杆的概念 (8)
（二）财务杠杆的指标和计算方法 (8)
（三）财务杠杆效应的内涵与计量 (10)
1 财务杠杆产生的正面效应 (10)
2 财务杠杆的负面效应 (11)
三万科集团财务现状分析 (12)
（一）企业简介 (13)
（二）万科集团财务现状 (13)
1 资产负债表主要财务数据分析 (13)
2 利润表主要财务数据分析 (15)
3 现金流量表主要财务数据分析 (16)
（三）万科集团财务杠杆运用现状 (17)
1 万科集团财务杠杆分析 (17)
2 万科集团与同行业的财务杠杆作用程度对比 (18)
四万科集团财务杠杆效应及成因分析 (20)
（一）财务杠杆正效应 (21)
1 促成盈利能力提高 (21)
2 满足融资需求 (21)
（二）财务杠杆负效应 (21)
1 导致财务风险提高 (21)
2 导致内部治理问题 (22)
（三）万科集团财务杠杆效应的成因 (22)
1 资本结构不平衡 (22)
2 财务风险预警机制缺失 (22)
五科学发挥万科集团财务杠杆效应的建议 (23)
（一）合理制定财务杠杆目标 (24)
（二）科学制定筹资计划 (24)
（三）积极建立偿债风险预警系统 (25)
六结论 (25)
参考文献 (27)
致谢 (29)。