This tendency to steal market share will be higher for the less leveraged leader , which places a higher value on the long - term benefits of the increased market share 如果领头企业财务杠杆较低，更看重市场份额增加带来的长期收益，这种进行掠夺性降价争夺市场份额的倾向更明显。
Results show that short - term financial leverage has stronger incentive effect on the growth of corporate ; it can force managers to improve operation efficiency and corporate value 研究结果显示，短期财务杠杆具有更强的管理激励，能够更有效地迫使管理者改善经营效率和提升公司价值。
2 . two years before the failure : the short - term solvency , the blockholders shareholding characteristic and the individual financial leverage of directors are significantly . 3 危机前二年之财务危机预警模型：以短期偿债能力、家族与董监特性及董监事个人财务杠杆之运用具有显著性。
According to trade - off theory , the level of the debt financing is unduly high , so the companies should try to lower the financial leverage in order to increase their market values 根据权衡理论，我国企业目前的负债水平过高。企业应该通过适当降低财务杠杆的方法来提高企业的市场价值。
So , to avoid it , on one hand , the company must take efforts in management , on the other hand , finance leverage can assist to perfect the manage policy of account receivable aggradation 要遏制应收账款的沉积，一方面要加强企业内部管理的控制，另一方面要发挥财务杠杆的作用，不断完善应收账款的管理政策。
At the same time , the option is always used to speculate because of it ' s characteristic of high financial lever , low bargaining cost , the convenience of complete a business transaction and high fluidity 但同时，期权具有的财务杠杆高、交易成本低、交割便利、流动性强的特点，也频频被应用于投机牟利。
Conventional business wisdom , of course , would argue that we are being too conservative and that there are added profits that could be safely earned if we injected moderate leverage into our balance sheet 当然根据传统的商业智慧，我们在财务上太过于保守，如果我们在资产负债表中加入适当的财务杠杆能够安全地增加盈利。
The financial risk of the enterprise , look from narrow sense , it is to because use what financial lever brings to the enterprise to go bankrupt , point to risk or the risk that common stock accrual produces to change substantially 企业的财务风险，从狭义上看，是指由于利用财务杠杆给企业带来的破产风险或普通股收益发生大幅度变动的风险。
Three years before the failure : the profitability , the short - term solvency , working ability , growth , the blockholders shareholding characteristic and the individual financial leverage of directors are significantly 3危机前三年之财务危机预警模型：以获利与短期偿债能力、营运能量、成长性、家族与董监特性及董监事个人财务杠杆之运用具有显著性。
At present , it is difficult to accurately display the financial lever , capital cost and earnings before interest and tax with any capital structure theories , which limits the role playing in finical decision of enterprises 摘要目前的各种资本结构理论难以准确地显示出财务杠杆、资本成本和企业息前税前盈余之间的联系，使理论对企业融资决策的指导作用受到限制。
