资产结构、资本结构与杠杆效应

摘    要

在企业经济管理中，资产结构与资本结构就像是一面镜子的两面，分别从资金的来源和去向两个方面揭示了企业的资金运动关系。资产结构与资本结构是相互影响、相互制约的关系，有什么样的资产结构，就有什么样的资本结构；反过来，资本结构又影响着资产结构。此外，财务管理中的杠杆效应的大小又从根本上取决于企业的资产结构和资本结构。
本文从资产结构、资本结构与杠杆效应三者的相关理论入手，简述财务结构相关要点，接着结合商业零售行业和高新技术行业的实际情况，对资产结构和资本结构进行分析，凸显资产结构和资本结构的对应关系，进而揭示企业的财务结构与杠杠效应之间的关系，最后基于杠杆效应浅谈企业处于不同的时期应如何优化整体财务结构。

关键词  资产结构；资本结构；杠杆效应

Abstract

In enterprise economic management, asset and capital structure like two sides of a mirror, revealing the capital movement from the origin and destination of the funds. The asset and capital structure influence each other, and mutual checks and balances. The kind of asset structure influences the kind of capital structure. In turn, capital structure affects the asset structure. In addition, the size of the leverage effect in the financial management fundamentally depends on the company's asset structure and capital structure.     This article starts with a brief account of the financial structure points on the basis of three theories, the asset structure, capital structure and the leverage effect. It analyzes the asset structure and capital structure combined with the commercial retail industry and high-tech industry to illustrate the correspondence between asset structure and capital structure. Thus it reveals the relationship between the financial structure and the leverage effect, and finally answer the question that how to optimize the overall financial structure at different times based on the leverage effect.

Key Words  Asset structure  Capital structure  Leverage effect 

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