Research On The Current Situation And Influence Factors Of The Financial Leverage Application Of Listed Maritime Companies

Financial leverage is one of the most important tools of the financial management. The proper application of financial leverage can decrease the capital cost, improve the income and increase the value of the company. Maritime industry is the foundation of our national economy. So.the application of the financial leverage can not only influence the income of maritime companies,but also affect the development of our national economy. Then, it will be of great value to get a overall and thorough understanding of actuality of the financial leverage application in maritime comppanies.On the base of the generous research achievements of financial leverage application by the previous scholars, this article set up two linear regression models to analyze the financial data of the listed maritime company from 1999 to 2002, so that we can have a basic view on the actuality of the financial leverage level of the listed maritime company, and then, by analyzing the characters of the maritime companies, we discuss the reasons that influence the forming of financial leverage level. And at last this article present some suggestions on improving the application of financial leverage in our listed maritime companies.The first chapter is the introduction. It mainly about the background and the meaning of this article, the brief introduction of development of financial leverage theory., the research method and the innovationof this article.The second chapter of the article is mainly about the analysis of the actuality of our maritime companies. It is composed of two parts, the first is through setting up a regression model between the ratio of net income and net asset and the financial leverage, analyzing the financial data of our listed maritime companies. The result of the regression tells us that the application of financial leverage in the listed maritime companyies accord with the theory of financial leverage. Then thesecond is to compare the level of financial leverage of our sample companies and the level of other fields, such as the average level of the listed companies in Shanghai and Shenzhen the average level of the maritime industry. The result shows that the level of the financial leverage is much lower than the level of any e field that we compared with and has a trend of decrease yearly.The third chapter is through analysing the factors that influence the financial leverage by building a regressing model, got the correlation coefficients between the influence factors and the financial leverage. With the analysis of the present situation of maritime companies, we got the conclusion that on account of the imperfect of the financial market, and the risk-avoiding attitude of the decision -makers of the maritime companies, the maritime companies choose to use the low level of the financial leverage.The last part of the article is about the suggestions on the improving of the imperfect points of the financial market and the financial management of our maritime companies, hoping that these suggestions will be of help to the developing and management of the proper application of financial leverage in listed maritime companies.Jiang hua(Accounting) Directed by Jin liyu(Associate Professor)...