Empirical Research About Financial Level Of Listed Company

With the constant development of our country and the world economy, the listed company is confronted with drastic competition on social economic life. So it is necessary to deal with in debt. But the listed company doesn't attach importance to it, and also doesn't make good use of it. The foreign academician has done academic and empirical research from different point of views, the research production is maturity and could apply to practice. But the research production of our country doesn't achieve that level. It is important for the domestic listed company to make good use of financial level, so it has very strong realistic meanings to carry on further investigation on this question.This thesis reviews the research production of the Chinese and foreign academician about financial level, and analyzes some representative literature. On the part of theory, the thesis summarizes the classical theory of capital structure, introduces the conception of financial level and the calculation method, and analyzes two forms of the financial level, the root reason, the inside and outside influence factor.According the statistical analyzing about the listed company's financial data for three years, the part of calculation and analysis educes the condition of financial level and DFL as a whole. Basing on the different of financial level, DFL and trading, the thesis analyzes the index of financial level, DFL, EBIT rate, rights and interests income rate, summarizes the condition of financial level domino-effect. According the hereinbefore analyzing, the thesis draws the conclusion that financial level and DFL take on raising trend, but the domino-effect is not good, so the listed company doesn't make good use of financial level. It is possibility that the EBIT rate reaches the maximal numerical value when DFL between 1 and 2. The different kind of manufacturing listed company, the capital structure is different; the financial level domino-effect is also different. The innovation part of the thesis is the section. The suggestion part brings forward some suggestions, such as establishing reasonable financial level; seeking for the balance between financial agility and financial level, increasing the elasticity of financial level; matching for the financial level and flux of cash; establishing the mechanism of risk controlling.