Case Study Of The Leverage Of A Company

Ten of the top 2016 in 2017 belong to the broadcasting media industry.The average asset-liability ratio of the listed companies in 2016 is 46.99%.The average asset-liability ratio of the broadcasting media industry in 2016 is 29.74.A 's asset-liability ratio in 2011 is 21515,and the industry asset-liability ratio is 55.04.At the 2016 Central Economic work Conference,President Xi Jinping put forward "to capacity,to inventory,to deleveraging,to reduce costs,to make up for shortcomings".In the face of the rising debt ratio of the company,how to deleverage is to be adjusted.The risk of whole enterprise,the adjustment of capital structure and the reduction of capital cost have become the hot topics of research.This paper takes the view that leverage risk and leverage interest are the main factors influencing the change of capital structure in Li Yingtai's "Financial Lever and reasonable debt",and that the size of financial leverage is determined by the risks faced by enterprises and the expected benefits.Select A company with good deleveraging in broadcasting media industry as the case object.With Guotai Junan database and Wind information,to find industry data,industry mean reference.The positive and negative effects of A company's financial leverage are analyzed by comparing the rate of return on assets and the interest rate of loan in company A to judge whether deleveraging is reasonable or not.Capital structure changes caused by leverage during deleveraging of Company AOn the basis of research,the paper analyzes the timing of deleveraging,the risk control and measures during deleveraging,and the characteristics of capital structure after deleveraging.Taking the capital structure change of company A as the main line,calculating the industry average and taking the industry average as the reference,the paper compares the leverage and its risk,capital structure,profitability and development ability between 2007 and 2016.Analysis A company deleveraging financial results.Under the condition that the internal and external environment of company A are not changed much,it proves the accuracy of the changing factors of financial effect of company A,and carries on the regression analysis to the market reaction before and after deleveraging.The analysis proves that the influencing factors of capital structure change and financial effect change of company A are deleveraging.By analyzing the capital structure and financial effect of A company before and after deleveraging,it is concluded that after deleveraging,the leverage and risk decrease,the capital structure is more reasonable,and the financial leverage effect after deleveraging shows positive effect.And after deleveraging,company A's shareholder satisfaction is also improving.Through the process of A company deleveraging,the capital structure before and after deleveraging,and the analysis of financial effect before and after deleveraging,it is found that deleveraging has a good effect on the enterprise.Therefore,in the process of deleveraging,the enterprise should carry out deleveraging reasonably according to its own development needs,and the choice of deleveraging financing strategy should be timely and appropriate,and the financial bars should be used reasonably.Lever to regulate the capital of the enterprise.Through the research of company A and related theories,this paper provides a reference for China's broadcasting media industry and other industries deleveraging.