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英国房地产管理论文代写:财务杠杆与杠杆效应

许多行业或企业需要额外的资源来实现增长,但有时缺乏获得额外资源的资本。为了获得额外的资源,公司通过举债来获得额外的资源,这叫做财务杠杆或股权交易。这些是不同种类的金融工具或借来的资本,可以用来增加投资的总回报。一旦公司被杠杆化,它的波动性就会随着股价的下跌和接近债务水平而增加。杠杆的整体影响可能是指不同的股票回报之间可能存在的良好关系。他们暗示和实现波动——这与波动性的增加发生的公司的股票。这可能包括杠杆效应与现象总体变化观察到他们的市场估值的公司的股票由于更高程度的利用其整体结构的资本和总体杠杆的增加可用于生产的增加整体股票波动。


英国房地产管理论文代写 :财务杠杆与杠杆效应

为了解释杠杆效应,本文采用了收益和直接计量杠杆两种方法。随着股价的下跌,有很强的杠杆效应相关联。当股票波动率值与股票收益负相关时,可以确认杠杆账户。这是因为当股价下跌时,股票的波动性可能会增加。除此之外,每当波动性增加时,股价就会下跌。杠杆效应的解释主要基于两个经济基础。如前所述,第一个基础是波动性和预期收益之间的关系。另一方面,第二种经济解释基于影响股价的财务杠杆。当股价下跌时,公司的财务杠杆就会上升。这导致了股票收益波动性的整体上升。各种实证研究表明,财务杠杆具有混合的结果,这些研究面临几个困难。


英国房地产管理论文代写 :财务杠杆与杠杆效应

Many industries or businesses need additional resources for growth, but sometime, there is lack of capital to get additional resources. In order to get additional resources, the company go for debt to acquire additional resources, this is called financial leverage or trading on equity. These are different kinds of financial instruments or the borrowed capital which may be used for the purpose of increasing the overall return on the investment. Once the company is leveraged, its volatility increases as the stock price moves lower and closer to the level of debt. The overall impact of the leverage may refer to the well-established relationship which may be there between the different stock returns. Both of them implies and realizes the volatility– this happens with the increase in volatility with the fall of the stocks of the company .This leverage effect relates to the phenomenon which may include the overall change that is observed which is their market valuation of the equity of the firm due to the higher degree of leverage in the structure of its overall capital and the increase in the overall leverage which can be used in producing the increase in the overall stock volatility.


英国房地产管理论文代写 :财务杠杆与杠杆效应

In order to explain leverage effect, both returns and directly measure leverage are used. With the falling prices of the stocks, there is a strong leverage effect associated. The leverage account may be recognized whenever the value of stock volatility is negatively related to the stock returns. This is because the stock volatility may tend to increase whenever there is a drop in stock prices. In addition to this, whenever there is an increase in the volatility with the drop of the stock prices. Majorly, the leverage effect is explained based on two economic bases. The first basis is relationship between volatility and expected returns as explained above. On the other side, the second economic explanation is based on financial leverage that affects the stock price. When the stock price falls, financial leverages on the company increase. This leads to the overall increase in the return volatility of the stock. Various empirical studies indicate that financial leverage has mixed results and these studies face several difficulties.