财务杠杆，是企业每股收益对营业净利的敏感程度，或者说是企业负债对普通股股东收益的影响程度。财务杠杆的功能可以用财务杠杆率来表示。 财务杠杆率 =纳税付息前收益÷ (纳税付息前收益－利息费用－优先股股利 )。 财务杠杆率反映了企业纳税付息前收益与普通股股东分配利 Financial leverage, is the company's earnings per share on the operating profitability of the sensitivity level, or that corporate debt to the common stockholders of the impact of earnings. The function of financial leverage can be expressed in terms of financial leverage. Financial leverage ratio = income before taxpaying ÷ (income before taxpaying - interest expense - preferred stock dividend). The financial leverage reflects the profit before interest tax payment and the distribution and profit sharing of ordinary shareholders