Dźwignia finansowa

(ang. financial leverage) Jest to zwiększenie tempa pomnażania zysku kapitałów własnych firmy dzięki zaangażowaniu kapitałów obcych (np. z kredytu bankowego lub z emisji papierów dłużnych). Występowanie efektu dźwigni finansowej wskazuje na efektywne wykorzystanie zaangażowanych w firmie kapitałów. O występowaniu dźwigni finansowej mówi się w sytuacji, gdy rentowność kapitałów własnych netto firmy jest wyższa niż rentowność jej kapitałów całkowitych, stanowiących sumę kapitałów własnych i obcych. Do wyliczenia rentowności kapitałów własnych dla ustalenia zjawiska „dźwigni” przyjmuje się faktycznie zrealizowany wynik netto, natomiast do wyliczenia rentowności kapitału całkowitego skorygowany wynik netto – powiększony o zapłacone odsetki od kredytów, pomniejszony o podatek naliczony według właściwej skali od kwoty tych odsetek. Kiedy rentowność kapitałów własnych firmy jest mniejsza od rentowności kapitału całkowitego występuje zjawisko tzw. „maczugi finansowej”. Określenie występowania efektu dźwigni finansowej lub maczugi finansowej jest istotne dla ustalenia właściwej struktury kapitałowej firmy oraz może stanowić pomoc w podjęciu przez bank decyzji odnośnie np. udzielenia firmie kredytu.

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