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| Leverage Effect and Risk Analysis of Papermaking Enterprises—Taking 10 Listed Companies as Examples |
| Received:June 19, 2025 Revised:August 25, 2025 |
| DOI：10.11980/j.issn.0254-508X.2026.01.009 |
| Key Words:leverage effect risk analysis profitability |
| Author Name | Affiliation | Postcode | | LI Huanying* | China Institute of Financial Research, Southwestern University of Finance and Economics, Chengdu, Sichuan Province, 611130 | 611130 | | ZHU Ruiyao | School of Accounting, Southwestern University of Finance and Economics, Chengdu, Sichuan Province, 611130 | 611130 | | ZOU Yan* | School of Accounting, Southwestern University of Finance and Economics, Chengdu, Sichuan Province, 611130 | 611130 |
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| Abstract:Taking 10 listed companies in the paper industry as example， this paper selected two representative listed companies from five dimensions which were large comprehensive， large packaging， specialty paper， household paper， and state-owned background as research sample， and selected their audited annual report data from 2014 to 2024， calculated the average value of financial leverage， operating leverage and comprehensive leverage， and made a detailed analysis based on the relevant financial indicators. The results showed that enterprises with lower leverage coefficient， abilities of better debt repayment and operational risk control earn higher profitability， risks of finance， operation and comprehensives were relatively small. At the same time， industry segmentation and scale effect had helped the stable development of listed companies in the paper industry. Finally， this paper put forward some suggestions from three aspects： financing management， capacity control and leverage early warning. |
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