When the rate of property fee before tax is greater than firm liability interest rate . improving liability rate can add firm surplus of every stock for the action of finance level . when the rate of property fee before tax is less than firm liability interest rate . improving liability rate can reduce firm surplus of every stock for the action of finance level 当资产税前报酬率( ebit a )大于企业的负债利息率时，提高负债比例，由于财务杠杆的作用，能够增加企业每股盈余，当资产税前报酬率( ebit a )小于企业负债利率时，提高负债比例，将减少企业的每股盈余。
