Debt-to-Equity Ratio Calculator
From total liabilities and shareholders' equity, compute the D/E ratio — a core measure of financial leverage.
輸入資料
計算結果
重點速覽：Debt-to-Equity (D/E) = total liabilities / shareholders' equity. Example: 600k / 400k = 1.5 (150%) — HK$1.5 debt per HK$1 equity. Core leverage metric: high D/E amplifies ROE in good times but raises distress risk; low is conservative but may under-use cheap debt. ~1.0 moderate, <1.0 conservative, >2.0 watch — but industry-specific. WARNING: Equity ≤ 0 makes it meaningless; compare with peers/coverage. Education, not advice.
計算公式
負債權益比率 = 總負債 ÷ 股東權益。
百分比 = 負債權益比率 × 100%。
$$\text{Debt-to-Equity} = \dfrac{\text{Total Liabilities}}{\text{Shareholders' Equity}}$$使用說明
- Enter total liabilities from the balance sheet.
- Enter shareholders' equity (net assets).
- View the ratio (multiple) and percentage.
以股東權益固定為 HK$400,000 為例，總負債由 HK$200,000 增至 HK$800,000 時的負債權益比率變化，說明槓桿如何隨負債攀升。
| 總負債 (HK$) | 股東權益 (HK$) | 負債權益比率 (D/E) | 以百分比表示 |
|---|---|---|---|
| 200,000 | 400,000 | 0.5 倍 | 50% |
| 400,000 | 400,000 | 1.0 倍 | 100% |
| 600,000 | 400,000 | 1.5 倍 | 150% |
| 800,000 | 400,000 | 2.0 倍 | 200% |
理財情境案例
個案一：適度槓桿放大股東回報
李先生分析一間香港工程公司：股東權益 HK$400,000、總負債 HK$400,000，D/E = 1.0 (100%)。公司以年利率約 5% 借入這 HK$400,000，投入的項目年回報率達 12%。
在這種『資產回報率高於借貸利率』的情況下，借來的資金每年產生 12% 回報、只需付 5% 利息，中間 7% 的差額全數歸於股東，等於用別人的錢替股東賺錢，因而放大了股本回報率 (ROE)。這說明適度負債並非壞事 — 只要投資回報穩定高於資金成本，槓桿反而是提升資本效率的工具。
個案二：高槓桿在逆景時反噬
另一間零售公司股東權益同為 HK$400,000，但總負債高達 HK$800,000，D/E = 2.0 (200%)，屬高槓桿。景氣好時，槓桿放大了盈利與 ROE，帳面亮麗。
然而當銷售下滑、利率又同時上升，沉重的利息支出迅速侵蝕本已縮水的盈利，現金流轉緊，再融資又困難，公司被迫變賣資產甚至面臨違約。相同的槓桿在順景放大回報、在逆景放大虧損與風險。這提醒投資者：看到高 D/E 時，務必再檢視利息保障倍數與現金流是否足以支撐，切勿只被順景時的高回報吸引。
常見問題
What is a reasonable D/E ratio?
No universal value. ~1.0 (100%) is moderate; <1.0 conservative; >2.0 (200%) is high-leverage and needs attention on cash-flow strength. But banks/financials run several times normal; property, utilities, telecom, airlines are naturally high; software/consulting are often <1. Compare with peers and your own trend, plus interest coverage and operating cash flow.
Why does equity ≤ 0 break the ratio?
The denominator is equity. Zero equity → division by zero (undefined, not '0 leverage'); negative equity (insolvent, liabilities > assets) → a negative ratio that cannot be read as 'low leverage' but as a severe crisis signal. Then switch to loss causes, cash flow and solvency, not D/E.
Is high D/E always bad?
No — leverage is a neutral tool. If invested returns exceed the borrowing rate, the surplus accrues to shareholders and lifts ROE; debt interest is tax-deductible. But high leverage is double-edged: in downturns it amplifies losses and squeezes cash flow, risking default. Judge by industry fit, earnings/cash-flow stability (interest coverage), debt maturity and rate exposure.
How does D/E differ from debt-to-asset?
Both use balance-sheet data but different denominators. Debt-to-asset = liabilities / assets (share of assets funded by debt, 0-100%). D/E = liabilities / equity (debt relative to owners' funds, can exceed 1). They convert via assets = liabilities + equity. Example: 60% debt-to-asset, 40% equity → D/E = 60%/40% = 1.5. D/E is more intuitive for shareholder leverage risk and common in equity analysis; debt-to-asset for overall asset structure. Compare consistently.
Where can I find HK-listed companies' D/E?
From the company's financial statements, primarily via HKEXnews (annual/interim reports) — the consolidated statement of financial position lists total liabilities and equity attributable to owners. Watch whether 'total debt' or 'interest-bearing debt' is used, and whether equity is 'attributable to owners' or 'including minorities'; preferred treatment varies. Many platforms provide computed D/E, but verify against the original filing and read with interest coverage and cash flow. Education, not advice.
相關工具
參考資料
內容審核：香港計算器財經團隊。計算邏輯與公式參考香港金融管理局（HKMA）及投資者及理財教育委員會（IFEC）之個人理財計算指引，結果僅供參考，實際以相關機構公佈為準。