使用提供的数据(假设)计算以下内容:
投资回报
经营杠杆
财务杠杆
综合杠杆
解
解决方案如下-
return on investment = EBIT/ (D + E) return on investment = (S – VC – FC)/ (D + E) return on investment = (1000000 – 375000 – 95000)/ (425000 + 590000) return on investment = 530000/ 1015000 return on investment = 52.22%
operating leverage (OL) = (S – VC)/ EBIT operating leverage = (1000000 – 375000)/ 530000 operating leverage = 625000/ 530000 operating leverage = 1.18
financial leverage (FL) =EBIT/ EBT financial leverage = 530000/ (EBIT – I) financial leverage = 530000/ (530000 – (425000*10%)) financial leverage = 530000/ (530000- 42500) financial leverage = 530000/ 487500 financial leverage = 1.087
combined leverage = OL * FL combined leverage = 1.18 * 1.087 combined leverage = 1.28
这里,
EBIT=息税前利润。
EBT=税前和息后收益。
I=债券利息。
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