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momo · 2023年12月16日

operating

NO.PZ2023040301000165

问题如下:

A company's management may choose not to use financial leverage because the company has:

选项:

A.

an investment-grade credit rating

B.

a high degree of operating leverage

C.

a lower net debt to EBITDA ratio than its peers

解释:

B is correct. The degree of financial leverage and the degree of operating leverage together equal the degree of total leverage in the business. If the company already has a high degree of operating leverage, using financial leverage may increase total leverage and risk to too high a level.

A is incorrect. An investment-grade credit rating generally indicates that the company could borrow economically, which would be a reason to use financial leverage.

C is incorrect. A lower net debt to EBITDA ratio than its peers is an indicator of borrowing capacity, which would be a reason to use financial leverage.

经营杠杆,固定成本越高,EBIT越低,分子越小,经营杠杆不是越小吗,但固定成本大,杠杆应该高啊

1 个答案

王园圆_品职助教 · 2023年12月16日

同学你好,这道题是基础班讲义上的原题,老师上课的时候是有特意讲过的。同学尽量还是要听一下基础班课程哦。因为助教的讲解肯定不如老师上课讲的详细清晰的,听老师讲解理解会更深刻哦

本题问的是以下三个情况下的哪一种条件下,公司会选择不使用财务杠杆(而不是让我们做计算)

B说公司的经营杠杆已经很高了——此时如果公司再使用更高的财务杠杆,那不是杠杆加太多风险太大了么?同时面临经营风险(经营杠杆)和财务风险(财务杠杆),公司不就风险太高了吗?所以公司一旦有很高的经营杠杆,就不能再有很高的财务杠杆了,所以选B

椰子鸡 · 2024年04月11日

人家问,你就答不就好了,大家都看过基础班啊,只是忘记了而已,每个人都有一套思维逻辑,找出不对的地方就好了呀。

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