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sparkle · 2024年04月14日

关于DOL

  1. CFA I
  2. Equity

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.

强化讲义上DOL部分，firm can boost DOL by increasing FC&decreasing VC in its cost base 没理解背后的逻辑，能详细解释解释吗？谢谢

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1 个答案

王园圆_品职助教 · 2024年04月14日

同学你好，

重点是，基础班讲义这里强调的是and,也就是固定成本增加和变动成本下降同时发生

然后这就是个数学问题，举个例子就能理解了

举个例子，一开始Q=100，P=10，VC=4 FC=300

那最开始的profit margin = 100*（10-4）-300=600-300 = 300

第二年Q=120，其他不变

那profit margin = 120*6-300 =720-300= 420

此时DOL= （420/300-1)/(720/600-1) = 0.4/0.2 = 2


如果以上条件都不动，只是FC＝400而非300 且V = 3而非4

那第一年profit margin=（1000-300）-400=300

第二年profit margin=（1200-360）-400=440

DOLf= (440/300-1)/(840/700-1) = 0.467/0.2=2.3——DOL变大了




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