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Wheel · 2022年12月19日

A为什么是对的怎么分析的

  1. CFA I
  2. Corporate Issuers

NO.PZ2022090802000012

问题如下：

Which of the following is most likely to increase a business's operating leverage?

选项：

A.Reducing prices B.Borrowing rather than issuing equity C.Using casual labor rather than a salaried work force

解释：

Solution

A is correct. Reducing prices decreases the business's margin, and as such, it increases its sensitivity to changes in demand, revenue, and costs and its operating leverage. The choice between debt and equity financing has no bearing on operating leverage, although it should be noted that interest expenses on debt are contractually determined payments, while dividends are discretionary payments. Using casual labor rather than a salaried work force reduces the fixed employee expenses, which reduces operating leverage.

DOL= Q(P−VC)−FCQ(P−VC)​ 

P减少，Q增加，为什么DOL就上升了，麻烦详细分析一下

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1 个答案

王琛_品职助教 · 2022年12月21日

嗨，从没放弃的小努力你好：


1

首先，选项只说了售价的变化，并没有提到销量的变化，所以不建议在这里还考虑销量的同步变化

我理解，出题人只是想简单的考查大家对售价变化对经营杠杆的影响，所以不建议考虑其他变量

2

其次，这里我认为从「定性」角度可能更好理解

经营杠杆衡量的是经营风险，其他变量不变的前提下，如果降价，经营风险增加，所以经营杠杆增加

如果同学想从公式角度推导，也可以，分子分母同时除以 Q（P-VC），然后考虑 P 的影响即可，但是我不认为这是出题人想考查的角度哈

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

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