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Frisbee · 2023年04月18日

请问A和B的financial leverage会怎么变化

  1. CFA I
  2. Corporate Issuers

NO.PZ2022090802000013

问题如下：

Which of the following is most likely to increase financial leverage?

选项：

A.Cutting prices B.Replacing short-term debt with long-term debt C.Entering a sale-leaseback transaction for the company's head office building

解释：

Solution

C is correct. Entering a sale–leaseback transaction for the company's head office building increases financial leverage. The company sells assets with the obligation to repurchase the assets in the future as well as make lease payments. These transactions increase its financial leverage. Additionally, sale and leaseback transactions reduce the business's overall asset base, which, in turn, reduces its ability to add more debt should the company need to raise debt. Cutting prices reduces the profit margin for the business, thereby increasing operating leverage. Replacing short-term debt with long-term debt does not change financial leverage: Debt, irrespective of maturity, is simply debt.

Which of the following is most likely to increase financial leverage?


A

Cutting prices

B

不正确Replacing short-term debt with long-term debt

C

Entering a sale-leaseback transaction for the company's head office building

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1 个答案

王琛_品职助教 · 2023年04月19日

嗨，努力学习的PZer你好：


1

选项 A 降价，其实影响的不是「财务」杠杆，而是「经营」杠杆 operating leverage

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

而题目问的是财务杠杆的影响，所以选项 A 属于无关选项，不选

2

选项 B 将短期债替换为长期债，可以理解为是 D 内部的细项变化，不影响 D 的总量，所以不影响 D/E 比例

所以选项 B 虽然涉及的是财务杠杆，但不符合题意

因为题目要选的是「增加」财务杠杆的选项，而选项 B 的结论是财务杠杆「不变」

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