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jvniki · 2023年05月01日

C为什么不对

  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.

  1. 如题，为什么c不对
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2 个答案

王琛_品职助教 · 2023年11月23日

嗨，努力学习的PZer你好：


@jvniki 

怎么理解增加 或 降低 经营杠杆了

1

首先，杠杆是由于企业支出「固定成本」而产生的

企业买机器设备、支付员工薪酬等经营会产生「经营杠杆」，企业举债会产生「财务杠杆」

由于机器设备所产生的经营费用、支付员工的薪酬，和举债所产生的利息都是固定成本，固定成本越高，企业的杠杆越高

2

或者说，分析师将固定成本的使用称为杠杆作用，杠杆作用可以将收益向上和向下都放大

高杠杆率公司的利润可能随着收入的小幅上升而飙升，但反过来也是如此：收入的小幅下降可能导致损失

3

下面，以财务杠杆为例

比如小明和小花要买房，房款是 100 万

小明是全款买房；小花是首付 60 万，贷款 40 万

现在房价涨了 20%，房价变成了 120 万。小明和小花都浮盈 20 万，但是两个人买房付出的本金不同，所以收益不同

小明是全款买房，所以收益是 20/100= 20%

小花是贷款买房，所以收益是 20/60 = 33%

为啥小花的收益更高，因为小花贷款了，虽然有了固定的利息成本，但是用 60 万，就撬动了原本价值 100 万的资产，所以当房价上涨时，收益要高于全款买房没有固定支出成本的小明

4

再回到这道题

正式员工的薪酬，属于固定的经营成本

减少固定的经营成本，人力成本负担越轻，经营风险也越小，所以是降低经营杠杆

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

王琛_品职助教 · 2023年05月04日

嗨，努力学习的PZer你好：


选项 C 是指：使用临时工，而不是正式工

这种做法，对于公司来说，可以减少固定的员工薪酬支出，所以会「降低」经营杠杆

而题目问的是「增加」经营杠杆，所以选项 C 不符合题意，不选

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

jvniki · 2023年11月22日

怎么理解增加 或 降低 经营杠杆了

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