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karweillas · 2023年08月15日

A选项

  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.

A is incorrect. Cutting prices reduces the profit margin for the business, thereby increasing operating leverage.

B is incorrect. Replacing short-term debt with long-term debt does not change financial leverage: Debt, irrespective of maturity, is simply debt.

A选项DFL本身大于1，那么降低价格就是分子分母同时减少相同的数，那么DFL不是也会增加吗？

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王琛_品职助教 · 2023年08月17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

这道题是 M3 商业模型和风险 章节的课后题

我个人认为出的不好

关于 DOL，DFL，DTL 等内容，我建议以 M8 杠杆衡量 章节的考查角度为准即可

----------------------------------------------
努力的时光都是限量版，加油！

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