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摇一摇 · 2023年08月17日

价格下降为什么不能算财务杠杆呢

  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.

价格下降，会影响到NI吧，既然影响NI，为什么不能算财务杠杆呢

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1 个答案

王琛_品职助教 · 2023年08月18日

嗨，爱思考的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

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