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Maggiesmile · 2023年10月12日

operating leverage

  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.

你好，本题里的公式咋哪里呢，能否把讲义那页贴出来谢谢

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1 个答案

王琛_品职助教 · 2023年10月13日

嗨，爱思考的PZer你好：


1

这道题是 M3 商业模型的课后题 12 题

还有第 13 题，这两道题我个人认为出的不好，不建议深究

因为内容方面，和 M8 杠杆衡量有重复，但是考查角度又不同

关于杠杆的考查，建议均以 M8 杠杆衡量章节介绍的角度为准即可

2

同学所说的公式，请参考基础班讲义墨迹版 P403

3

关于选项 A 的分析，推荐从定性角度分析，也请参考：https://class.pzacademy.com/qa/114825

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