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kevinzhu · 2020年03月04日

问一道题：NO.PZ2016091001000011

  1. CFA I
  2. Corporate Issuers

问题如下：

Assume that CC Inc. has $360,000 operating income in the early stages, and the operating income has changed as $420,000 later. The financial cost is $120,000. So the CC Inc.'s degree of financial leverage(DFL) is closest to :

选项：

A.

1.3.

B.

1.8.

C.

1.5.

解释：

C is correct.

The operating income percentage change:$420,000-$360,000/$360,000=16.67%

The net income percentage change:(($420,000-$120,000)-($360,000-$120,000))/$360,000-$120,000=25%

DFL=The net income percentage change/The operating income percentage change=1.5

The net income percentage change:(($420,000-$120,000)-($360,000-$120,000))/($360,000-$120,000)=25%

The operating income percentage change:$420,000-$360,000/$360,000=16.67%

25%/16.67%=1.5

EPS=Operating income - Financial income?

operating income=EBIT

公式需要解释一下


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2 个答案

Olive_品职助教 · 2020年04月02日

△NI/NI，分子分母都有（1-t），可以直接约掉，所以tax不影响DFL的计算，算△NI/NI不考虑税。这个老师课上也讲过推导：

Olive_品职助教 · 2020年03月05日

嗨，努力学习的PZer你好：


“EPS=Operating income - Financial income? ”

EPS严格来说等于EBIT-interest-tax，不过这里我们不考虑tax，因为tax是企业日常经营没法自主控制的，是国家强制力所要求的成本。

“operating income=EBIT ”

是的，这个是财务这门课学的，EBIT严格来说不等于operating income，不过除非是特地考二者的区别，CFA考试一般是视为这两者相同。


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就算太阳没有迎着我们而来，我们正在朝着它而去，加油！


(๑• . •๑) · 2020年04月02日

为什么不考虑税呢？ 这一会儿考虑一会儿不考虑，有什么标准。

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