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J · 2020年06月30日

问一道题：NO.PZ2016091001000011 [ CFA I ]

  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

直接用360000/（360000-120000）可以吗？如果可以的话请解释一下这个EBIT为什么要用之前的值而不是之后的值来计算呢
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2 个答案

王琛_品职助教 · 2022年05月09日

嗨，爱思考的PZer你好：


@Leo 昊

所以420000是干扰条件吗，不用这个数也能算出来

不算干扰条件哈，干扰条件一般指和题目完全没关系，用于混淆考生试听的信息

但这道题中，420000 是需要用到的，只不过是在公式推导过程中，被约掉了而已

解析提供的是最基础的算法，@Olive_品职助教 提供的公式推导结果，是简化的算法

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

Olive_品职助教 · 2020年07月01日

嗨，努力学习的PZer你好：


推导过程如上图。DFL=EBIT/（EBIT-interest）公式中的EBIT就是变化前的值。


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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！


Leo 昊子 · 2022年05月08日

所以420000是干扰条件吗，不用这个数也能算出来

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