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Dang.D · 2021年05月04日

不太明白这里的financing cost为啥要在operating cost里面减去呢?

NO.PZ2016091001000011

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\frac{\$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\frac{\left(\$420,000-\$120,000\right)-\left(\$360,000-\$120,000\right)}{\$360,000-\$120,000}=25%

DFL =The  net  income  percentage  changeThe  operating  income  percentage  change=25%16.67%\frac{The\;net\;income\;percentage\;change}{The\;operating\;income\;percentage\;change}=\frac{25\%}{16.67\%}=1.5

麻烦老师解答一下,不太理解这里的financing cost,就是做题的时候思路想不到这里。好像框架图里没有这个计算公式,需不需要特别记一下,谢谢

1 个答案

王琛_品职助教 · 2021年05月05日

嗨,爱思考的PZer你好:


这道题考查的是 DFL 的定义式:EBIT 变化 1%,EPS (或者是 NI) 变化多少

从 EBIT 到 NI,要减去利息费用,所以要减去 financial cost 哈

咱们介绍了三种常见的杠杆 DOL,DFL,DTL,每种杠杆都介绍了定义式和计算式,是需要记一下的哈,请参考强化班讲义 P10

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