投资回报
经营杠杆
财务杠杆
综合杠杆
| 卢比 | |
|---|---|
| 销售(S) | 1000000 |
| 可变成本(VC) | 375000 |
| 固定成本(FC) | 95000 |
| 债务 | 425000 |
| 债务利息 | 10％ |
| 权益资本 | 590000 |
解决方案如下-
return on investment = EBIT/ (D + E) return on investment = (S – VC – FC)/ (D + E) return on investment = (1000000 – 375000 – 95000)/ (425000 + 590000) return on investment = 530000/ 1015000 return on investment = 52.22%
operating leverage (OL) = (S – VC)/ EBIT operating leverage = (1000000 – 375000)/ 530000 operating leverage = 625000/ 530000 operating leverage = 1.18
financial leverage (FL) =EBIT/ EBT financial leverage = 530000/ (EBIT – I) financial leverage = 530000/ (530000 – (425000*10%)) financial leverage = 530000/ (530000- 42500) financial leverage = 530000/ 487500 financial leverage = 1.087
combined leverage = OL * FL combined leverage = 1.18 * 1.087 combined leverage = 1.28
这里，
EBIT =息税前利润。
EBT =税前和息后收益。
I =债券利息。