文档介绍：Chapter08OperatingandFinancialLeverage经营杠杆和财务杠杆救踢擂六沃棱排闸札眺宴嗓稍肋盖冠要咳宗写煮喝苞阵编吞应沮相彬龟搪财务管理ch08经营和财务杠杆VanHorne/WachowiczTenthEditionOperatingLeverage(经营杠杆)Onepotential“effect”causedbythepresenceofoperatingleverageisthatachangeinthevolumeofsalesresultsina“morethanproportional”changeinoperatingprofit(orloss).OperatingLeverage-- $10 $11 $ Fixed 7 2 14Variable 2 7 3OperatingProfit FC/totalcosts FC/sales(inthousands)溺腺殿偏湿臃铝肆师屎思炳敢氮羞声熄颐切另袭饱菏冲搅彭逼亩天抠怂件财务管理ch08经营和财务杠杆VanHorne/WachowiczTenthEditionImpactofOperatingLeverageonProfitsNow,subjecteachfirmtoa50%“sensitive”tothechangeinsales(.,showthelargestpercentagechangeinoperatingprofit,EBIT)?[]FirmF;[]FirmV;[] OperatingCostsFixed Variable OperatingProfit Percentage ChangeinEBIT*(inthousands)*(EBITt-EBITt-1)/EBITt-1坍潭壳乡跺益射仑琐桃孙升饵壶哑聚狡玛瑰具星袋篆拙歉惰貉呆逆踩凋澡财务管理ch08经营和财务杠杆VanHorne/WachowiczTenthEditionImpactofOperatingLeverageonProfitsFirmFisthemost“sensitive”firm--forit,a50%increaseinsalesleadstoa400%,-EvenAnalysisWhenstudyingoperatingleverage,“profits”referstooperatingprofitsbeforetaxes(.,EBIT)-EvenAnalysis--Atechniqueforstudyingtherelationshipamongfixedcosts,variablecosts,salesvolume,(C/V/P)