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ID:51964167
大小:2.90 MB
页数:32页
时间:2020-03-26
《财务管理基础 第13版 教学课件Chap005_PPT.ppt》由会员上传分享,免费在线阅读,更多相关内容在教育资源-天天文库。
1、OperatingandFinancialLeverage5ChapterOutlineWhatisleverage?Break-evenanalysisOperatingleverageFinancialleverageCombinedleveragePotentialprofitsorincreasedrisk?2WhatisLeverage?Useofspecialforcesandeffectstomagnifyorproducemorethanthenormalresultsfromagivencourseofa
2、ctionCanproducebeneficialresultsinfavorableconditionsCanproducehighlynegativeresultsinunfavorableconditions3LeverageinaBusinessDeterminingtypeoffixedoperationalcostsPlantandequipmentEliminateslaborinproductionofinventoryExpensivelaborLessensopportunityforprofitbut
3、reducesriskexposureDeterminingtypeoffixedfinancialcostsDebtfinancingSubstantialprofitsbutfailuretomeetcontractualobligationscanresultinbankruptcySellingequityReducespotentialprofitsbutminimizeriskexposure4OperatingLeverageExtenttowhichfixedassetsandassociatedfixed
4、costsareutilizedinabusinessOperationalcostsinclude:FixedVariableSemivariable5Break-EvenChart:LeveragedFirm6Break-EvenAnalysisThebreak-evenpointisat50,000units,wherethetotalcostsandtotalrevenuelinesintersectUnits=50,000.TotalVariableFixedCostsTotalCostsTotalRevenue
5、OperatingIncomeCosts(TVC)(FC)(TC)(TR)(loss)(50,000X$0.80)(50,000X$2)$40,000$60,000$100,000$100,00007Break-EvenAnalysis(cont’d)Thebreak-evenpointcanalsobecalculatedby:Fixedcosts=Fixedcosts=FCContributionmarginPrice–VariablecostperunitP–VCi.e.$60,000=$60,000=50,000u
6、nits$2.00-$0.80$1.208Volume-Cost-ProfitAnalysis:LeveragedFirm9AConservativeApproachSomefirmschoosenottooperateathighdegreesofoperatingleverageMoreexpensivevariablecostsmaybesubstitutedforautomatedplantandequipmentThisapproachmaycutintopotentialprofitabilityofthefi
7、rm10Break-EvenChart:ConservativeFirm11Volume-Cost-ProfitAnalysis:ConservativeFirm12TheRiskFactorFactorsinfluencingdecisiononmaintainingaconservativeorleveragedstanceinclude:EconomicconditionCompetitivepositionwithinindustryFutureposition–stabilityversusmarketlead
8、ershipMatchinganacceptablereturnwithadesiredlevelofrisk13CashBreak-EvenAnalysisHelpsinanalyzingtheshort-termoutlookofafirmNoncashitemsareexcluded:Deprec
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