问题已解决
權(quán)益乘數(shù)可以反映財務(wù)杠桿水平,這是為何??
FAILED
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同學,你好
權(quán)益乘數(shù)=資產(chǎn)/所有者權(quán)益=1/(所有者權(quán)益/資產(chǎn))=1/[(資產(chǎn)-負債)/資產(chǎn)]=1/(1-資產(chǎn)負債率)
而財務(wù)杠桿是由于固定債務(wù)成本的存在導(dǎo)致每股收益變動幅度大于息稅前利潤變動幅度,以上推導(dǎo)可知權(quán)益乘數(shù)可以反映企業(yè)的債務(wù)成本比重,所以可以影響財務(wù)杠桿水平
2020 12/25 21:19
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2020 12/25 21:34
那這樣變形,原本產(chǎn)權(quán)比例和資產(chǎn)負債率不也影響財務(wù)杠桿,它們比例中也有負債,為何唯獨強調(diào)權(quán)益乘數(shù)??
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2020 12/25 22:32
產(chǎn)權(quán)比,資產(chǎn)負債率,權(quán)益乘數(shù)均可以反映償債能力,均與財務(wù)杠桿水平相關(guān),只不過講義沒有強調(diào)
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