《财务管理》课程PPT教学课件（英文版）Chapter 15 Analysis and Impact of Leverag Operating Leverage

CL 1: Analysis and lactofLewerage Operating Leverage Financial Leverage @2002 Prentice Hall. Inc

• Operating Leverage • Financial Leverage © 2002, Prentice Hall, Inc

What is Leverage? D

What is Leverage?

What is Leverage? D

What is Leverage?

What is Leverage?

What is Leverage?

2 concepts that enhance our understanding ofrisk. 1) Operating Leverage- affects a firm? s business risk。 2) Financial Leverage-affects a firm’ s financial risk

2 concepts that enhance our understanding of risk... 1) Operating Leverage - affects a firm’s business risk. 2) Financial Leverage - affects a firm’s financial risk

Business risk The variability or uncertainty of a firms operating income (EBIT)

Business Risk • The variability or uncertainty of a firm’s operating income (EBIT)

Business risk The variability or uncertainty of a firms operating income (EBIT) EBIT

Business Risk • The variability or uncertainty of a firm’s operating income (EBIT). EBIT

Business risk The variability or uncertainty of a firms operating income (EBIT) EBIT> FIRM

Business Risk • The variability or uncertainty of a firm’s operating income (EBIT). EBIT FIRM

Business risk The variability or uncertainty of a firms operating income (EBIT) EBIT> FIRM EPS

Business Risk • The variability or uncertainty of a firm’s operating income (EBIT). EBIT FIRM EPS

Business risk The variability or uncertainty of a firms operating income (EBIT) Stocke EBIT> FIRM EPS holders

Business Risk • The variability or uncertainty of a firm’s operating income (EBIT). EBIT FIRM EPS Stock￾holders