(第九章财务杠杆原理.pptVIP

财务杠杆系数 (DFL) DFL= 财务杠杆系数 -- EBIT变动1%所引起的EPS变动的百分比.I为利息，t为税率，PD为优先股股利，n为普通股股数。 EPS=[（EBIT-I）*（1-t）-PD ] / n DFL= Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd. 每一种融资选择的 DFL DFL $500,000 全部普通股融资 = $500,000 $500,000 - 0 - [0 / (1 - 0)] * EBIT=500000 = 1.00 Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd. 每一种融资选择的 DFL DFL $500,000 全部债务融资 = $500,000 { $500,000 - 100,000- [0 / (1 - 0)] } * EBIT=500000 = $500,000 / $400,000 1.25 = Evaluation only. Created with Aspo