财务管理c戏h08经营和财务杠杆.pptVIP

Chapter 08 Operating and Financial Leverage 经营杠杆和财务杠杆 Operating Leverage(经营杠杆) One potential “effect” caused by the presence of operating leverage is that a change in the volume of sales results in a “more than proportional” change in operating profit (or loss). Impact of Operating Leverage on Profits Firm F Firm V Firm 2F Sales $10 $11 $19.5 Operating Costs Fixed 7 2 14 Variable 2 7 3 Operating Profit FC/total costs FC/sales Impact of Operating Leverage on Profits Now, subject each firm to a 50% increase in sales for next year.