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This document discusses calculating key financial ratios including degree of operational leverage (DOL), degree of financial leverage (DFL), and degree of total leverage (DTL). It provides formulas for DOL as the percentage change in EBIT divided by the percentage change in sales. DFL is defined as the percentage change in earnings per share divided by the percentage change in EBIT. The document also presents a formula for return on equity (ROE) and adaptations of the ROE formula for companies with different capital structures. Finally, it shows the relationship between DFL, DTL, and DOL.Read less

Read more1 of 8Download now: , I. - . - : (F/∑ TS) - : DOL = = (CT1) = - ) DOL% hay : 1 : ) ) ). 2 ) .  EBIT   ) ).  DOL EBIT1 EBIT F 15% Fo EBIT tăng theo doanh thu EBIT TCo TC tăng theo DT EBIT F . II. - : (EPS) - : DFL = = (CT2) = - , . 1 .D EPS. 2 . : ROE = [BEP + x (BEP – r)] x (1-t) (CT3) . ROE = [BEP + x (BEP – rv) + x (BEP – rt) + x (BEP- )] x (1-t) (CT3’) : n (25%) 3’: : ROE = = = =[BEP+ = [BEP + x(BEP- x (BEP – rv) + )+ x(BEP- )+ x (BEP – rt) +  ) hay : DFL = (CT4) x(BEP x (BEP- )] x (1-t) )] x (1-t) % K : .  ), . (hay EPS). DTL = = = DOL x DFL (CT5) % - : . EBIT bao nhiêu cho CSH). III. , DFL, DTL : Câu 1 DOL, DFL, DTL Câu 2 . : x (BEP – r)] x (1-t) : ROE = [BEP + (CT3) . - . - . - . : 1 ) %. 2 ) ) %. : 1: = EBIT +F/EBIT –I , DTL =>DTL 2 . . . m1 . 2 2 . .  2.  c ty. 12, chương 13 - : 1. (30%) /năm /năm  /năm 2. (20%) SL = 200.000 CP, DIV = 17.000 đ/CP, Puo = 100.000/CP  /năm 3. (50%) SL = 500.000 CP, Po = 100.000đ=> - : , CV = 50% doanh thu, t =25% 2%. : 2: ROEo = [(35-4,35) x 0,75 – 3,4]/ 50 = 39,175% : DTL = (EBIT +F)/ (EBIT – I – Du/0,75) = (35+80)/(35-4,35 – 3,4/0,75) = 115/26,12 = 4,4 1: – – ROEo = (35- 4,35)x0,75/(20+50) = 32,84% : DTL = (EBIT +F)/(EBIT – I) = (35+80)/(35- 4,35) = 115/30,65 = 3,752 : ROE’ = ROEo x (1 + 2% x 3,752) = 35,3% ROE’’ = ROEo x (1-2%x 3,752) = 30,38 % =

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đòN bẩy tài chính

  • 1. : , I. - . - : (F/∑ TS) - : DOL = = (CT1) = - ) DOL% hay : 1 : ) ) ).
  • 2. 2 ) .  EBIT   ) ).  DOL EBIT1 EBIT F 15% Fo EBIT tăng theo doanh thu EBIT TCo TC tăng theo DT EBIT F .
  • 3. II. - : (EPS) - : DFL = = (CT2) = - , . 1 .D EPS. 2 . : ROE = [BEP + x (BEP – r)] x (1-t) (CT3)
  • 4. . ROE = [BEP + x (BEP – rv) + x (BEP – rt) + x (BEP- )] x (1-t) (CT3’) : n (25%) 3’: : ROE = = = =[BEP+ = [BEP + x(BEP- x (BEP – rv) + )+ x(BEP- )+ x (BEP – rt) +  ) hay : DFL = (CT4) x(BEP x (BEP- )] x (1-t) )] x (1-t)
  • 5. % K : .  ), . (hay EPS). DTL = = = DOL x DFL (CT5) % - : . EBIT bao nhiêu cho CSH).
  • 6. III. , DFL, DTL : Câu 1 DOL, DFL, DTL Câu 2 . : x (BEP – r)] x (1-t) : ROE = [BEP + (CT3) . - . - . - . : 1 ) %.
  • 7. 2 ) ) %. : 1: = EBIT +F/EBIT –I , DTL =>DTL 2 . . . m1 . 2 2 . .  2.  c ty. 12, chương 13
  • 8. - : 1. (30%) /năm /năm  /năm 2. (20%) SL = 200.000 CP, DIV = 17.000 đ/CP, Puo = 100.000/CP  /năm 3. (50%) SL = 500.000 CP, Po = 100.000đ=> - : , CV = 50% doanh thu, t =25% 2%. : 2: ROEo = [(35-4,35) x 0,75 – 3,4]/ 50 = 39,175% : DTL = (EBIT +F)/ (EBIT – I – Du/0,75) = (35+80)/(35-4,35 – 3,4/0,75) = 115/26,12 = 4,4 1: – – ROEo = (35- 4,35)x0,75/(20+50) = 32,84% : DTL = (EBIT +F)/(EBIT – I) = (35+80)/(35- 4,35) = 115/30,65 = 3,752 : ROE’ = ROEo x (1 + 2% x 3,752) = 35,3% ROE’’ = ROEo x (1-2%x 3,752) = 30,38 % =
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