問(wèn)題已解決
杠桿貢獻(xiàn)率=權(quán)益凈利率-凈經(jīng)營(yíng)資產(chǎn)凈利率這個(gè)公式是怎么推出來(lái)的?[微笑]
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速問(wèn)速答同學(xué):您好。杠桿貢獻(xiàn)率=(凈經(jīng)營(yíng)資產(chǎn)凈利率-稅后利息率)×凈財(cái)務(wù)杠桿
權(quán)益凈利潤(rùn)率=稅后經(jīng)營(yíng)利潤(rùn)/股東權(quán)益-稅后利息/股東權(quán)益
=(稅后經(jīng)營(yíng)利潤(rùn)/凈經(jīng)營(yíng)資產(chǎn))*(凈經(jīng)營(yíng)資產(chǎn)/股東權(quán)益)-(稅后利息/凈負(fù)債)*(凈負(fù)債/股東權(quán)益)
因?yàn)?,凈?jīng)營(yíng)資產(chǎn)=股東權(quán)益+凈負(fù)債,所以上式等于:
權(quán)益凈利潤(rùn)率=(稅后經(jīng)營(yíng)利潤(rùn)/凈經(jīng)營(yíng)資產(chǎn))*[凈負(fù)債+股東權(quán)益)/股東權(quán)益]-(稅后利息/凈負(fù)債)*(凈負(fù)債/股東權(quán)益)
=稅后經(jīng)營(yíng)利潤(rùn)/凈經(jīng)營(yíng)資產(chǎn)+(稅后經(jīng)營(yíng)利潤(rùn)/凈經(jīng)營(yíng)資產(chǎn))*(凈負(fù)債股東權(quán)益)-(稅后利息/凈負(fù)債)*(凈負(fù)債/股東權(quán)益)
=凈經(jīng)營(yíng)資產(chǎn)利潤(rùn)率+(凈經(jīng)營(yíng)資產(chǎn)利潤(rùn)率*凈財(cái)務(wù)杠桿-稅后利息*凈財(cái)務(wù)杠桿
=凈經(jīng)營(yíng)資產(chǎn)利潤(rùn)率+(凈經(jīng)營(yíng)資產(chǎn)利潤(rùn)率-稅后利息)*凈財(cái)務(wù)杠桿
=凈經(jīng)營(yíng)資產(chǎn)利潤(rùn)率+經(jīng)營(yíng)差異率*凈財(cái)務(wù)杠桿
=凈經(jīng)營(yíng)資產(chǎn)利潤(rùn)率+杠桿貢獻(xiàn)率
所以有,
杠桿貢獻(xiàn)率=權(quán)益凈利率-凈經(jīng)營(yíng)資產(chǎn)利潤(rùn)率
2022 04/22 13:43
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