财务管理 英 第五章 杠杆.docx
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财务管理英第五章杠杆
Chapter5
DiscussionQuestions
5-1.
Discussthevarioususesforbreak-evenanalysis.
Suchanalysisallowsthefirmtodetermineatwhatlevelofoperationsitwillbreakeven(earnzeroprofit)andtoexploretherelationshipbetweenvolume,costs,andprofits.
5-2.
Whatfactorswouldcauseadifferenceintheuseoffinancialleverageforautilitycompanyandanautomobilecompany?
Autilityisinastable,predictableindustryandthereforecanaffordtousemorefinancialleveragethananautomobilecompany,whichisgenerallysubjecttotheinfluencesofthebusinesscycle.Anautomobilemanufacturermaynotbeabletoservicealargeamountofdebtwhenthereisadownturnintheeconomy.
5-3.
Explainhowthebreak-evenpointandoperatingleverageareaffectedbythechoiceofmanufacturingfacilities(laborintensiveversuscapitalintensive).
Alabor-intensivecompanywillhavelowfixedcostsandacorrespondinglylowbreak-evenpoint.However,theimpactofoperatingleverageonthefirmissmallandtherewillbelittlemagnificationofprofitsasvolumeincreases.Acapital-intensivefirm,ontheotherhand,willhaveahigherbreak-evenpointandenjoythepositiveinfluencesofoperatingleverageasvolumeincreases.
5-4.
Whatroledoesdepreciationplayinbreak-evenanalysisbasedonaccountingflows?
Basedoncashflows?
Whichperspectiveislongerterminnature?
Forbreak-evenanalysisbasedonaccountingflows,depreciationisconsideredpartoffixedcosts.Forcashflowpurposes,itiseliminatedfromfixedcosts.
Theaccountingflowsperspectiveislonger-terminnaturebecausewemustconsidertheproblemsofequipmentreplacement.
5-5.
Whatdoesrisktakinghavetodowiththeuseofoperatingandfinancialleverage?
Bothoperatingandfinancialleverageimplythatthefirmwillemployaheavycomponentoffixedcostresources.Thisisinherentlyriskybecausetheobligationtomakepaymentsremainsregardlessoftheconditionofthecompanyortheeconomy.
5-6.
Discussthelimitationsoffinancialleverage.
Debtcanonlybeuseduptoapoint.Beyondthat,financialleveragetendstoincreasetheoverallcostsoffinancingtothefirmaswellasencouragecreditorstoplacerestrictionsonthefirm.Thelimitationsofusingfinancialleveragetendtobegreatestinindustriesthatarehighlycyclicalinnature.
5-7.
Howdoestheinterestrateonnewdebtinfluencetheuseoffinancialleverage?
Thehighertheinterestrateonnewdebt,thelessattractivefinancialleverageistothefirm.
5-8.
Explainhowcombinedleveragebringstogetheroperatingincomeandearningspershare.
Operatingleverageprimarilyaffectstheoperatingincomeofthefirm.Atthispoint,financialleveragetakesoveranddeterminestheoverallimpactonearningspershare.AdelineationofthecombinedeffectofoperatingandfinancialleverageispresentedinTable5-6andFigure5-5.
5-9.
Explainwhyoperatingleveragedecreasesasacompanyincreasessalesandshiftsawayfromthebreak-evenpoint.
Atprogressivelyhigherlevelsofoperationsthanthebreak-evenpoint,thepercentagechangeinoperatingincomeasaresultofapercentagechangeinunitvolumediminishes.Thereasonisprimarilymathematical—aswemovetoincreasinglyhigherlevelsofoperatingincome,thepercentagechangefromthehigherbaseislikelytobeless.
5-10.
Whenyouareconsideringtwodifferentfinancingplans,doesbeingatthelevelwhereearningspershareareequalbetweenthetwoplansalwaysmeanyouareindifferentastowhichplanisselected?
Thepointofequalityonlymeasuresindifferencebasedonearningspershare.Sinceourultimategoalismarketvaluemaximization,wemustalsobeconcernedwithhowtheseearningsarevalued.Twoplansthathavethesameearningspersharemaycallfordifferentprice-earningsratios,particularlywhenthereisadifferentialriskcomponentinvolvedbecauseofdebt.
Chapter5
Problems
1.GatewayAppliancetoasterssellfor$20perunit,andthevariablecosttoproducethemis $15.Gatewayestimatesthatthefixedcostsare$80,000.
a.Computethebreak-evenpointinunits.
b.Fillinthetablebelow(indollars)toillustratethebreak-evenpointhasbeenachieved.
Sales
____________
–Fixedcosts
____________
–Totalvariablecosts
____________
Netprofit(loss)
____________
5-1.Solution:
GatewayAppliance
a.
b.Sales
$320,000(16,000units×$20)
–Fixedcosts
$80,000
–Totalvariablecosts
240,000(16,000units×$15)
Netprofit(loss)
$0
2.HazardousToysCompanyproducesboomerangsthatsellfor$8eachandhaveavariablecostof$7.50.Fixedcostsare$15,000.
a.Computethebreak-evenpointinunits.
b.Findthesales(inunits)neededtoearnaprofitof$25,000.
5-2.Solution:
TheHazardousToysCompany
a.
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