III-Leverage-4

Question 1

Business risk

包含

Answer 1

1. sales risk: risk regarding revenue and price
2. operating risk: attributed to operating cost structure

Question 2

Degree of Operational Leverage

DOL

1. 定义式
2. 计算式

Answer 2

Question 3

DOL公式

1. 含义
2. 特点
3. 图形

Answer 3

1. 体现了弹性elasticity的概念
2. 不同销量Q下，点弹性即DOL不同。在靠近operating income=0上下时，DOLmost sensitive

Question 4

Degree of Financial Leverage

DFL

1. 定义式
2. 计算式

Answer 4

= (S-TVC-FC)/(S-TVC-FC-interest)

Question 5

Degree of Total Leverage

DTL

1. 定义式2
2. 计算式

Answer 5

Question 6

Breakeven Analysis

Q_BE

1. 推导
2. per unit contribution margin
3. contribution margin

Answer 6

per unit contribution margin: P-V

contribution margin: Rev-TVC=Q(P-V)

Question 7

经营性盈亏平衡

Operating Breakeven Quantity

1. 推导
2. equation

Answer 7

1. Operating income =0
2. Q_OBE = FC/ (P-VC)

Question 8

企业破产的两个degree

Answer 8

reorganization

liquidation

Question 9

各种形式dividend

对公司之影响

Answer 9

Question 10

Divident Payment Chronology

1. 图表
2. 哪天买入股票，是可以获得现金股利的last day?

3哪一个日子可以落在周末？

4. 哪一个日子由Exchange决定？

Answer 10

1. 宣告日，除权除息日，股权登记日，支付日
2. ex-dividend day -1 (因美股结算日【即取得所有权】为T+3)
3. payment day可以在周末
4. ex-div day

Question 11

stock repurchase

4种方法+论述

Answer 11

1. Buy in open market: most common/ most flexible/ cost低，时间长
2. tender offer：buy with a premium, fixed price, cost高，时间短
3. Dutch Auction： price range，cost高，时间短
4. Direct negotiation with 大股东: 用于回购量较大的交易，市场影响小

Question 12

repurchase 对 EPS影响

【分cash repo/ debt repo】

1. 计算式
2. cash repo下的变化
3. debt repo下的变化

Answer 12

1. EPS_new= (NI-int)/(#-repo#)
2. 比较earnings yield (EPS/P, 市盈率倒数)， 和资金的机会成本，earnings yield更高则EPS上升
3. 比较earnings yield和after-tax cost of debt,更高则EPS上升

Question 13

repurchase对BVPS影响

【cash repo】

1. 计算式BVPS_new
2. BVPS变动分析

Answer 13

1. BVPS_new=(Equity-repo cash) / (#-repo#)
2. market price>original BVPS, 捡便宜，BVPS上升

market price<original>
</original>