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觀光暨餐旅財務管理. 老師 : 製作. Chapter 8. 財務槓桿 The Valuation of Cost of Capital. 1- 2. 本章內容. 財務槓桿 ( 說明損益兩平點,以利於本量利分析 ) 1. 學習計算「損益平衡產量」。 2. 了解營運槓桿 (DOL) 與財務槓桿 (DFL) 的 差異。 3. 分析總槓桿所代表的意義。. 息前稅前利益(EBIT)= 其中, ; ; TR為總營業收入; TC為總成本; P代表每單位的售價; Q為銷售量; VC為每單位的變動成本; TFC為總固定成本; TVC為總變動成本。.

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老師 : 製作

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Chapter 8

The Valuation of Cost of Capital

1-2


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()

1.

2.(DOL)(DFL)

3.


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EBIT=

TR

TC

P

Q

VC

TFC

TVC


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EBIT=0=0

(8-1)

() Operating Breakeven Point


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AOC(600ml)6004,500,00015010,000

10,000()


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Earning Before Interest and TaxesEBITEBIT

2.


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Degree of Operating LeverageDOL

(8-2)

(EBIT)EBIT= (TR)

2.


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1030DOL

DOL

(8-3)


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8-1

2.()-4


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$10, DOL

DOL

2.


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1050%1530%7 ()EBIT ()

2.


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8-2

2.


10 50 15

1015DOL

1050%15


10 30 7

107DOL

EBIT

1030%7


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EBIT


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8-3


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(EBIT)1,000,00070%EPS$0.75$1.8


Ebit 30

8-4(EBIT)(EPS)

8-4EBITEPSEPS42%

(EBIT)30%


Ebit 301

(EBIT)30%EPS

8-5(EBIT)(EPS)

8-5EBITEPS-42%

(EBIT)30%


Ebit dfl

Degree of Financial LeverageDFLEBITEPSEBITDFL

(8-4)

IPDT

EBIT=$1,000,000DFL8-4

EBITDFL


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EBIT

(8-5)

(1)(EBIT)30%DFL

(2)(EBIT)30%DFL

(EBIT)


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DFL1DFL


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Degree of Total LeverageDTLEPS

(8-6)

DTL

Total LeverageEPS


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