operating leverage

简明释义

经营杠杆

英英释义

例句

1.The company's high operating leverage 经营杠杆 allows it to increase profits significantly with small increases in sales.

公司的高经营杠杆使其能够在销售小幅增长时大幅提高利润。

2.A business with low operating leverage 经营杠杆 is less risky during downturns because it has lower fixed costs.

在经济下行期间，低经营杠杆的企业风险较小，因为它的固定成本较低。

3.The restaurant industry typically operates with high operating leverage 经营杠杆 due to substantial fixed costs like rent.

餐饮业通常由于租金等可观的固定成本而运作于高经营杠杆状态。

4.Investors often look for companies with a balanced operating leverage 经营杠杆 to maximize returns while managing risk.

投资者通常寻找具有平衡经营杠杆的公司，以最大化回报同时管理风险。

5.In times of economic growth, firms with high operating leverage 经营杠杆 can benefit greatly from increased demand.

在经济增长时期，具有高经营杠杆的公司可以从需求增加中获益良多。

作文

Operating leverage is a financial concept that refers to the extent to which a company can increase its operating income by increasing sales. It is a measure of how fixed costs in a company's cost structure affect its profitability as sales change. Companies with high operating leverage have a larger proportion of fixed costs in their total costs, which means that when sales increase, their profits increase at a faster rate compared to companies with lower operating leverage. On the other hand, when sales decline, these companies can suffer significant losses due to their high fixed costs.To understand operating leverage, it is important to consider the difference between fixed and variable costs. Fixed costs are expenses that do not change with the level of production or sales, such as rent, salaries, and insurance. Variable costs, on the other hand, fluctuate with production levels, like raw materials and direct labor. A company with high fixed costs will experience greater swings in profitability as sales rise or fall, leading to a higher degree of operating leverage.For example, a manufacturing company that invests heavily in machinery and equipment has high fixed costs. If this company increases its sales volume, the additional revenue contributes significantly to profit because the fixed costs remain constant. Conversely, if sales drop, the company still has to cover its fixed costs, which can lead to substantial losses.The calculation of operating leverage can be expressed using the Degree of Operating Leverage (DOL) formula. The DOL measures the percentage change in operating income for a given percentage change in sales. A high DOL indicates that a company has high operating leverage, while a low DOL suggests that a company has low operating leverage. Investors and analysts often use this metric to assess risk and potential profitability.In practical terms, understanding operating leverage helps businesses make strategic decisions about pricing, production levels, and cost management. For instance, a company may choose to lower prices to boost sales volume, knowing that the increased sales will disproportionately enhance profits due to high operating leverage. However, this strategy must be balanced with the risks associated with high fixed costs.Moreover, during economic downturns, companies with high operating leverage face greater challenges. Their fixed costs remain unchanged, but sales may decline sharply, leading to significant financial strain. In contrast, businesses with lower operating leverage can adjust more easily to changing market conditions by reducing variable costs without the burden of high fixed expenses.In summary, operating leverage is a critical concept in finance that highlights the relationship between fixed costs and profitability. Companies with high operating leverage can benefit from increased sales but also face heightened risk during downturns. Understanding this balance is essential for effective financial planning and risk management in any business context.

经营杠杆是一个财务概念，指的是公司通过增加销售额来提高其营业收入的程度。它衡量的是公司成本结构中固定成本如何影响盈利能力随着销售变化而变化。拥有高经营杠杆的公司在其总成本中有较大比例的固定成本，这意味着当销售增加时，它们的利润以更快的速度增长，相比于拥有较低经营杠杆的公司。另一方面，当销售下降时，这些公司可能由于其高固定成本而遭受重大损失。要理解经营杠杆，重要的是考虑固定成本和变动成本之间的区别。固定成本是指不随生产或销售水平变化而变化的费用，如租金、工资和保险。变动成本则是随着生产水平波动的费用，比如原材料和直接劳动力。拥有高固定成本的公司在销售上升或下降时会经历盈利能力的更大波动，从而导致更高的经营杠杆。例如，一家重投资于机械和设备的制造公司具有高固定成本。如果这家公司增加了销售量，额外的收入将显著贡献于利润，因为固定成本保持不变。相反，如果销售下降，公司仍然必须覆盖其固定成本，这可能导致可观的损失。经营杠杆的计算可以通过营业杠杆度（DOL）公式表示。DOL测量的是营业收入的百分比变化与销售的百分比变化之间的关系。高DOL表明公司具有高经营杠杆，而低DOL则表明公司具有低经营杠杆。投资者和分析师通常使用这一指标来评估风险和潜在盈利能力。在实际操作中，理解经营杠杆有助于企业在定价、生产水平和成本管理方面做出战略决策。例如，一家公司可能选择降价以提高销售量，知道由于高经营杠杆，增加的销售将不成比例地提高利润。然而，这一策略必须与高固定成本所带来的风险相平衡。此外，在经济低迷时期，拥有高经营杠杆的公司面临更大的挑战。其固定成本保持不变，但销售可能急剧下降，导致重大财务压力。相比之下，具有较低经营杠杆的企业可以通过减少变动成本更轻松地适应市场条件的变化，而无需承担高固定费用的负担。总之，经营杠杆是财务中一个关键的概念，突出了固定成本与盈利能力之间的关系。拥有高经营杠杆的公司可以从销售增加中受益，但在经济低迷期间也面临更高的风险。理解这一平衡对于有效的财务规划和风险管理在任何商业环境中都是至关重要的。