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《财会通讯》1986年第二期发表的《经营杠杆系数及其应用简介》(以下简称《简介》)一文,读后觉有下述问题值得商榷: 一、关于经营杠杆系数的含义。《简介》说,经营杠杆系数是利润对销售量变动的敏感程度,即在销售量一定变动时对利润的影响,笔者认为,这是不准确的。经营杠杆系数(Degree of operating leverage简写DOL),或译作营业杠杆率、业务杠杆系数,营业杠杆作用度等。在西方,它是同财务杠杆系数相对而言的。它研究的是业务活动本身的利量依存关系,而不涉及资金的来源结构及其成本(即利息)问题,因而,经营杠杆系数
In the article “Introduction of Operating Leverage Coefficient and Its Application” (hereinafter referred to as “Introduction”) published in the second issue of the “Accounting Newsletter” in 1986, the following questions are worth discussing: First, the meaning of the operating leverage factor. According to the “Introduction”, the operating leverage factor is the sensitivity of the profit to changes in the sales volume, that is, the impact on the profit when the sales volume changes. I believe that this is not accurate. The degree of operating leverage (DOL), or translated as operating leverage, business leverage, operating leverage, etc. In the West, it is relative to the financial leverage factor. It studies the dependence of interest on business activities itself, and does not involve the source structure of the funds and the cost (ie, interest) issues. Therefore, the operating leverage factor