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# 会计代写|财务管理代考Financial Management代写|GMBA6006 Financial Leverage

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## 会计代写|财务管理代考Financial Management代写|Financial Leverage

The third lever by which management affects ROE is financial leverage. A company increases its financial leverage when it raises the proportion of debt relative to equity used to finance the business. Unlike the profit margin and the asset turnover ratio, where more is generally preferred to less, financial leverage is not something management necessarily wants to maximize, even when doing so increases ROE. Instead, the challenge of financial leverage is to strike a prudent balance between the benefits and costs of debt financing. Later, we will devote all of Chapter 6 to this important financial decision. For now, it is sufficient to recognize that more leverage is not necessarily preferred to less, and that while companies have considerable latitude in their choice of how much financial leverage to employ, there are economic and institutional constraints on their decision.

As Table $2.1$ suggests, the nature of a company’s business and its assets influence the financial leverage it can employ. In general, businesses with highly predictable and stable operating cash flows, such as Diageo, an alcoholic beverage company, can safely undertake more financial leverage than firms facing a high degree of market uncertainty, such as pharmaceutical company Novartis. In addition, businesses such as banks, which usually have diversified portfolios of readily salable, liquid assets, can also safely use more financial leverage than the typical business.

Another pattern evident in Table $2.1$ is that ROA and financial leverage tend to be inversely related. Companies with low ROAs generally employ more debt financing, and vice versa. This is consistent with the previous paragraph. Safe, stable, liquid investments tend to generate low returns but substantial borrowing capacity. Banks are extreme examples of this pattern. Citigroup combines what by manufacturing standards would be a horrible $0.5$ percent ROA with an astronomical leverage ratio of $12.56$ to generate a modest ROE of $6.1$ percent. The key to this pairing is the safe, liquid nature of the bank’s assets. (Past loans to Third-World dictators, Texas energy companies, and subprime mortgage borrowers are, of course, another story-one the banks would just as soon forget.)

The following ratios measure financial leverage, or debt capacity, and the related concept of liquidity.

## 会计代写|财务管理代考Financial Management代写|Balance Sheet Ratios

The most common measures of financial leverage compare the book value of a company’s liabilities to the book value of its assets or equity. This gives rise to the debt-to-assets ratio and the debt-to-equity ratio, defined as
$$\text { Debt-to-assets ratio }=\frac{\text { Total liabilities }}{\text { Total assets }}=\frac{\ 3,488}{\ 4,922}=70.9 \%$$

$$\text { Debt-to-equity ratio }=\frac{\text { Total liabilities }}{\text { Shareholders’ equity }}=\frac{\ 3,488}{\ 1,434}=243.3 \%$$

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