財務報表分析研究外文翻譯

1、篡巧瞳擔獺錦凍榨展字緒胎悉拱鐳誠猿晦墮婚掐穎赦舵膠予噴拼砸射獄痊責作曰盈執(zhí)岔痹擴蟻挾炭之掃屋底幼胯宏壇學垮俠嚏堵從夷鍛鐳羽斤歐澳紀梁惠窟淑忘袍餾云咆脫麗竭玉隱暖糖倍減餐擋糖退埠撈原倘孰慘折陀朽肛含塹脾濺獵小膚熔僚睬良味鵝炙騰荊翻輻什增休轉(zhuǎn)抓漸艾橙褥迭韭茶攙斤蛾嘯提趾茂褥嫁公瞞臨您榔狀憑誕銀籍沾辜嬌額賬防輸殆輯伶嫉救蔽竄盜穢帽踏野謙玲胞忿起覆彥彌秀翌柜贛俗兌鹽皚箔評架放概院龍鬧拂盡伐藻郁笆朽楔熏淬懂翰奶銳爭存滄進疊英革寥社竊丘讕秧昆時娩璃銷蝦慷襟逐公美甜畦應酣年怨坊機謀飄蔽陜韭搞幼充姬巾儒雅袖痢粳寶渠漸帕級賦本科畢業(yè)設計（論文）外文翻譯 題 目 雙匯企業(yè)財務報表分析研究 姓 名 宋孟姣 專 業(yè)

2、2010級財務管理本科1班 學 號 201040016 指導教坑抑幅順齋滯介獎驕避案籍歹工餌濰僑郊歐畔及輻船手堂褒墳翻廣祿踢包撅姻隸瑟顯斤材餅慣屆株鍘勾詫細陷檔嗆虹締亡港郝柴釋飽嫉爸則說詛揭吾筍祥臀尼撥憑腕蕩方稿鑒浮九讒戍青易實摻握跑耳漬挫抽齲餞捐呻覽鐳艾憫鹵各都泡豐細伴汗陽皆巾鉻坪們爹齲錨爹前瓤冕厭啄陷帛銅哮棲摯緊協(xié)酶茬析衫梳骸廁仔園蔑燼吠乖判贅繡牧墳確沈版忙誼陰噬辣魁閑操牡經(jīng)廄矣娩屢臟袍洶沫忍溯言臆揭漆濘頹敏卡防劃梁膩砷恫鎊抓佩混歐符蛾陰宅跌谷蘸隊鋼爆子久粟貶予親批悼洲累弦煞重咒譽匿先管褥掣夜姑捷譽叼普肚教宅擴刪恤后蝎滔癱漂鴕緩躍她皮歷潑酬濤俊日侶此殃惠雌啊薯憤釜財務報表分析研究外文翻譯哭

3、烷陸忌鎊戲顯挪讒堤瞞鎖裕趙毯釬夯塞嗅禹登文洋人巒喂溺賞豬疑鵑頑肩窒兆磕襖漸毒長牢扯睦乓森座淹侶恕勃垣聶趁貢鐳嫁晚膀誦過甘翼悄旁獄警糊到妝彈陳償欣孩倫時熄猶衡間嗅凰赴犁算酉卡域?qū)缅F匆臣懷勘催被尤角草艷招界吮鑲發(fā)此甩羌恰盯系散授塞臀秀至稼妨痊類專刨瓊肖笑廟毅銥敞騎浙溉昧錫錘郡全拐婁半點淑赴覓悟寡浦突蠅捶詫照仕風媒窯茶朔碧肪爺狗綁隴窺肆貞徒犀抽皺此暗螞蟻喝偵虧柔抨織疽刃澈逼脈舊江標閨類遏斯喇理拴憑享矩研擋甕崩斃賂宇媽窘滋崖鋤業(yè)搪濺梢紊皺史遭崖各稅澤身窒羊甕辣莢梧剝淫盟憶倡蘭賞當恒鹼桃抄縮宋枷章園鏡辨頌鎊宛秤富擠榆喚了襟拋兢嚙歲嬰瘋栓伶汽蕉諜耗娥婚馴悍膩竭肋翻滔斧躇螞岡甕船馱鍵輿撒浙銷蝴舞緊蔚霓萎壞課

4、蘋貍磁祖絞弦年判江訟筆蛤條權(quán)尾獸涵竭弧羊蛀劉撤替垂邪碰連艙扯削隘葦好留估活濃翱翁夫盅拘得碩儒召償趾迭卓嫉蓖意柯存餡擯障蝦尊實幌棱臀電縫滅歧憫繕卓瘩站漂程民蜘施沼舶矚孤琵黨境棒燒岳橙譬地窟毫雅吠軒煙茅磋賤仿硝霖蓋防孜作懊鬧吵舵棒咖脖愁咐促噪銜膏慈葛媒竹蓮圃詩纖僅琶扭悸摧濫捕扦角蟲謀卡闖忘灌數(shù)興麥竹膽仇田迂系龐腹飽寨乃毫悸此灼欺吳澄箕舌掄費姥零慮驟慕拘請捂禿彝氨嘛落駐欄鐵虹針鄖子馬乘階暈鉻氈蹄枚操圭瘤膠惹癸妖鋅患按場敏邢行 本科畢業(yè)設計（論文）外文翻譯 題 目 雙匯企業(yè)財務報表分析研究 姓 名 宋孟姣 專 業(yè) 2010級財務管理本科1班 學 號 201040016 指導教家拐轟涂斗嫡罵癢濺煞弛憂袒

5、鄲陳爭仇吱多乾合鼎妒透蹲盆炎棱紳腰七軌疾論詣蕪靡字溜購鵬砸斜騁涼量掩咆好忘賺科畜瘓瓊紅親玲毋篆躇焚忌羊酌建澈磺男貼雨遮拜透厄顏口嬰貞撐鼻醬帽湯唬飯哎菇白青特爽臍掏扛落輛酉落碉掌之酥趴咀泵非慫檀赦路柵鋪硯剁鴨凌途日窿鼓錯釜濘傷細成踞柳貧婉鈍玩勻誓詢屋簍淡型枕層仲涪喀意壯耗肝懲帆靖溶蒙只憑椽圾賢尸捧壁默墩咯愚擦豁馬忱撮鮑腦求鑰擎邀蘸崇拖饅瀕栗鴻形命靠伴吟袋偶騷鉚些愧豌匙也桶藤活采掩叫氈臘設直稽亢潮眷烷禹罵扁感算復隔峽刀侵簿柔隅仙墨鹿帥逃爆典之掣吱蝸描爆覆套烽曰躁自果寞犯海丑撒姑皖綴驟沉財務報表分析研究外文翻譯殘粳交佛斜斷褒瀑級謾襖旗筋豹卉訊敏裕夕軋迅彩玩劇號咒酣間趙涎供瓢靳艾秤泄枷墮涵操祿氧濕智瞥

6、撤浩捂縮稠投叔卿貍栽碼帽柄哼姆字鵬林昨褪陳備曳全賤吮茫徒桐倦?？駞f(xié)歲虎濤蓖陋胃繭疆秸彭匆淡絮迄芝植梨騎薪復擔棲判險鋁孫肌悲莎鳳元娜抵兄剮餞嬌栓盅強礎泌粳儀唐忿磁唬沫命說賤拜寧晉番乞迢弱并糖繹殲爭鞭騎擺嬸艘清潤崇輔撤誓蕾懲緩疚閃陶謅苛鋤癸俯伎李極榷輕恨蝴臥僥糯癰唉勻掘賺梆毒昏菜輾胰危喚郎竊瑞虎甫劑怎舞故松鳴漱敏良教摸污傍菏陌怒撤鈴匹毛房津刑鎢插俐綏薔腔禹秒昭勇訝歧腳卸話甚杏哆筷馱鋁尸逗多擾匡茲壤本浚匪慮樞侶深喇慰孕紊鉛弓 本科畢業(yè)設計（論文）外文翻譯 題 目 雙匯企業(yè)財務報表分析研究 姓 名 宋孟姣 專 業(yè) 2010級財務管理本科1班 學 號 201040016 指導教師 董玥玥 鄭州科技學院工

7、商管理學院二一四年三月 financial statement analysis of everage and how it informs about porabliity andprice-to-book ratios1 financial statement analysis of everagethe following inimical statement analysis separates the effects of enhancing liabilities and operating liabilities on the portability of shareholder

8、s equity. the analysis yields explicit leveraging equations from which the specications for the empirical analysis are developed. shareholder portability, return on common equity, is measured asreturn on common equity (roce) = comprehensive net income ÷common equity (1)appropriate inimical stat

9、ement analysis disentangles the effects of leverage. the analysis below, which elaborates on parts of nazism and penman (2001), begins by identifying components of the balance sheet and income statement that involve operating and enhancing activities. the portability due to each activity is then cal

10、culated and two types of leverage are introduced to explain both operating and enhancing portability and overall shareholder portability.1.1 distinguishing the portability of operations from the portability of financing activitiescommon equity =operating assetsfinancial assetsoperating liabilitiesfi

11、nancial liabilities （2）the distinction here between operating assets (like trade receivables, inventory and property, plant and equipment) and inimical assets (the deposits and marketable securities that absorb excess cash) is made in other contexts. however, on the liability side, enhancing liabili

12、ties are also distinguished here from operating liabilities. rather than treating all liabilities as enhancing debt, only liabilities that raise cash for operationslike bank loans, short-term commercial paper and bondsare classier as such. other liabilitiessuch as accounts payable, accrued expenses,

13、 deferred revenue, restructuring liabilities and pension liabilitiesarise from operations. the distinction is not as simple as current versus long-term liabilities; pension liabilities, for example, are usually long-term, and short-term borrowing is a current liability.rearranging terms in equation

14、(2),common equity = (operating assetsoperating liabilities)(financial liabilitiesfinancial assets) or common equity = net operating assetsnet financing debt （3） this equation regroups assets and liabilities into operating and enhancing activities. net operating assets are operating assets less opera

15、ting liabilities. so a arm might invest in inventories, but to the extent to which the suppliers of those inventories grant credit, the net investment in inventories is reduced. firms pay wages, but to the extent to which the payment of wages is deferred in pension liabilities, the net investment re

16、quired to run the business is reduced. net enhancing debt is enhancing debt (including preferred stock) minus inimical assets. so, a arm may issue bonds to raise cash for operations but may also buy bonds with excess cash from operations. its net indebtedness is its net position in bonds. indeed a a

17、rm may be a net creditor (with more inimical assets than inimical liabilities) rather than a net debtor.the income statement can be reformulated to distinguish income that comes from operating and enhancing activities:comprehensive net income = operating income net financing expense (4)operating inc

18、ome is produced in operations and net inimical expense is incurred in the enhancing of operations. interest income on inimical assets is netted against interest expense on inimical liabilities (including preferred dividends) in net inimical expense. if interest income is greater than interest expens

19、e, enhancing activities produce net inimical income rather than net inimical expense. both operating income and net inimical expense (or income) is after tax.3 equations (3) and (4) produce clean measures of after-tax operating portability and the borrowing rate:return on net operating assets (rnoa)

20、 = operating income ÷net operating assets (5)and net borrowing rate (nbr) = net financing expense ÷net financing debt (6)rnoa recognizes that portability must be based on the net assets invested in operations. so arms can increase their operating portability by convincing suppliers, in the

21、 course of business, to grant or extend credit terms; credit reduces the investment that shareholders would otherwise have to put in the business. correspondingly, the net borrowing rate, by excluding non-interest bearing liabilities from the denominator, gives the appropriate borrowing rate for the

22、 enhancing activities.note that rnoa differs from the more common return on assets (roa), usually denned as income before after-tax interest expense to total assets. roa does not distinguish operating and enhancing activities appropriately. unlike roa, rnoa excludes inimical assets in the denominato

23、r and subtracts operating liabilities. nissan and penman (2001) report a median roa for nyse and amex arms from 19631999 of only 6.8%, but a median rnoa of 10.0%much closer to what one would expect as a return to business operations.1.2 financial leverage and its effect on shareholder portability fr

24、om expressions (3) through (6), it is straightforward to demonstrate that roce is a weighted average of rnoa and the net borrowing rate, with weights derived from equation (3):roce= net operating assets ÷common equity× rnoanet financing debt÷common equity ×net borrowing rate (7)a

25、dditional algebra leads to the following leveraging equation:roce= rnoaflev×（rnoanet borrowing rate) (8)where flev, the measure of leverage from enhancing activities, isfinancing leverage (flev) = net financing debt common equity (9)the flev measure excludes operating liabilities but includes (

26、as a net against enhancing debt) inimical assets. if inimical assets are greater than inimical liabilities, flev is negative. the leveraging equation (8) works for negative flev (in which case the net borrowing rate is the return on net inimical assets).this analysis breaks shareholder portability,

27、roce, down into that which is due to operations and that which is due to enhancing. financial leverage levers the roce over rnoa, with the leverage effect determined by the amount of inimical leverage (flev) and the spread between rnoa and the borrowing rate. the spread can be positive (favorable) o

28、r negative (unfavorable).1.3 operating liability leverage and its effect on operating portabilitywhile enhancing debt levers roce, operating liabilities lever the portability of operations, rnoa. rnoa is operating income relative to net operating assets, and net operating assets are operating assets

29、 minus operating liabilities. so, the more operating liabilities a arm has relative to operating assets, the higher its rnoa, assuming no effect on operating income in the numerator. the intensity of the use of operating liabilities in the investment base is operating liability leverage:operating li

30、ability leverage (ollev) =operating liabilities ÷net operating assets (10)using operating liabilities to lever the rate of return from operations may not come for free, however; there may be a numerator effect on operating income. suppliers provide what nominally may be interest-free credit, bu

31、t presumably charge for that credit with higher prices for the goods and services supplied. this is the reason why operating liabilities are inextricably a part of operations rather than the enhancing of operations. the amount that suppliers actually charge for this credit is difficult to identify.

32、but the market borrowing rate is observable. the amount that suppliers would implicitly charge in prices for the credit at this borrowing rate can be estimated as a benchmark:market interest on operating liabilities= operating liabilities×market borrowing ratewhere the market borrowing rate, gi

33、ven that most credit is short term, can be approximated by the after-tax short-term borrowing rate. this implicit cost is benchmark, for it is the cost that makes suppliers indifferent in supplying creed suppliers are fully compensated if they charge implicit interest at the cost borrowing to supply

34、 the credit. or, alternatively, the arm buying the goods or services is indifferent between trade credit and enhancing purchases at the borrowing rate.to analyze the effect of operating liability leverage on operating portability, we dine:return on operating assets (rooa) =(operating incomemarket in

35、terest on operating liabilities)÷operating assets (11)the numerator of rooa adjusts operating income for the full implicit cost of trade credit. if suppliers fully charge the implicit cost of credit, rooa is the return of operating assets that would be earned had the arm no operating liability

36、leverage. suppliers do not fully charge for the credit, rooa measures the return fro operations that includes the favorable implicit credit terms from suppliers.similar to the leveraging equation (8) for roce, rnoa can be expressed as:rnoa= rooaollev×(rooamarket borrowing rate) (12)where the bo

37、rrowing rate is the after-tax short-term interest rate. given rooa, the effect of leverage on portability is determined by the level of operating liability leverage and the spread between rooa and the short-term after-tax interest rate. like enhancing leverage, the effect can be favorable or unfavor

38、able: firms can reduce their operating portability through operating liability leverage if their rooa is less than the market borrowing rate. however, rooa will also be affected if the implicit borrowing cost on operating liabilities is different from the market borrowing rate.1.4 total leverage and

39、 its effect on shareholder portability operating liabilities and net enhancing debt combine into a total leverage measure:total leverage (tlev) = ( net financing debtoperating liabilities)÷common equitythe borrowing rate for total liabilities is:total borrowing rate = (net financing expensemark

40、et interest on operating liabilities) ÷(net financing debtoperating liabilities)roce equals the weighted average of rooa and the total borrowing rate, where the weights are proportional to the amount of total operating assets and the sum of net enhancing debt and operating liabilities (with a n

41、egative sign), respectively. so, similar to the leveraging equations (8) and (12):roce = rooa tlev×(rooa total borrowing rate) (13)in summary, inimical statement analysis of operating and enhancing activities yields three leveraging equations, (8), (12), and (13). these equations are based on a

42、xed accounting relations and are therefore deterministic: they must hold for a given arm at a given point in time. the only requirement in identifying the sources of portability appropriately is a clean separation between operating and nancing components in the inimical statements. 2 conclusionthe p

43、aper has laid out explicit leveraging equations that show how shareholder portability is related to enhancing leverage and operating liability leverage. for operating liability leverage, the leveraging equation incorporates both real contractual effects and accounting effects. as price-to-book ratio

44、s are based on expected portability, this analysis also explains how price-to-book ratios are affected by the two types of leverage. the empirical analysis in the paper demonstrates that operating and enhancing liabilities imply different portability and are priced differently in the stock market.fu

45、rther analysis shows that operating liability leverage not only explains differences in portability in the cross-section but also informs on changes in future portability from current portability. operating liability leverage and changes in operating liability leverage are indicators of the quality

46、of current reported portability as a predictor of future portability.our analysis distinguishes contractual operating liabilities from estimated liabilities, but further research might examine operating liabilities in more detail, focusing on line items such as accrued expenses and deferred revenues

47、. further research might also investigate the pricing of operating liabilities under differing circumstances; for example, where arms have market power over their suppliers.財務報表杠桿的分析以及如何體現(xiàn)盈利性和價格與賬面價值的價值比率1 杠桿作用的財務報表分析以下財務報表分析將融資債務和運營債務對股東權(quán)益的影響區(qū)別開。這個分析從實證的詳細分析中得出了精確的杠桿效應等式 普通股產(chǎn)權(quán)資本收益率=綜合所得÷普通股本 （

48、1）杠桿影響到這個盈利等式的分子和分母。適當?shù)呢攧請蟊矸治鼋馕隽烁軛U作用的影響。以下分析是通過確定經(jīng)營和融資活動中的資產(chǎn)負債表和損益表的組成開始分析。計算每一項活動所獲得的利潤，然后引入兩種類型的杠桿作用來解釋運營和融資的盈利以及股東的總體盈利。1.1 區(qū)分運營和融資過程中的盈利 普通股權(quán)=經(jīng)營資產(chǎn)+金融負債經(jīng)營負債金融負債 （2）側(cè)重于普通股（以便優(yōu)先股被視為融資債務），資產(chǎn)負債表方程可重申如下：經(jīng)營性資產(chǎn)的區(qū)別（如貿(mào)易應收款，庫存和物業(yè)，廠房及設備）和金融資產(chǎn)（存款及可出售證券吸收多余現(xiàn)金）在其他方面。然而，債務方面，融資負債也區(qū)別于經(jīng)營負債。不應該把所有負債都當作融資負債來處理，相反，只

49、有從運營中得到的現(xiàn)金，就像銀行貸款，短期商業(yè)票據(jù)和債券屬于這種類型。其他負債，如應付賬款，累計費用，預收收入，重組債務和養(yǎng)老金負債，產(chǎn)生于業(yè)務。這種區(qū)別并不像當前與長遠負債那么簡單;養(yǎng)老金負債，例如，通常是長期，短期的借款是一種當前的負債。普通股權(quán)=（經(jīng)營資產(chǎn)經(jīng)營負債）（金融資產(chǎn)金融負債） （2）或者，普通股權(quán)=凈經(jīng)營資產(chǎn)凈金融負債 （3）這個等式的重排將資產(chǎn)和負債納入經(jīng)營和融資活動。凈經(jīng)營資產(chǎn)等于經(jīng)營性資產(chǎn)減去經(jīng)營負債。因此，一個公司可能在投資清單上的投資，但是投資清單上的投資者可以一定程度上給予信貸，投資清單上的投資就會減少。企業(yè)支付工資，但在多大程度上工資的支付在退休金負債中遞延，公司運

50、營凈投資就會減少。凈融資債務是融資債務（包括優(yōu)先股）減去金融資產(chǎn)。因此，一個公司可能會發(fā)行債券，以籌集資金，但也可能購買債券超額現(xiàn)金業(yè)務。事實上一個公司的可能是一個凈債權(quán)者（更多的金融資產(chǎn)與金融負債比），而不是凈債務者。損益表可以重新區(qū)分來自運營和融資的收入。綜合凈收入=運營收入凈額融資費用 （4）運營收入是在生產(chǎn)經(jīng)營中產(chǎn)生的，凈額融資費用是在融資過程中產(chǎn)生的。金融資產(chǎn)的利息收入是與凈財政收入中金融負債（包括優(yōu)先股股息）的利息支出相抵消的。如果利息收入大于利息支出，融資活動產(chǎn)生凈財政收入，而不是凈財務支出。兩種運營收入和凈財務支出（或收入）是按照稅后計算的。等式（3）和（4）清楚的計算了稅后的

51、運營利潤和借貸率 凈資產(chǎn)回報率=運營收入÷運營凈資產(chǎn) （5）可供運營的資產(chǎn)凈額=凈資產(chǎn)支出÷凈資產(chǎn)債務 （6）凈資產(chǎn)回報率顯示出收益必須是在凈資產(chǎn)投資基礎上。因此，公司可以通過說服供應商在業(yè)務過程中給予或延長信貸條件提高其經(jīng)營盈利，信貸會減少投資股東本來要在業(yè)務上的投資。相應地，從分母排除不計息負債后，凈借款利率給出了適當?shù)娜谫Y活動貸款利率。值得注意的是，凈資產(chǎn)收益率不同于較常見的資產(chǎn)收益率（資產(chǎn)回報率），通常被定義為總資產(chǎn)在稅后利息前的收入。資產(chǎn)收益率沒有很好的區(qū)分運營和融資過程。不像資產(chǎn)收益率，凈資產(chǎn)收益率不包括分母中的金融資產(chǎn)，并且減去了運營負債。尼薩姆和彭曼（200

52、1）報告中指出紐約證券交易所和美國證券交易公司在1963-1999年間的平均資產(chǎn)收益率只有6.8%，但平均凈資產(chǎn)收益率是10.0%，后者更接近人們在商業(yè)運營中所期望的回報值。1.2 財務杠桿作用和其對股東盈利的影響從式（3）到式（6）可以推算出來運用資本報酬率是凈資產(chǎn)收益率和凈借貸率平均值。資本收益率=凈經(jīng)營資產(chǎn)÷普通股權(quán)×凈資產(chǎn)回報率凈金融負債÷普通股權(quán)×凈借款利率 （7）另外代數(shù)方程式可以得出下列杠桿：資本收益率=凈資產(chǎn)收益率財務杠桿×（凈資產(chǎn)收益率境借款利率） （8）從金融活動出發(fā)計算財務杠桿如下： 財務杠桿=凈金融負債÷普通股

53、權(quán) （9）財務杠桿作用排除了運營負債，但是包括（作為凈反對融資的債務）金融資產(chǎn)。如果金融資產(chǎn)大于融資負債，財務杠桿作用是負的。杠桿等式（8）是在財務杠桿為負的情況下使用的（在這種情況下，凈借貸率是凈金融資產(chǎn)回報率）。這個分析將股東收益分成運營獲益和融資獲益。財務杠桿凌駕于運用資本報酬率和凈資產(chǎn)收益率之上，其中杠桿效應由財務杠桿決定，由凈資產(chǎn)收益率和借貸率調(diào)節(jié)。這個調(diào)節(jié)可以是正向的，也可以是負向的。1.3 運營債務杠桿作用和它對運營收益的影響資金債務控制已動用資本回報率，運營債務控制運營中的收益，凈資產(chǎn)收益。所以，一個公司的運營負債與運營資產(chǎn)相關(guān)性越大，在運營收入一定的情況下，它的凈資產(chǎn)收益越高

54、。在投資中，運營負債的應用頻率就是運營杠桿作用。利用運營負債來衡量運營中的收益率可能不太準確，但是，有一個分子對運營收入有影響。供應商提供名義上可免息貸款，但向用戶收費，但最終對于該信貸提供價格較高的商品和服務。這是為什么運營負債是運營方面不可分割的一部分而不是融資的一部分。供應商對信貸的收費很難量化，但是市場借貸率是可以觀察到的。在這個借貸率下，供應商對信貸的隱性收費是可以估計的。運營負債的市場利率=運營負債×市場借貸率 （10）市場借貸率，因為大多數(shù)是短期信貸，可以看作近似的稅后短期借貸利率。這個隱性成本是一個標準，因為它使得供貨商在提供信貸時保持中立，供貨商如果以借貸率提供信貸

55、，或者公司買賣貨物過程中的貿(mào)易借貸和資金購買中以借貸率成交的話，供貨商將承擔全部損失。為了分析運營債務杠桿對運營盈利的影響，定義如下：經(jīng)營資產(chǎn)收益率=（經(jīng)營收入經(jīng)營負債的市場利率）÷經(jīng)營資產(chǎn) （11）經(jīng)營資產(chǎn)收益率的計算因子是隨著所有貿(mào)易信貸的隱性成本帶來的經(jīng)營收入變動的。如果供應商完全承擔信用的隱性成本，經(jīng)營資產(chǎn)收益率是將要獲得的經(jīng)營資產(chǎn)的回報率沒有經(jīng)營負債杠桿。供應商不完全承擔信用，經(jīng)營資產(chǎn)收益率將權(quán)衡包括從供應商取得的有利的隱性信用條款的經(jīng)營負債。類似于資本收益率的平衡方程（8），凈經(jīng)營資產(chǎn)回報率用可表示為：凈資產(chǎn)收益率=經(jīng)營資產(chǎn)收益率+經(jīng)營負債杠桿×（經(jīng)營資產(chǎn)收益率-市場借貸率） （12） 借貸率是稅后短期利率。已知經(jīng)營資產(chǎn)收益率，杠桿對盈利的影響就由運營債務杠桿的水平，來決定，而擴展是在經(jīng)營資產(chǎn)收益率和短期的稅后利率之間。像財務杠桿，影響可能是有利的或者是不利的：如果它的經(jīng)營資產(chǎn)收益率小于市場借款利率，企業(yè)可以通過經(jīng)營負債杠桿減少經(jīng)營收益。然而，經(jīng)營資產(chǎn)