. , , . ().

:

;

;

.

.

- 1963 . , ( ) . , , :

G = t*DL,

G ;

t ;

DL .

, , . , , (EPS earnings per share). ,

EPS = /

, - , , EBIT 1%. EPS? 1%? . , . , , , . ? , . , , . . . , . , .

. , EBIT ( ) 100 . . 101 . . EPS 2,25. 25 . . , 40%. : 0,60(101 - 25) = 45,6 . . , 20 . . EPS 2,28 . (45,6/20). EPS

((2,28-2,25)/2,25)*100= 1,333%

, EBIT 1% EPS 1,333%. , , , . , EBIT , 1%, 1,333%.

. (DFL degree of financial leverage) :

DFL = EPS / EBIT

, . . F , V, , Q. , 1%. EBIT 1%. ? , , . . . , .

DOL = EBIT / QP

. , , . r1 r2 , r2 > r1. x = r2 r1. . , . , - () , . , .

, , r2 > r1, , . , , r1, , r2. , , .