The Empirical Research On Operating Leverage Of The Listed Company

With the constant development of our country's economy, the economical growth pattern has gradually transformed from the extensive management to the intensive way, the enterprises start to pay great attention to the cost reduction and benefit enhancement, instead of the investment growth solely. The operating leverage is an important index evaluating business risks, revealing the relations between sales and economic interest. To take it as a research objective can promote enterprise cost management, make the combination of inputs and outputs and get cost competitive advantages. Therefore it will have the very high practical value to enterprises management development of our country. The listed company is playing the more and more remarkable role to the social economy life as the representative of standard enterprises, so the research on them has an obvious significance for analyzing the future development trend of our country stock market.Firstly, this thesis analyzes the actuality of the Chinese and foreign academia all aided about the operating leverage, and grasps the forward position trends. Through the comparison of the domestic and overseas operating leverage research, to acknowledge the research and the application of status quo, this paper finds the inadequacies in our study is lack of a clear understanding of the concept, lack of viable means of quantitative analysis and especially lack of practical application cases in business. Secondly, relatively appropriate research samples, financial indexes and research approaches are chosen in the second part of the paper, and studying suppose is put forward, in preparation for carrying on the empirical work. The third part makes it clear about the main theorem and rule of operating leverage, separately lists the different calculation methods of degree of operating leverage applying for single products and multi-products. Then make some analyses about the feasibility of these methods and point out some theoretic mistakes at present. In addition, this section also discusses the impact degree of factors which influence operating leverage and the applications of factor control in outsourcing and enterprise expansion. Finally this section discusses the practical value of operating leverage in economic life. The fourth part are the focal points of the thesis, which uses the sample data to carry on reasoning, calculating and analyzing that is proved, and drawing the conclusion. First of all, it has empirical research on collectivity, distribution, trade level and domino effects of operating leverage, and analyzes our country's application of the operating leverage at present. Then, it explores in carrying on the operating leverage optimum and regularly. The final part summarizes the full thesis, put forward some suggestions, and point out the limitations of the existence in this paper.The research of this thesis has certain guidance functions to the confirmation the optimum industry operating leverage of the listed company, and offered some valuable thought for the thermo research of this problem.