The Empirical Study Of Listed Companies Operating Leverage

In recent years,China’s GDP’s growth slowed down,from the rapid growth of the past into a new normal in high-growth,and as a pillar industry of China,manufacturing industry also began to enter the manufacturing sector New normal by various internal factors and the influence of external pressures.With the integration of the two systems promoting vigorously and the "Made in China 2025" was promulgated,so that all sectors of eyes focused on manufacturing.The cost management is an important part of the management of manufacturing enterprises.The high fixed costs of manufacturing led to its high operating leverage,which led to higher operating risks.The operating leverage can reflect the enterprise’s utilization of fixed assets.It can promote enterprise cost management,combine the input and output and obtain the cost competitive advantage,so it has high practical value to the development of our country’s business.However,most of the scholars focus on the capital structure of listed companies in China,the study of operating leverage is relatively scarce,so the analysis of operating leverage level is important to improve cost structure.It will have practical significance to standardize the corporate operation and improve the business performance.Based on this,this paper firstly makes a comprehensive analysis on the research of operating leverage,introduces the connotation of operating leverage and influencing factors of operating leverage,and then obtains the fixed cost and variable cost data through cost structure decomposition model,calculate the operating leverage coefficient.We select the GTA database A-share listed companies in manufacturing 2010-2015 data samples for the study,firstly,select the profitability indicators and analyze the overall level of business leverage,distribution and risk profile.Secondly,through the overall financial situation and operating leverage ratio of the ratio,we determine to find the operating leverage coefficient interval rules,to prove that the operating leverage coefficient can be used as a reliable indicator of business conditions to provide a basis.The total average operating leverage of the listed companies in 2010-2015 is 3.998,of which the largest number of manufacturing enterprises with operating leverage is in the range of [1,2.5],accounting for 64.42% of the total number of enterprises.The optimal range of business operating leverage is [1,2.5],in which the financial position of the enterprise reaches the highest level.Manufacturing listed companies should focus on the management of asset structure,maintain a reasonable cost structure,strengthen the control of operating leverage,and make the operating leverage maintain a reasonable range,and develop a reasonable business strategy.So the leverage can play a positive leverage effect,and the enterprises can develop healthily and stably.