Leverage

cfa一级operating leverage -回复operating leverage，即营运杠杆，是指企业运营结果对销售额波动的敏感程度。

它是一个财务指标，帮助企业了解在经营活动中固定成本和可变成本之间的关系。

在这篇文章中，我们将逐步回答关于cfa一级operating leverage的问题。

第一步：理解operating leverage的定义operating leverage（营运杠杆）是指企业固定成本和可变成本之间的关系。

它衡量了企业每单位销售额的变动对利润的影响。

如果企业的固定成本比较高，那么销售额的波动会对利润产生更大的影响，这意味着企业具有较高的营运杠杆。

反之，如果企业的可变成本比较高，那么销售额的波动对利润的影响相对较小，这意味着企业具有较低的营运杠杆。

第二步：计算operating leverage的指标operating leverage可以通过计算两个指标来衡量：operating leverage factor和degree of operating leverage（DOL）。

operating leverage factor可以通过以下公式计算：Operating Leverage Factor = Total Sales / Contribution MarginTotal Sales代表企业的总销售额，Contribution Margin代表每单位销售额的贡献利润。

degree of operating leverage（DOL）可以通过以下公式计算：DOL = change in net operating income / change in salesDOL计算的是利润的百分比变动与销售额的百分比变动之间的比例。

第三步：解释operating leverage的影响营运杠杆对企业的利润和风险有着重要的影响。

具有高营运杠杆的企业在销售额增加时，可以实现更高的利润增长。

波动率、Leverage和资金管理在资金管理里，Individual Position的波动率（PFR: Position Fluctuation Ratio）定义为20日日振幅均值除以当前股价。

Individual Position的安全限度(PS: Position Safety)是指PFR和所占账户资金比例(PADA: Percentage of Account‘s Dollar Amount)对整体账户资金波动率（AFR: Account Fluctuation Ratio）的影响:PS = PFR * PADAPS有效地定义了PFR不同的股票应占用多大PADA，这就是资金管理中仓位分配的问题，理论上与个股股价或账户总资金量大小无关，只与个股PFR有关。

账户里所有Positions 的PS之和就是AFR which 可定义为账户Max Drawdown的1/3，也即，理论上整个账户所有仓位依照平均强度同步连跌三天才被迫平仓所有持仓。

因此，Leverage实际上仅涉及PFR和账户Max Drawdown，与资金规模以及各Position的股价无关。

Leverage并不是描述资金管理的有效度量，PS才是！所以，使用Leverage并不是流行认为的可怕，关键在于：在账户Max Drawdown的前提下控制各Position的PS！Individual Position的盈利率(PPP: Position Profit Percentage)（亏损率PLP: Position Loss Percentage）是指Position在预期止盈点平仓时的盈利Percentage（在预期止损点平仓时的亏损Percentage）。

PS and PLP are Defensive indicators while PPP is exclusively an Aggressive indicator.资金管理就是结合3R和仓位分配，在互斥的PS，PLP和PPP之间取得平衡。

Leverage is related to torque; leverage is a factor by which lever multiplies a force. The useful work done is the energy applied, which is force times distance. Therefore a small force applied over a long distance is the same amount of work as a large force applied over a small distance. The trick is converting the one into the other.The simplest device for creating leverage is the lever. A lever is a stick which rests on a fulcrum () near one end. When you push the long end of the stick down a long ways, the short end moves a small distance up with great force. With this device a man can easily lift several times his own weight.Other common devices that achieve leverage include the wrench, various pulley arrangements, a jack, and hydraulic brakes.For instance, in finance people think of money as "force." Given a relatively small initial amount of force (money), you can use that as collateral for a much larger loan, which gives you a larger amount of money (force) to throw around. Therefore in finance it is common to call debt "leverage."In accounting and finance, the amount of long-term debt that a company has in relation to its equity. The higher the ratio, the greater is the leverage. Leverage is generally measured by a variation of the debt-to-equity ratio, which is calculated as follows: Long-term liabilities/Total stockholders’ equity. A company’s optimal leverage depends on the stability of its earnings. A company with consistently high earnings can be more leveraged than a company with variable earnings, because it will consistently be more likely to make the required interest and principal payments.BusinessA profitable business with good credit and cash flow may be able to borrow at rates well below the rate at which they can earn money in their core business or other projects by utilizing the borrowed capital. Several methods are used to look at what rate of return a corporation can earn money. See return on assets and return on equity. Any time a business can earn more money than what they can borrow at, the corporation will be more profitable over the period of time in which they can do so.FinanceIn finance leverage takes the form of borrowing money and reinvesting it with the hope to earn a greater rate of return than the cost of interest. Leverage allows greater potential return to the investor than otherwise would have been available. The potential for loss is greater because if the investment becomes worthless, not only is that money lost, but the loan still needs to be repaid. A margin account is a common way of utilizing the concept of leverage in investing.Another form of creating leverage using financial instruments is through the use of options. The purchase of a call option on a security gives the buyer the right to purchase the underlying security at a given price in the future. If the price of the underlying security rises, the value of the call option will rise at a rate much greater than the value of the underlying security. However if the rate of the call option falls or does not rise, the call option may be worthless, involving a much greater loss than if the same money had been invested in the underlying instrument.Leverage and riskUtilizing leverage amplifies the potential gain from an investment or project, but also increases the potential loss. This increased risk may be perfectly acceptable or even necessary to reach the goals of the entity or person making the investment. In fact, precisely managing risk utilizing strategies including leverage and securities purchases, is the subject of a discipline known as financial engineering"Slippage"In a rising market, the compounding associated with a leveraged portfolio leads to greater gains; in a declining market, the compounding of a leveraged portfolio may lead to larger losses. However, in a flat market with volatility, the compounding of a leveraged portfolio will cause the portfolio to under perform an identical unleveraged portfolio. Because the percentage increase in a leveraged portfolio is higher by the same ratio as the decrease is higher.ExampleA 100 index going to 110 is a 10% increase. A 110 index going to 100 is a % decrease. In a 200% leveraged index it's a 20% increase, to 120, and a 18.17% (9.09*2) decrease to 98.2.If a target index gains 10% on one day before returning to the original level the next day, a 2.0 beta portfolio will lose 1.8% of its value, and a 1.25 beta portfolio will lose 0.3% of its value.Real worldDuring the 1970s the stock market were "flat". On 31-Dec-79 the Dow Jones Industrial Average closed at 838.74, on 19-Nov-69 it closed at 839.96 ([1] (/q/hp?s=%5EDJI&a=00&b=15&c=1969&d= 00&e=15&f=1980&g=d)). An unleveraged portfolio of DJIA would have ended with the same price as it began the decade (and would have lost value through inflation). A 200% leveraged portfolio holding the DJIA during that period would have lost all of its value.。

外汇中英文对照词汇大全外汇中英文对照词汇大全A套利交易（Arbitrage）一种交易策略，通常指某种实物资产或金融资产在同一市场或不同市场拥有两个价格的情况下，在同一时间以较低的价格买进，较高的价格卖出，从而获取无风险的收益。

卖方报价（Ask Price）卖方对某种产品能够接受的卖出价格。

最好价位交易（At Best）以最低价格买进和最高价格卖出的指令。

自设价格止损单（At the Price Stop-loss Order）不管市场的情况，在要求价位必须执行的止损单。

Aussie澳元货币的另一名称。

B余额（Balance）余额是指所在账户中拥有的资本。

余额一般不会根据在仓位的盈利或亏损而变化，直到仓位关闭，盈利或者亏损实质化。

基准利率（Bank Rate）中央银行向其国内的银行系统借贷的利率。

柱状图（Bar Chart）金融图标中的一种，由四个突出点组成，最高和最低价格组成垂直状，开盘价显示为垂直线左边的一条短横线，而收盘价为垂直线右边的一条短横线。

基准货币（Base Currency）汇率报价中作为基础的货币。

例如，欧元兑美元表示一欧元兑多少美元，所以其基准货币为欧元。

基差（Basis）现货价格和期货价格之间的差异。

基点（Basis Point）一个百分点的百分之一(0.0001)。

通常用来衡量利率的变化。

基差交易（Basis Trading）交易员在现汇和期货市场中开立相反的仓位从而在基差的有利浮动中获利的一种交易策略。

看空（Bearish）认为价格将下跌的市场观点。

熊市（Bear Market）在普遍行情不好的情况下交易产品价格下跌的市场（与牛市相对）。

买方报价（Bid Price）买方对某种产品能够接受的买入价格。

收支平衡点（Break Even Point ）在交易中既没有损失也没有获利的点。

看多（Bullish）认为价格将上涨的市场观点。

牛市（Bull Market）在普遍行情利好的情况下，交易产品价格上涨的市场（与熊市相对）。