TFL Vsebine / Revija Poslovodno računovodstvo

Poslovni vzvod je obravnavan s teoretičnega in praktičnega vidika. V okviru teoretičnega vidika je prikazana statična in dinamična opredelitev poslovnega vzvoda in razlika med obema. Podrobneje so obravnavane možnosti ocen točke preloma in stopnje poslovnega vzvoda ter njihova povezava z razmerjem med stalnimi in spremenljivimi stroški in dobičkom pred odbitkom obresti in davkov – EBIT ter z denarnim tokom iz poslovanja. V okviru praktičnega vidika so obravnavani problemi prilagajanja računovodskih kategorij za potrebe analiziranja poslovnega vzvoda in oblikovanja ustreznih informacij. Posebej so prikazane tudi možnosti uporabe poslovnega vzvoda in njegove omejitve.

Operating leverage is treated from theoretical and practical point of view. Static and dynamic approaches are discussed in the theoretical frame. Break-even point and the degree of operating leverage are explained together with their formulas. The relationship between operating leverage, fixed costs and EBIT is showed in connection with business risk. The impact on operating cash flow is treated separately. Practical aspect of operating leverage is discussed through the need of adaptation of accounting data. The importance of cost accounting is emphasized. At the end the main characteristic of operating leverage with the possibilities of its use are exposed. The limitations of operating leverage as an analytic tool are shown as well.