杠桿貢獻(xiàn)率=權(quán)益凈利率-凈經(jīng)營(yíng)資產(chǎn)凈利率這個(gè)公式是怎么推出來(lái)的？[微笑]

同學(xué)：您好。杠桿貢獻(xiàn)率=（凈經(jīng)營(yíng)資產(chǎn)凈利率-稅后利息率）×凈財(cái)務(wù)杠桿權(quán)益凈利潤(rùn)率=稅后經(jīng)營(yíng)利潤(rùn)/股東權(quán)益-稅后利息/股東權(quán)益=（稅后經(jīng)營(yíng)利潤(rùn)/凈經(jīng)營(yíng)資產(chǎn)）*（凈經(jīng)營(yíng)資產(chǎn)/股東權(quán)益）-（稅后利息/凈負(fù)債）*（凈負(fù)債/股東權(quán)益）因?yàn)?，凈?jīng)營(yíng)資產(chǎn)=股東權(quán)益+凈負(fù)債，所以上式等于：權(quán)益凈利潤(rùn)率=（稅后經(jīng)營(yíng)利潤(rùn)/凈經(jīng)營(yíng)資產(chǎn)）*[凈負(fù)債+股東權(quán)益）/股東權(quán)益]-（稅后利息/凈負(fù)債）*（凈負(fù)債/股東權(quán)益）=稅后經(jīng)營(yíng)利潤(rùn)/凈經(jīng)營(yíng)資產(chǎn)+（稅后經(jīng)營(yíng)利潤(rùn)/凈經(jīng)營(yíng)資產(chǎn)）*（凈負(fù)債股東權(quán)益）-（稅后利息/凈負(fù)債）*（凈負(fù)債/股東權(quán)益）=凈經(jīng)營(yíng)資產(chǎn)利潤(rùn)率+（凈經(jīng)營(yíng)資產(chǎn)利潤(rùn)率*凈財(cái)務(wù)杠桿-稅后利息*凈財(cái)務(wù)杠桿=凈經(jīng)營(yíng)資產(chǎn)利潤(rùn)率+（凈經(jīng)營(yíng)資產(chǎn)利潤(rùn)率-稅后利息）*凈財(cái)務(wù)杠桿=凈經(jīng)營(yíng)資產(chǎn)利潤(rùn)率+經(jīng)營(yíng)差異率*凈財(cái)務(wù)杠桿=凈經(jīng)營(yíng)資產(chǎn)利潤(rùn)率+杠桿貢獻(xiàn)率所以有，杠桿貢獻(xiàn)率=權(quán)益凈利率－凈經(jīng)營(yíng)資產(chǎn)利潤(rùn)率