尊敬的學(xué)員，您好：

給您解釋一下老師計(jì)算的思路，

經(jīng)營(yíng)營(yíng)運(yùn)資本周轉(zhuǎn)率=收入/經(jīng)營(yíng)營(yíng)運(yùn)資本=4，凈經(jīng)營(yíng)長(zhǎng)期資產(chǎn)周轉(zhuǎn)率=收入/凈經(jīng)營(yíng)長(zhǎng)期資產(chǎn)=2

凈經(jīng)營(yíng)資產(chǎn)=經(jīng)營(yíng)營(yíng)運(yùn)資本+凈經(jīng)營(yíng)長(zhǎng)期資產(chǎn)

1/經(jīng)營(yíng)營(yíng)運(yùn)資本周轉(zhuǎn)率=經(jīng)營(yíng)營(yíng)運(yùn)資本/收入=1/4

1/凈經(jīng)營(yíng)長(zhǎng)期資產(chǎn)周轉(zhuǎn)率=凈經(jīng)營(yíng)長(zhǎng)期資產(chǎn)/收入=1/2

1/經(jīng)營(yíng)營(yíng)運(yùn)資本周轉(zhuǎn)率+1/凈經(jīng)營(yíng)長(zhǎng)期資產(chǎn)周轉(zhuǎn)率=經(jīng)營(yíng)營(yíng)運(yùn)資本/收入+凈經(jīng)營(yíng)長(zhǎng)期資產(chǎn)/收入=（經(jīng)營(yíng)營(yíng)運(yùn)資本+凈經(jīng)營(yíng)長(zhǎng)期資產(chǎn)）/收入=凈經(jīng)營(yíng)資產(chǎn)/收入=1/4+1/2

凈經(jīng)營(yíng)資產(chǎn)=凈負(fù)債+股東權(quán)益，凈財(cái)務(wù)杠桿=凈負(fù)債/股東權(quán)益=1/1，說(shuō)明凈負(fù)債=股東權(quán)益=凈經(jīng)營(yíng)資產(chǎn)/2

股東權(quán)益/收入=凈經(jīng)營(yíng)資產(chǎn)/2/收入=凈經(jīng)營(yíng)資產(chǎn)/收入/2=（1/4+1/2）/2

凈經(jīng)營(yíng)資產(chǎn)凈利率=稅后經(jīng)營(yíng)凈利潤(rùn)/凈經(jīng)營(yíng)資產(chǎn)=20%

在凈經(jīng)營(yíng)資產(chǎn)凈利率的分子分母同時(shí)乘以收入：

（稅后經(jīng)營(yíng)凈利潤(rùn)*收入）/（凈經(jīng)營(yíng)資產(chǎn)*收入）=稅后經(jīng)營(yíng)凈利潤(rùn)/收入*收入/凈經(jīng)營(yíng)資產(chǎn)=稅后經(jīng)營(yíng)凈利潤(rùn)/收入*（1/（1/4+1/2））=20%，所以，稅后經(jīng)營(yíng)凈利潤(rùn)/收入=20%/（1/（1/4+1/2））=（1/4+1/2）*20%

根據(jù)上面推導(dǎo)得知：凈負(fù)債/收入=股東權(quán)益/收入=（1/4+1/2）/2

稅后利息=凈負(fù)債*稅后凈負(fù)債成本，所以，稅后利息/收入=凈負(fù)債*稅后凈負(fù)債成本/收入=（1/4+1/2）/2*6%

凈利潤(rùn)=稅后經(jīng)營(yíng)凈利潤(rùn)-稅后利息

凈利潤(rùn)/收入=稅后經(jīng)營(yíng)凈利潤(rùn)/收入-稅后利息/收入=（1/4+1/2））*20%-（1/4+1/2）/2*6%

主要就是考查您對(duì)公式的理解和運(yùn)用。

每天努力，就會(huì)看到不一樣的自己，加油！