چکیده:
In this paper، we will intend to introduce Degree of Economic Leverage and it's usage as one of the new techniques in explanation Beta coefficient and identification the systematic risk and profit planning equipment in leverage theoretical conceptual as well. Meanwhile، we will consider and analyze it through experimental testing for increasing its justification explanatory potency. The Degree of Economic Leverage is defined as the percentage change in the firm's sales resulting from a unit percentage change attributable to an exogenous economic disturbance. After theoretical conceptual studies by using regression analysis and Pearson correlation testing، the research objective that is the inverse and meaningful relation between interest rate and firm's sales is not acceptable but confirmed by hypothesis testing that there is no relation between Degree of Economic Leverage and market return and expected return، but Degree of Economic Leverage explanted expected return better than Degree of Operational Leverage and Degree of Financial Leverage. Degree of Operational Leverage will expellant market return better than the two other leverages. Also there is a meaningful difference between measure of the Beta calculating by DEL and the BETA computing by CAPM، DCAPM.
خلاصه ماشینی:
To formulate hypotheses and the analytical model of the research, using regression analysis and Pearson correlation test, the research objective – a significant inverse relationship between interest rates and company sales – is not accepted, and testing the hypotheses confirms that there is no significant relationship between the economic leverage ratio and market return and expected return, but the economic leverage ratio explains expected return better than the operational and financial leverages.
In this research, while explaining the theoretical foundations related to leverages, including economic leverage, the results of testing this method in the article will be presented with other methods to measure the relationship between changes in interest rates and sales on the one hand, and to measure the beta coefficient as an index for measuring risk on the other hand.
Finally, the amount of beta calculated by the economic leverage ratio method in this research will be compared with the beta calculated by the Capital Asset Pricing Model and the Adjusted Capital Asset Pricing Model for the company under study.
(Refer to the page image) Chart (3): Percentage change in sales and financial expenses Other Research Findings Considering the results of the hypothesis tests and the study of the results obtained from other findings related to calculating the sensitivity coefficient using the degree of economic leverage, we can conclude the following: The analysis of the important point that reducing the interest rate can predict an increase in the company's sales is not true because there is no inverse and significant relationship between the two.
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