O potrzebie modyfikacji koncepcji stopnia dźwigni finansowej w modelu mieszanym
The Need to Modify the Leverage Concept in a Mixed Model

Summary/Abstract: Purpose – it is the determination of why it is not possible to define in the mixed model (MM) DFL, whether there is a financial break-even point in MM, whether there is a relationship between the EBIT multiplier in the MM, or the relation between EBIT and EBT and DF, whether there is a relationship between the EBIT multiplier and the ROE multiplier and ROE, whether there is a relationship between ROE and ROIC, DF and a capital multiplier in MM, and whether there is a need to change the MM name. Design/Methodology/approach – research tools under MM will include formulas for the EBIT, DF multiplier, ROE multiplier and capital multiplier. The concept of a reverse function will also be used. In numerical examples, the main functions values determination for the accepted range of variability of the independent variable will be carried out with analytical formulas and presented their graphs. Findings – In MM, it is not possible to set DFL. There is no financial break-even point for DF positive in MM. The relationship between the EBIT multiplier, i.e. the relationship between EBIT and EBT, and DF has been determined. Using the formula for the EBIT multiplier allowed to determine the ROE multiplier as a function of DF with two parameters, i.e. ROIC and i. Using the capital multiplier (MK) allowed to deduct a given ROE growth rate due to the increase in DF and the final ROE In particular, effects on the debt-free (unlevered) company starting to finance its capital with debt were determined. The results achieved in the framework of MM led to the conclusion that the name of the mixed model is incorrect and replace it with the name of the financial model. Originality/value – Demonstrating that the EBIT multiplier is not a formula on DFL in MM. Determination the purposes for which the EBIT multiplier can be used. For the ROE growth rate calculation under the influence of DF changes , the EBIT multiplier should not be used, only the capital multiplier. The ease with which the effects of a change in debt can be determined on the ROE growth rates and ROE and, including decisions in a debt-free company about the beginning of financing part of its capital with debt.

• Details
• Contents