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Equity Multiplier: Definition, Formula, Example

Equity Multiplier: Definition, Formula, Example

權益乘數:定義、公式、範例
TheStreet ·  2020/01/24 15:24

There are a variety of formulas and ratios used by investors to analyze a company. One of these is the equity multiplier. A way to determine leverage, and the manner in which a company finances itself, it can be a useful tool in analyzing the risks of an investment. What Is the Equity Multiplier?

投資者用來分析一家公司的公式和比率有多種。其中之一是股本乘數。一種方法來確定槓桿率,以及公司融資的方式,都可以成為分析投資風險的有用工具。什麼是股權乘數?

In simple terms, the equity multiplier helps determine what portion of a company’s assets have stemmed from shareholders. To do this, you compare a company’s assets with stockholders' total equity. You can use it to figure out how much a company uses shareholders for financing, as opposed to how much it uses debt financing.

簡單地説,股本乘數有助於確定公司資產的哪一部分來自股東。要做到這一點,你需要將公司的資產與股東的總股本進行比較。你可以用它來計算出一家公司有多少利用股東進行融資,而不是多少使用債務融資。

If the ratio is high, it tells analysts that a company is using more debt financing, creating leverage. If the ratio is lower, it means the company has less need for debt financing, offering a more conservative investment that avoids things like debt payments. Formula and Example

如果這一比率很高,它就會告訴分析師,一家公司正在使用更多的債務融資,從而創造了槓桿。如果比率較低,這意味着該公司對債務融資的需求較小,提供了一種更保守的投資,避免了償還債務等事情。公式和示例

The formula for the equity multiplier is pretty simple.

股本乘數的計算公式非常簡單。

Equity Multiplier=Total Assets/Total Stockholders Equity

股本乘數=總資產/總股東權益

You’re going to find these figures on the balance sheet. Let’s look at an example using the fiscal 2019 results for Macy’s( M ) - Get Report, versus the results of competitor Kohl’s( KSS ) - Get Report.

你會在資產負債表上找到這些數字。讓我們看一個使用梅西百貨2019財年業績的例子。 M )-獲得報告,而競爭對手科爾的結果(KSS)-獲取報告。

For fiscal 2019, Macy’s reported total assets of $19.86 billion. The retailer had stockholder’s equity of $6.44 billion. While the term “equity multiplier” might sound complicated, it’s just simple division.

2019財年,梅西百貨公佈的總資產為198.6億美元。這家零售商的股東權益為64.4億美元。雖然“股權乘數”這個詞聽起來可能很複雜,但它只是一個簡單的除法。

Plug in your figures:

輸入你的數字:

Equity Multiplier=Total Assets/Total Stockholder’s Equity

股本乘數=總資產/總股東權益

Equity Multiplier=$19.86 billion/$6.44 billion

股本乘數=198.6億美元/64.4億美元

Equity Multiplier=3.08

股本乘數=3.08

This means that 32.4% of Macy’s financing was done with equity (6.44/19.86). The other 67.6% was done with debt.

這意味着梅西百貨32.4%的融資是通過股權完成的(6.44/19.86)。另外67.6%是通過債務完成的。

In comparison, Kohl’s had total assets of $12.47 billion in fiscal 2019. Total stockholder’s equity was $5.53 billion. Once again, you simply plug in the numbers.

相比之下,科爾在2019財年的總資產為124.7億美元。總股東權益為55.3億美元。同樣,您只需輸入數字即可。

Equity Multiplier=$12.47 billion/$5.53 billion.

股本乘數=124.7億美元/55.3億美元。

Equity Multiplier=2.25

股本乘數=2.25

Kohl’s uses equity for 44.35% (5.53/12.47) of its financing, and 55.65% of its financing was done with debt.

Kohl‘s使用股權融資的比例為44.35%(5.53/12.47),55.65%的融資是通過債務完成的。

If you look at the relative comparison, Macy’s higher equity multiplier of 3.08 is indicative of the higher levels of debt financing that the company uses compared to Kohl’s multiplier of 2.25. Why Do Equity Multipliers Matter?

如果你看一下相對比較,梅西百貨3.08的較高股本乘數表明,與科爾2.25的乘數相比,該公司使用的債務融資水平更高。為什麼股票乘數很重要?

Keeping with the example set forth above, equity multipliers can be useful tools in analyzing risk. A company that leverages more debt to finance itself is taking on more liabilities. There are corresponding debt payments that have to be made that don’t add to the business. Whereas financing done with equity can be put more fully into business activities. It also cuts down on the risks of debt payments and defaults should profits decrease to a point where making payments is difficult.

與上述例子一致,股本乘數可以成為分析風險的有用工具。一家利用更多債務為自己融資的公司,正在承擔更多債務。有一些相應的債務必須償還,而這些債務不會增加業務。而股權融資可以更充分地投入到商業活動中。它還降低了債務償還和違約的風險,如果利潤下降到難以償還的地步。

If you’re looking for conservative, low-risk plays, a company with a low equity multiplier is usually the way to go. That’s not to say that companies with high equity multipliers are always bad investments. Say for instance that there’s a special market situation where a competitor’s valuation is cheap relative to its performance. A company might use debt in this situation to acquire that competitor and boost their profits at a higher rate than the debt they incur. There’s still risk, but it’s a strategic risk.

如果你正在尋找保守、低風險的公司,股本倍數較低的公司通常是你的選擇。這並不是説,擁有高股本倍數的公司總是糟糕的投資。例如,假設有一種特殊的市場情況,競爭對手的估值相對於其表現來説是便宜的。在這種情況下,一家公司可能會利用債務收購競爭對手,並以高於債務的速度提高利潤。風險仍然存在,但這是一個戰略風險。

Another example might be stock buybacks. Say a company’s shares drop below the book value of the business. It might be useful to use debt to buy back shares.

另一個例子可能是股票回購。比方説,一家公司的股價跌破了公司的賬面價值。用債務回購股票可能是有用的。

On the flip side, a thought that could be used against companies carrying low equity multipliers; perhaps the company has no choice but to use equity. If the equity multiplier is super low, there’s a possibility that the company can’t obtain debt financing. That could be a big red flag. If a bank or lender won’t give the company money, there might be something wrong. The Takeaway

另一方面,這種想法可能被用來對付股本乘數較低的公司;或許該公司別無選擇,只能使用股本。如果股本乘數超低,公司就有可能無法獲得債務融資。這可能是一個大危險信號。如果一家銀行或貸款人不給公司錢,那可能是出了問題。《外賣》

Unless you harbor Warren Buffett’s passion for return on equity, focusing on one ratio or calculation for analyzing investments isn’t a very balanced approach. Simply focusing on a company’s use of stockholder’s equity comparative to the use of debt financing won’t give you a full picture of the appeal of a stock. Plenty of companies have leverage and still do well if they’re creating big earnings from it. Home Depot( HD ) - Get Reportis a prime example of this. The home goods retailer has carried a deficit on the balance sheet for a while now, and continues to put together strong results. It doesn’t mean it will last, and the consequences of that leverage could be disastrous.

除非你懷有沃倫·巴菲特對股本回報率的熱情,否則專注於一個比率或計算來分析投資並不是一種非常平衡的方法。簡單地關注一家公司對股東權益的使用與債務融資的使用相比,並不能讓你全面瞭解股票的吸引力。許多公司擁有槓桿,但如果它們從中創造了豐厚的利潤,它們的表現仍然很好。家得寶(Home Depot)(高清)-讓Reportis成為這方面的一個典型例子。這家家居用品零售商的資產負債表上出現赤字已有一段時間了。現在,並繼續創造出強勁的業績。這並不意味着它會持續下去,這種槓桿的後果可能是災難性的。

In the end, the equity multiplier is simply a tool to show you the manner in which a company spreads its financing between equity and debt.

歸根結底,股權乘數只是一個工具,向你展示一家公司在股權和債務之間分散融資的方式。

譯文內容由第三人軟體翻譯。


以上內容僅用作資訊或教育之目的,不構成與富途相關的任何投資建議。富途竭力但無法保證上述全部內容的真實性、準確性和原創性。
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