bilities a? rm has relative to operating assets, the higher its RNOA, assuming no effect on operating e in the numerator. The intensity of the use of operating liabilities in the investment base is operating liability leverage: Operating liability leverage (OLLEV) =operating liabilities ÷ net operating assets (10) Using operating liabilities to lever the rate of return from operations may e for free, however; there may bea numerator effect on operating e. Suppliers provide what nominally may be interest-free credit, but presumably charge for that credit with higher prices for the goods and services supplied. This is the reason why operating liabilities are inextricably a part of operations rather than the ? nancing of operations. The amount that suppliers actually charge for this credit is
全文预览