السؤال — عربي
أي من السيناريوهات التالية يشير إلى استخدام فعال للرافعة المالية (Financial Leverage)؟
Question — English
Which of the following scenarios indicates an effective use of financial leverage?
الخيارات — عربي
Options — English
💡 A. An organization has a rate of return on equity (ROE)
of 20% and a rate of return on assets (ROA) of 15%: This
scenario indicates effective financial leverage. When
ROE is higher than ROA, it suggests that the company is
using debt efficiently to enhance shareholder returns.
The positive spread between ROA and ROE implies that
borrowing is generating higher returns than its cost.
B. An organization has a current ratio of 2 and an
inventory turnover of 12: These metrics measure
liquidity and operational efficiency rather than financial
leverage. A high inventory turnover indicates good sales
performance, but it does not directly relate to the use of
debt to enhance returns.
C. An organization has a debt-to-total-assets ratio of 0.2
and an interest coverage ratio of 10: While a low debt
ratio (20%) and a high interest coverage ratio (10)
indicate strong financial health, they suggest
conservative debt usage rather than effective financial
leverage. Effective financial leverage typically involves
using debt strategically to amplify returns.
D. An organization has a profit margin of 30% and an
asset turnover of 7%: These ratios indicate strong
profitability and operational efficiency but do not
directly reflect the use of financial leverage. Financial
leverage focuses on how debt is used to enhance
returns rather than just profitability and asset utilization.