權(quán)益凈利率=凈經(jīng)營資產(chǎn)凈利率+杠桿貢獻率這個公式是怎么推導出來的？

您好，同學，推導過程如下：權(quán)益凈利率＝凈利潤/股東權(quán)益 ＝（稅后經(jīng)營利潤－稅后利息)/股東權(quán)益＝（稅后經(jīng)營凈利潤/凈經(jīng)營資產(chǎn)）×（凈經(jīng)營資產(chǎn)/股東權(quán)益）－（稅后利息/凈負債）×（凈負債/股東權(quán)益）＝稅后經(jīng)營資產(chǎn)凈利率×[(股東權(quán)益＋凈負債）/股東權(quán)益）－稅后利息率×凈財務(wù)杠桿＝稅后經(jīng)營資產(chǎn)凈利率＋（稅后經(jīng)營資產(chǎn)凈利率－稅后利息率）×凈財務(wù)杠桿＝稅后經(jīng)營利潤率×凈經(jīng)營資產(chǎn)周轉(zhuǎn)次數(shù)＋經(jīng)營差異率×凈財務(wù)杠桿＝凈經(jīng)營資產(chǎn)凈利率＋杠桿貢獻率