bdkbZ & 4

yhojst
Leverage
ikB~; lajpuk%
4-0 izLrkouk
4-1 yhojst dk vFkZ ,oa ifjHkk"kk
4-2 yhojst ds izdkj
4-3 fokh; yhojst
4-4 fokh; mkksyd dk izHkko
4-5 fokh; mkksyd dh x.kuk
4-6 fokh; mkksyd dh lhek,
4-7 fokh; yhojst dh ek=k
4-8 ifjpkyu yhojst
4-9 ifjpkyu yhojst ,oa fokh; yhojst esa vUrj
4-10 la;qDr yhojst
4-11 la;qDr yhojst dk izHkko
4-12 cks/k izu
yhojst Leverage

4-0 izLrkouk %

Ykhojst ftls fgUnh esa mrksyd dgk tkrk gS ;kaf=d foKku ls

fy;k x;k 'kCn gSA ftl izdkj yhoj ds }kjk Hkkjh ls Hkkjh oLrq dks
lqxerk iwoZd xfr iznku dj dk;Z iwjk dj fy;k tkrk gSA nwljs 'kCnksa
esa dg ldrs gSa fd mkksyd ,d ,slh rduhd gS ftlds iz;ksx ls vf/kd
Hkkj okyh oLrqvksa dks de 'kfDr ds iz;ksx ls mBk;k tk ldrk gSA ge
ns[krs gSa fd ,d lk/kkj.k lk fn[kus okyk su cM+s ls cM+s jsy dh
cksxh ;k lM+d ds fdukjs yq<+ds gq, cl&Vd dks vklkuh ls mBk dj
mij yk nsrk gSA

fokh; izca/k esa mrksyd 'kCn dk mi;ksx dEiuh ds Lokfe;ksa

vFkkZr lerk vak/kkjdksa ds vk; dks c<+kus ds fy, fLFkj vk; okyh
dks"kksa vFkkZr~ _.k iwth ds mi;ksx djus dh {kerk dks c<+kus ls
gSA nwljs 'kCnksa esa ;g dgk tk ldrk gS fd nwljksa ls /ku izkIr dj
viuk iSlk de yxkuk vkSj vf/kd ykHk vftZr dj lekr vak/kkjdksa
Lokeh dks vf/kd ykHkkaVu nsuk mkksyd dk ew[; ms; gSA
fokh; izca/k dh Hkk"kk esa & The use of debt capital in financing the total
assets is considered as lever.

4-1 yhojst dk vFkZ ,oa ifjHkk"kk %

 de 'kfDr dk mi;ksx dj vf/kd Hkkj dks xfr iznku djuk ;k m<+kuk
mkksyd dk eq[; dk;Z gSA fokh; izca/k esa viuh iwth de yxkdj
vak/kkfj;ksa dks vf/kd ykHk iznku djuk fokh; mkksyd dk ms;
gksrk gSA O;kikj esa iwth lajpuk dk fu/kkZj.k djrs le; ;g ns[kuk
vko;d gksrk gS fd O;kikj ds fy, fdruh iwth bdh dh tk, vkSj mUgsa
dgk ls izkIr dh tk,A fofHkUu Jksrksa dk vuqikr D;k gks ;g fu.kZ;
ysuk egRoiw.kZ gksrk gSA _.k iwth ,oa vak iwth dk vuqdwyre
vuqikr dk fu/kkZj.k djuk ,oa fok izcU/kd ds fy, lcls tfVy dk;Z gksrk
gSA vf/kd _.k iwth dk mi;ksx mPp fLFkj ykxr tksf[ke dks mRiUu
djrk gS vkSj ,sls tksf[ke dh lhek dh x.kuk ds fy, yhojst ds fl)kUr dk
vuqikyu fd;k tkrk gSA

,l- lh- dqPNy S.C. Kuchchal ds vuqlkj %&

mkksyd dk vFkZ fok izcU/k esa LFkk;h iwth ykxr dh iwfrZ
vFkok Hkqxrku djuk gSA Meeting a fixed cost or paying a fixed return for
employing resources or funds

tsEl gkuZ James Horne ds vuqlkj % &

mkksyd ls vkk; ^^,slh lEifr ;k 'ks"k ds Jksrksa ds iz;ksx ls

gS ftuds fy, laLFkk ,d LFkk;h ykxr ;k LFkk;h izR;k; pqjkrh gSA
The employment of an asset or soruces of funds for which the firm has to pay a
fixed cost or fixed return

fokh; izca/k esa LFkk;h ykxrsa mkksyd dk vk/kkj gksrh

gSA laLFkk esa fdlh lEifr ;k 'ks"k ds Jksrk dk mi;ksx ftlds fy,
laLFkk dks ,d LFkk;h ykxr C;kt ;k izR;k; Return pqjkuk iM+rk
gS] lerk vak/kkjdksa ds fy, miyC/k vk; dks dkQh gn rd izHkkfor
djuk gSA yhojst dh ek=k vFkkZr~ _.k iwth dk Hkkx ftruk pk
gksxk tksf[ke mruk gh vf/kd gksxkA lkFk&lkFk vak/kkfj;ksa dh vk;
mruh gh vf/kd gksxhA ysfdu ;g fLFkfr cjkcj ,d tSlh ugha jgrhA tc
fdlh QeZ dh dqy ykxr esa LFkk;h ykxr dk izfrkr vf/kd gksrk gSa rks
QeZ esa mPp ek=k dk ifjpkyu ekuk tkrk gSaA nwljh vksj ;fn
LFkk;h ykxr dk izfrkr de gksrk gS rks bls U;wu ek=k dk ifjpkyu
ekuk tkrk gSA

yhojst ,d ,slk midj.k gS tks nksrjQk dkV djrk gS Leverage

serves as a tool which cuts 60th waysA ;g ,d vksj tksf[ke dks c<+krk gS
rks nwljh vksj fofu;ksftr iwth ij izR;k; dh nj Rate of return esa Hkh
o`f) dk volj iznku djrk gSA

4-2 yhojst ds izdkj Types of Leverage%

Ykhojst rhu izdkj ds gksrs gS %&

(i) fokh;&yhojst Financial Leverage

(ii) ifjpkyu yhojst Operating Leverage
(iii) la;qDr yhojst Combined Leverage

4-3 fokh; yhojst Financial Leverage

fiNys bdkbZ esa vkius lerk dk O;kikj Trading on Equity dk v/;;u

fd;k gSA fokh; yhojst vkSj lerk dk O;kikj nksuksa ,d tSlk gh gSA
;g lerk dk O;kikj dk ifj"d`r :Ik gSA nksuksa ds iwth esa yhojst dk
lerk vak/kkjdksa dh ykHknk;drk ij iM+us okys izHkko dk foys"k.k
fd;k x;k gSA nwljs 'kCnksa esa dgk tk drk gS fd tc dEiuh _.k iwth
,oa iwokZf/kdkj vak dk mi;sx dj lerk vak/kkjdksa dh vk; esa o`f)
ykrh gS rks bls fokh; yhojst dgk tkrk gSA The use of long term fixed
interest bearing debt and preference share capital alongwith equity share capital is
called financial leverage or Trading on Equity.

fdlh QeZ eas ;fn _.k dh ykxr ls vk; vf/kd gksrh gS rks vuqdqy
yhojst ekuk tkrk gSA nwljs foijhr ;fn QeZ ykxr ds ckjkcj ykHk vftZr
ugha djrh rks bls izfrdwy fokh; yhojst ekuk tkrk gSA A firm is
known to have a favourable leverage if its earnings are move than what debt would
cost. On the contrary, if it does not earn as much as the debt costs than it wil be
known as an unfavourable leverage.

4-4 fokh; mkksyd dk izHkko % Impact of Financial Leverage

fokh; mkksyd dk mi;ksx vak/kkfj;ksa dh vk; dks dbZ xq.kk

vf/kd c<+kus ds fy, fd;k tkrk gSA ;g bl ekU;rk ij vk/kkfjr gS fd fLFkj
ykxr okys dks"k Fixed cost fund QeZ dh lEifr;ksa ij mlds izR;k; nj
Rate of Return ls Hkh de ykxr ij izkIr fd;k tk ldrk gSA fokh;
mkksyd ds izHkki ls fuEu mnkgj.k ds }kjk ljyrk iwoZd le>k tk ldrk
gS%

mnkgj.k 1 %
 ,d laLFkk nks fokh; ;kstukvksa ds ckjs esa izfr vak vk; ij
muds izHkko dh tkp djus gsrq fopkj dj jgh gSA lEifr;ksa esa dqy 5
yk[k :Ik;k fuosk djus dh ;kstuk gSA

;kstuk I ;kstuk II
:- :-
lerk vak izfr vak 100]000 4]00]000
10:-
_.k 10% C;kt nj ij 4]00]000 1]00]00

dqy fok dh t:jr 5]00]000 5]00]000

lerk vak dh la[;k 10]000 40]000

C;kt vkSj dj Hkwxrku ds iwoZ vk; 50]000:-] 75]000:- vkSj

1]25]000:- ekuk x;k gSA fuxe dj dh nj 50% gSA leh{kk dhft,A

gy%

I tc C;kt vkSj dj Hkqxrku ds iwoZ dk vk; 50]000:- gS When

Earning before Interest and Tax is Rs. 50,000.

;kstuk I ;kstuk II
C;kt vkSj dj Hkqxrfku ls 50]000 50]000
iwoZ dh vk;
?kVk;k & _.k ij C;kt 10]000
40]000 ( )


( )

dj Hkqxrku ds iwoZ dh 10]000 40]000
vk;
?kVk;k & dj 50% 5]000 20]000
dj ,oa C;kt Hkqxrku ds 5]000 20]000
ckn dh vk;
lerk vak dh la[;k 10]000 40]000
vk; izfr vak EPS -50iSls 0-50iSls

II tc C;kt vkSj dj Hkqxrku ds iwoZ dk vk;& 75]000:- gSWhen

Earning before Interest and Tax is Rs. 75,000.

;kstuk I ;kstuk II
C;kt vkSj dj Hkqxrfku ls 75]000 75]000
iwoZ dh vk;
& _.k ij C;kt 10% 40]000 10]000
dj Hkqxrku ds iwoZ dh 35]000 65]000
vk; EBT
& dj 50% 17]500 32]500
C;kt $dj Hkqxrku ds ckn 17]500 32]500
dh vk;
lerk vak dh la[;k 10]000 40]000
lerk vtZu izfr vak EPS `1-75 `0-81
III tc C;kt vkSj dj Hkqxrku ds iwoZ dk vk;& 1]25]000:- gS
When Earning before Interest and Tax (EBIT) is Rs. 1,25,000.

;kstuk I ;kstuk II
C;kt vkSj dj Hkqxrfku ls 1]25]000 1]25]000
iwoZ dh vk; (EBIT)
& _.k ij C;kt (EBIT) 40]000 10]000
& dj 50% 42]000 57]500
EAIT 42]000 57]500
Lerk vak dh la[;k 10]000 40]000
lerk vtZu izfr vak EPS `4-25 `1-438

leh{kk%

izFke ;kstuk Leverged Plan gS D;kasfd blesa 80 izfrkr iwth dh

izkfIr _.k ds }kjk gqbZ gS vkSj ek= 20 izfrkr iwth lerk vak tkjh dj
izkIr dh xbZ gSA ;kstuk u0 II iqjkruoknh fokh; ;kstuk Conservative
Financial Plan gS ftlesa 20 izfrkr _.k iwth }kjk rFkk 'ks"k 80 izfrkr
lerk vak tkjh dj izkIr fd;k x;k gSA

izFke fLFkfr esa nksuksa ;kstuk dk izfr vak vk; ,d tSlh 0-

50:- gSA f}rh; fLFkfr esa tc ykHk c<+dj 50]000:- ls 75]000:- gks
tkrk gS rks izFke ;kstuk esa izfr vak vk; EPS c<+dj ek= 0-816
gks x;k gS tks izFke dh rqyuk esa dkQh de o`f) gSA r`rh; ;kstuk
esa YkkHk c<+dj tc 1]25]000 :- gks tkrk gS rks ;kstuk I dk izfr vak
vk; c<+dj 4-25:- gks tkrk gS vkSj f)rh; ;kstuk esa c<+dj ek= 1-438:-
gks tkrk gSA

bl foys"k.k ls ;g Li"V gksrk gS fd ;kstuk II dh rqyuk esa ;kstuk

I esa ykHk dh o`f) ds lkFk&2 izfr vak vk; esa o`f) gqbZ gSA ;kstuk
II dh rqyuk esa ;kstuk I esa _.k iwth dk mi;ksx vf/kd gksus ds
dkj.k izfr vak vk; esa rst xfr ls o`f) gqbZ gSA ;g fLFkfr fokh;
yhojst ds dkj.k laHko gqvk gSA

mnkgj.k % 2

X yh0 ds ikl 100: okys 5000 lerk vak iwth gS vFkkZr dqy
iwth 5]00]000:0 dh gSA

dEiuh foLrkj gsrq 3]00]000:- dj vfrfjDr /ku tqVkuk pkgrh gSA

blds fy, blds ikl 4 fodYi gS%

fodYi A & iwjh iwth lerk vak tkjh dj izkIr dj yh tk,A

fodYi B & 3 yk[k esa 1 yk[k lerk vak tkjh dj vkSj 2 yk[k 10
izfrkr nj ls _.k izkIr dj bdk dh tk,A

fodYi C & ijh jkfk 10izfrkr _.k ds }kjk izkIr dh tk,A

fodYi D & 1 yk[k lerk vak tkjh dj vkSj 2 yk[k iwokZf/kdkj vak
ftlij 8 izfrkr dh nj ls ykHkkak nj gS] izkIr dh tk,A
 dEiuh dk orZeku vk; C;kt rFkk dj ls iwoZ dk :- 1]50]000
gS vkSj fuxe dj dh nj 50 izfrkr gSA

vkidks izR;sd ;kstuk esa izfr vak vk; EPS dk fu/kkZj.k djuk
gS rFkk fokh; yhojst ds izHkkoksa dks crykuk gSA

gy%

fodYi A fodYi B fodYi C fodYi D

;kstuk I ;kstuk II ;kstuk III ;kstuk IV
` ` ` `

C;kt vkSj dj ls iwoZ dk 1]50]000 1]30]000 1]20]000 1]50]000

vk; EBIT
&C;kt EBT & 20]000 30]000 &
& dj @ 50% 75]000 65]000 60]000 75]000
EAIT 75]000 65]000 60]000 75]000
iwokZf/kdkj ykHkkak & & & &
@8%
Lerk vak/kkjh;ksa ds 75]000 65]000 60]000 59]000
fy, miyC/k jkfk
lerk vak dh la[;k 8]000 6]000 5]000 6]000
lerk vak dks izfrvak `9.37 `10.83 `12 `9.83

vk; EPS

leh{kk %
 bu pkjksa ;kstukvksa dks ns[kus ls yxrk gS fd ;kstuk III lcls
vf/kd mi;qDr gSa blesa vfrfjDr iwth dh izkfIr 10 izfrkr C;kt ij _.k
ysdj dh xbZ gSA ;kstuk II esa 1 yk[k :- _.k }kjk izkIr fd;k x;k gSa
blesa izfr vak vk; EPS ;kstuk III ls de gS fdUrq izFke vkSj
prqFkZ ls vf/kd gSA

;kstuk IV esa dksbZ _.k ugha fy;k x;k gS cfYd 2 yk[k :- dk

iwokZf/kdkj vak tkjh fd;k x;k gS ftlij 8 izfrkr dh nj ls vkHkkak ns;
gSA bl izdkj fodYi III esa izfr vak vk; lcls vf/kd gSA 12:-A ;g
;kstuk fLFkj ykxr okys dks"k ij vk/kkfjr gSa vkSj blesa lerk vak
/kkjdksa ls vf/kd ykHkkak dh izkfIRk gks jgh gSA fodYi IV] fodYi I
ls vPNh gSA bleas 2 yk[k :- dk iwokZf/kdkj vak fuxZr fd;k x;k gSA

;g oys"k.k ;g crykrk gS fd fokh; mkksyd dk mi;ksx dj

vFkkZr~ vf/kd _.k iwth dk mi;ksx dj lekrk vak/kkfj;ksa dks izfr
vak vf/kd ykHkkak nsus esa dEiuh dke;kc gks jgh gSA fu"d"kZ ds
rkSj ij dgk tk ldrk gS fd lerk vak dh rqyuk esa _.k iwth dk vuqikr
ftruk gh vf/kd gksxk] lerk vak/kkfj;ksa dks mruk gh vf/kd ykHk izkIr
gksxkA

4-5 fokh; mkksyd dh x.kuk Calculation of Financial Leverage

;gk FL = Financial Leverage

EBIT = Earning before Interest & Taxes

EBT = Earning before Tax

bl lw= ds vk/kkj ij ;fn fodYi III dk fokh; mkksyd ns[ksa rks

1,50,000 15 5
= = =
1,20,000 12 4

fokh; mkksyd dh vU; fof/k;k Hkh iz;ksx esa yk;h tkrh gS tSls %

100
(i) Debt Assets Ratio =

100
(ii) Debt Equity Ration =

;s nksuksa vuqikr xf.krh; :Ik esa ,d nwljs ls lEcfU/kr gSaA

O;ogkj esa Debt Assets Ration dk gh iz;ksx fd;k tkrk gS D;kasfd Debt
Equity Ration fokh; mkksyd dh jde dks vf/kd c<+kdj fn[kykrk
gSA vr,o fokh; mkksyd dh x.kuk dks dj ,oa C;kt ls iwoZ dk ykHk
DBIT vkSj dj ls iwoZ dk ykHk EBT ds vk/kkj ij vf/kd oSKkfud
ekuk tkrk gSA

4-6 fokh; mkksyd dh lhek, Limitations of Financial

Leverage%

fokh; mkksyd dh fuEufyf[kr lhek, gS%

1- nks/kkjh ryokj Double edged Weapon %

;g nks/kkjh ryokj dh rjg dk;Z djrk gSA bl vL= dk mi;ksx rHkhk

fd;k tkrk gS tc vak/kkfj;ksa dh vk; dks c<+kus ds fy, _.k i=ksa ij
fn;k tkus okyk C;kt vFkok iwokZf/kdkfj;ksa dks pqjk;k tkus okyk
vkHkkak dh nj ls mPps nj ij lerk vak/kkjdksa dks ykHkkak fn;k
tk,A ;fn C;kt dh ykxr ls de dEiuh vtZu djrh gS rks fokh; mkksyd
foijhr rjds ls dk;z djus yxrk gSA vr% ,slh fLFkfr esa bldk mi;ksx fd;k
tkuk mfpr ugha gSA

2- dsoy fLFkj vk; okyh dEifu;ksa ds fy, lkenk;h Beneficial only

to Companies having stability of Earnings

fokh; mkksyd dh fLFkfr ,sls dEifu;ksa ds fy, ykHknk;d gS

ftlesa fLFkj vkSj fu;fer vk; dh izkfIr gksrh gSA _.ki=ksa ij fn;k tkus
okyk C;kt ,d izdkj dk vkorhZ Hkkj Recurring burden gksrk gSA
vfu;fer vk; okyh dEiuh eanh dky esa bl C;kt dks pqjkus esa vleFkZ
gks tkrh gSA vr% bl vof/k esa fokh; mkksyd dk mi;ksx djuk
ykHknk;d ugha gksrkA

3- tkf[ke vkSj C;kt nj esa o`f) Increase Risk and Rate of Interest%

fokh; yhojst bl rF; ij vk/kkjhr gS fd vfrjhDr _.k dk izR;sd :I;k

tksf[ke dks c<+krk gSA blls vkxz Hkh C;kt dh nj c<+rh tkrh gSA
dEiuh dks C;kt dh ph nj ij _.k feyrk gS blls vkfFkZd cks> vkSj
vf/kd c<+ tkrk gSA lk[k eas deh vkus ls _.k feyus esa dfBukbZ
gksrh gS ftlds ifj.kkeLo:Ik yk; esa Hkh fxjkoV vkrh gSA

4- fokh; laLFkkuksa }kjk izfrcU/k Restrictions from Financial

Institutions%
 fok iznku djus okyh laLFkk, Hkh bu dEifu;ksa ij izfrcU/k yxk
nsrh gS tks _.k ds cks> C;kt ds dkj.k rFkk Deiuh dh iwth
lajpuk esa larqyu cuk, j[kus ds fy, vf/kd fokh; yhojst dk lgkjk ysrs
gSaA

;g lgh gS fd nwljs dh iwth vkSj viuh cqf) dk mi;ksx dj vf/kd

ykHk vftZr dh tk,A fdUrq O;kikj dh ifjfLFkfr;ksa dks /;ku eas j[kdj gh
bruk _.k fy;k tk, fd mls ogu djuk dEiuh ds fy, laHko gksA ;fn _.k dk
cks> vf/kd gks tk,xk rks ykHkkak dh nj oSls gh de gks tk,xh vkSj
;g e ;fn pyrk jgk rks O;kikj dh vkfFkZd fLFkfr foxM+ tk,xhA vr%
lerk dk O;kikj vFkkZr~ fokh; yhojst dk mi;ksx O;kikj dh fofHkUu
ifjfLFkfr;ksa dk vkadlu djds gh fd;k tkuk pkfg,A