同學(xué)：您好。杠桿貢獻(xiàn)率=（凈經(jīng)營資產(chǎn)凈利率-稅后利息率）×凈財(cái)務(wù)杠桿權(quán)益凈利潤率=稅后經(jīng)營利潤/股東權(quán)益-稅后利息/股東權(quán)益=（稅后經(jīng)營利潤/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(fù)債）*（凈負(fù)債/股東權(quán)益）因?yàn)?，凈?jīng)營資產(chǎn)=股東權(quán)益+凈負(fù)債，所以上式等于：權(quán)益凈利潤率=（稅后經(jīng)營利潤/凈經(jīng)營資產(chǎn)）*[凈負(fù)債+股東權(quán)益）/股東權(quán)益]-（稅后利息/凈負(fù)債）*（凈負(fù)債/股東權(quán)益）=稅后經(jīng)營利潤/凈經(jīng)營資產(chǎn)+（稅后經(jīng)營利潤/凈經(jīng)營資產(chǎn)）*（凈負(fù)債股東權(quán)益）-（稅后利息/凈負(fù)債）*（凈負(fù)債/股東權(quán)益）=凈經(jīng)營資產(chǎn)利潤率+（凈經(jīng)營資產(chǎn)利潤率*凈財(cái)務(wù)杠桿-稅后利息*凈財(cái)務(wù)杠桿=凈經(jīng)營資產(chǎn)利潤率+（凈經(jīng)營資產(chǎn)利潤率-稅后利息）*凈財(cái)務(wù)杠桿=凈經(jīng)營資產(chǎn)利潤率+經(jīng)營差異率*凈財(cái)務(wù)杠桿=凈經(jīng)營資產(chǎn)利潤率+杠桿貢獻(xiàn)率所以有，杠桿貢獻(xiàn)率=權(quán)益凈利率－凈經(jīng)營資產(chǎn)利潤率