Operating leverage means that according to the cost state, in a certain range of production and sales, the increase of production and sales will generally not affect the total fixed cost, but will reduce the fixed cost of unit products, thus improving the profit of unit products and making the profit growth rate greater than the production and sales growth rate; On the other hand, the reduction of production and sales will increase the fixed cost of unit products, thus reducing the profit of unit products, so that the profit decline rate is greater than that of production and sales. Therefore, only when there is no fixed cost, can the product make the contribution gross profit equal to the operating profit, and make the change rate of profit increase or decrease synchronously with the change rate of production and sales.
Enterprises have fixed costs and fixed financial expenses, which have leverage effect. Joint leverage is a comprehensive reflection of operating leverage and financial leverage, which directly reflects the joint influence of operating leverage and financial leverage on enterprises. General enterprises always have fixed costs, so operating leverage analysis is the premise of studying joint leverage. To make good use of joint leverage, we must analyze operating leverage and financial leverage. When the risk of operating leverage increases, the risk of financial leverage will inevitably increase; When the financial leverage risk increases, the operating leverage risk will inevitably be affected. These two levers complement each other, influence each other and interact with each other. Therefore, when raising funds and investing, we should cooperate with each other and comprehensively consider its influence on the risk-taking ability of enterprises.