We examine the issue of operating leverage and firm value. Johnstone (2020), in this issue, questions existing results which indicate that higher operating leverage results in lower firm value. We agree with Johnstone (2020) that this result is to be questioned and present a number of arguments which indicate that operating leverage is irrelevant to the valuation of the firm in the context of the CAPM model.

中文翻译：

---

CAPM 对经营杠杆有何看法？

我们研究了经营杠杆和公司价值的问题。Johnstone (2020) 在本期中质疑现有结果，这些结果表明较高的运营杠杆会导致较低的公司价值。我们同意 Johnstone (2020) 的观点，即这一结果值得质疑，并提出了一些论点，表明在 CAPM 模型的背景下，运营杠杆与公司估值无关。