老师，请问为什么抵消的是efficient的提升？ 是从哪里判断出B 不对的？

问题如下：

A decomposition of ROE for Integra SA is as follows:

Which of the following choices best describes reasonable conclusions an analyst might make based on this ROE decomposition?

选项：

A.Profitability and the liquidity position both improved in FY12. B.The higher average tax rate in FY12 offset the improvement in profitability, leaving ROE unchanged. C.The higher average tax rate in FY12 offset the improvement in efficiency, leaving ROE unchanged.

解释：

Solution

C is correct. The increase in the average tax rate in FY12, as indicated by the decrease in the value of the tax burden (the tax burden equals one minus the average tax rate), offset the improvement in efficiency indicated by higher asset turnover) leaving ROE unchanged. The EBIT margin, measuring profitability, was unchanged in FY12 and no information is given on liquidity.