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廖廖酱 · 2023年03月23日

关于两者区别

  1. CFA II
  2. FRA

NO.PZ2018111303000088

问题如下：

Analyst collected the financial information about PZ company in the following table:

PZ’s segment information is in the following table:

PZ’s segment EBIT margins in 2018 were 15% for Investment business, 9% for Consulting business and 12% for Training business.

Based on the Dupont analysis, analyst believes the firm could increase the ROE if the company divested segments that were generating the lowest returns on capital employed, the business segment best suited for divestiture is:

选项：

A.

Investment business

B.

Consulting business

C.

Training business

解释：

B is correct.

考点：capital allocation

解析：

可以直接观察 CapEx%和Assets%，如果前者大于后者，说明在加速投资，三个部门中，investment和consulting都在加速投资，但是consulting的EBITmargin最低，是9%，所以应该剔除该部门。

老师您好，请问capital employed 和capital expenditure这两个不是一个意思吗？都是资本的开销不是？

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已采纳答案

王园圆_品职助教 · 2023年03月23日

嗨，爱思考的PZer你好：


同学你好，两者是完全不同的，请看以下原版书截图：capital employed是指总资产减去不承担利息的负债（类似应付账款，应付工资等）

而capital expenditures是指为购置固定资产，无形资产等花费的支出（这是二级Equity自由现金流一章里的概念）


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虽然现在很辛苦，但努力过的感觉真的很好，加油！

廖廖酱 · 2023年03月23日

老师，那请问这题里面CapEx%和Assets%计算出来对比以后，发现investment和consult 都是加速 ，training是减速的，就不用考虑training了吗？还有请问下为什么还要对比EBIT MARGIN？

王园圆_品职助教 · 2023年03月23日

嗨，努力学习的PZer你好：


题目问的是哪个部门由于使用了capital但收益比较低需要被剔除——翻译一下就是用的钱又多，但给公司带来的收益又低，那就不值得投资，应该被踢出去

请看以下讲义截图，这里已经明确了比较的步骤

首先要把三个部门中正在加速投资的部门挑出来，既然training 部门的投资是在减速的，那就不需要过多的关注，且这个部门的EBIT magin还是最高的——就说明投资少，产出高，这是最好的部门，无论如何都不能剔除

其次加速投资的两个部门就要再比较谁收益率低，根据讲义的知识点，就需要计较EBIT　ｍａｒｇｉｎ

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努力的时光都是限量版，加油！

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