NO.PZ2022090807000007
问题如下：
A company is considering a switch from an all-equity capital structure to a structure with equal amounts of equity and debt without increasing assets. This change will reduce the net income by 30%. If the current return on equity (ROE) is 10%, the ROE under the proposed capital structure will be closest to:
选项：
A.6%.
B.20%.
C.14%.
解释：
Solution
C is correct.
Alternatively, looking at the effects of the changes in sequence:
When equity decreases by half, ROE would become 10%/0.50 = 20%.
When net income decreases by 30%, the adjusted ROE would become = 20% × (1 – 0.30) = 14%.
A is incorrect because it uses (Net Income × 30%) instead of (Net Income × [1 – 30%]) in the solution. (Net Income/Assets) × (30%/50%) = 10% × 0.6 = 6%.
B is incorrect because it does not adjust net income in the solution.
(Net Income/Assets)/50% = 20%
能解释一下为什么要NI/Asset这个吗？不是很懂解析
