Vme50 · 2023年10月14日
NO.PZ2023040301000123
问题如下：
A company has initiated the process of selling unproductive land, representing 5% of its total assets, and using the proceeds to buy back its common shares. Holding other factors constant, these actions by the company will most likely result in a:
选项：
A.lower sustainable growth
higher return on equity
higher operating margin
解释：
Share buyback reduces equity, holding other factors (e.g., earnings) constant, thus return on equity will be higher
请问可以解释一下B和C吗
王园圆_品职助教 · 2023年10月14日
同学你好，return on equity = ROE = NI /Equity.题目说公司把闲置不用的土地卖了，换成的钱用来回购股票——回购就是减少在外发行的股份数量，就会使Equity变小对比ROE的公式，在NI不变的前提下（题目说了其他都不变），ROE是会增大的，所以B对
C说的是经营利润率=operating income/sales。在海外，由于土地具有永久使用权，所以不折旧不摊销，也就不会有折旧费用反映在I/S表的费用里，那卖掉土地也不会使原来的折旧金额变大或变小，也就不会使operating income变大或变小；回购影响的是Equity的大小，对于公司的Sales也不会有贡献，所以公式的分子分母都没有变化，operating margin不会有影响，所以C错
NO.PZ2023040301000123 问题如下 A company hinitiatethe process of selling unproctive lan representing 5% of its totassets, anusing the procee to buy baits common shares. Holng other factors constant, these actions the company will most likely result in A.lower sustainable growth B.higher return on equity C.higher operating margin Share buybareces equity, holng other factors (e.g., earnings) constant, thus return on equity will higher 如题
NO.PZ2023040301000123 问题如下 A company hinitiatethe process of selling unproctive lan representing 5% of its totassets, anusing the procee to buy baits common shares. Holng other factors constant, these actions the company will most likely result in A.lower sustainable growth B.higher return on equity C.higher operating margin Share buybareces equity, holng other factors (e.g., earnings) constant, thus return on equity will higher 如题
