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Fannie. · 2023年11月02日

为什么不是直接比较部门的ROCE大小?

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。

题干说要剔除 lowest returns on capital employed 的部门,实际就是计算三个部门的ROCE指标 = EBIT / capital employed。题干给出了三个部门的EBIT margin,那么ROCE = EBIT margin × Sales ÷ capital employed。由于分部门的Sales题干没给,记得何老师上课说一般Capex和Sales成正比。因为是部门间比较大小,不管比例多少,用Capex代替Sales结果一样。计算出来就是training部门最小。

另,针对题目解析的做法,为什么是在加速投资的部门中比较EBIT margin?题干没有限定是在加速投资部门中选择divestiture。

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已采纳答案

王园圆_品职助教 · 2023年11月02日

同学你好,首先因为本题出题人想要考察的就是以下讲义截图的知识点,且这是二级FSA中唯一一个涉及不同部门的投资回报比较的一个知识点。

而ROCE和ROIC都是针对的公司整体而非部门的

其次,“记得何老师上课说一般Capex和Sales成正比”——你这个结论依然是针对公司整体的,且是针对预测未来公司的sales,CAPEX的时候才有的结论。现在既然要比较哪个部门的投资回报率更高,肯定是因为投入CAPEX和产出不匹配导致的,所以就更不应该用CAPEX替代sales

最后,你的问题“针对题目解析的做法,为什么是在加速投资的部门中比较EBIT margin?题干没有限定是在加速投资部门中选择divestiture。”——这是因为,一个部门如果一边加速投资,一边产出又特别低,那这个部门才是最不值得投资的;反之如果一个部门要求投资比较低,但是回报率却高,就应该保留。

Fannie. · 2023年11月02日

讲得很清楚,谢谢

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