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。
