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王10 · 2023年12月14日

这道题怎么解读啊

NO.PZ2023081403000147

问题如下:

Q. A decomposition of ROE for Company A and Company B is as follows:

Exhibit 1:

ROE for Company A and Company B

An analyst is most likely to conclude that:

选项:

A.Company A’s ROE is higher than Company B’s in FY15, and one explanation consistent with the data is that Company A may have purchased new, more efficient equipment. B.the difference between the two companies’ ROE in FY15 is very small and Company A’s ROE remains similar to Company B’s ROE mainly due to Company A increasing its financial leverage. C.Company A’s ROE is higher than Company B’s in FY15, and one explanation consistent with the data is that Company A has made a strategic shift to a product mix with higher profit margins.

解释:

B is correct. The difference between the two companies’ ROE in FY15 is very small and is mainly the result of Company A’s increase in its financial leverage, indicated by the increase in its Assets/Equity ratio from 2 to 4. The impact of efficiency on ROE is identical for the two companies, as indicated by both companies’ asset turnover ratios of 1.5. Furthermore, if Company A had purchased newer equipment to replace older, depreciated equipment, then the company’s asset turnover ratio (computed as sales/assets) would have declined, assuming constant sales. Company A has experienced a significant decline in its operating margin, from 10 percent to 7 percent which, all else equal, would not suggest that it is selling more products with higher profit margins.

这道题怎么解读啊

2 个答案

lynn_品职助教 · 2024年07月09日

嗨,从没放弃的小努力你好:


是的,谢谢同学,选项说错了,但是选项的内容是对的哈,因为我们题库的题目有时候会打乱选项给大家出题,以后我会注意的。


B选项说两个公司的ROE差距很小,原因是A公司增加了financial leverage,从表格中能看出A公司的leverage确实从2增加到4,B公司的leverage没变。


按照上文的分析,EBIT margin不同带来的影响被leverage抵消了,B正确。

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努力的时光都是限量版,加油!

lynn_品职助教 · 2023年12月14日

嗨,爱思考的PZer你好:


这道题考的是ROE的杜邦五分解,


首先14年两个公司的ROE是相同的,但是15年出现了差别,A公司比B公司大了,那么分析师就要看这个差异是怎么导致的,


为什么原本ROE一样的两个公司ROE变得不一样的,


那么就看一下下面五分解里面的各项,我们发现tax burden、EBIT margin和leverage这三项不一样了,原本五项都是一样的。


然后我们看到tax burden的差别不大,但是leverage和EBIT的差距很大,而且方向正好是相反的,A公司的leverage是B公司的两倍,而EBIT margin一个是7%一个是13%,差距也几乎就是两倍了,只不过这个差距和leverage正好相反,是B公司比A公司大。


所以分析师从数据上就可以得出结论,两个公司15年ROE的差距很小,原因就是EBIT margin不同带来的影响被leverage抵消了。


我们来看选项


选项A的解释是说因为A公司买了新的更有效率的设备。如果是这样,那么资产增加,asset turnover变小才对,但是题目表格的asset turnover是不变的,所以A不对。


B选项说是因为A公司转型生产有更高profit margin的产品,从表格数据看出A公司的EBIT margin变小了,和B的说法不相符,所以B不对。


C选项说两个公司的ROE差距很小,原因是A公司增加了financial leverage,从表格中能看出A公司的leverage确实从2增加到4,B公司的leverage没变。


按照上文的分析,EBIT margin不同带来的影响被leverage抵消了,C正确。

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虽然现在很辛苦,但努力过的感觉真的很好,加油!

三三 · 2024年07月08日

这里说C正确,但题目答案是B正确。

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