NO.PZ202310070100000104
问题如下：
Assuming both companies have similar equity multipliers, OldShips is most likely to have a:
选项：
A.
much lower ROE than CleanYards
B.
similar ROE to CleanYards’.
C.
much higher ROE than CleanYards.
解释：
B is correct; ROE = DTL × Asset turnover × Equity multiplier.
OldShips has half the degree of CleanYards’ total leverage. However, its asset turnover is double CleanYards’ (0.84× versus 0.42×). Since the equity multiplier is the same, their ROEs must be similar.
Degree of total leverage (DTL) = DFL × DOL = (% Δ Net income/% Δ Operating income) × (% Δ Operating income/% Δ Q).
Thus, OldShips’ DTL = 2 × 1 = 2, whereas CleanYards’ DTL = 2 × 2 = 4.
A and C are incorrect, because both companies must have similar ROEs.
DOL×DFL＝净利润率，也就是说杜邦三因子分析里面第一个指标有了，题干里给了总资产周转率（第二个指标），还缺少第三个指标即A/E
