NO.PZ2023040501000136
问题如下：
Quentin Abay, CFA, is an analyst for a private equity firm interested in purchasing Bickchip Enterprises, a conglomerate. His first task is to determine the trends in ROE and the main drivers of the trends using DuPont analysis. To do so he gathers the data in Exhibit 1.
After conducting the DuPont analysis, Abay believes that his firm could increase the ROE without operational changes. Based on the DuPont analysis, Abay’s belief regarding ROE is most likely based on:
选项：
A.leverage.
profit margins.
asset turnover.
解释：
The DuPont analysis shows that profit margins and asset turnover have both increased over the last three years, but leverage has declined. The reduction in leverage offsets a portion of the improvement in profitability and turnover. Thus, ROE would have been higher if leverage had not decreased.
题目这里说“his firm could increase the ROE without operational changes”意思就是不需要提高运营效率相关的指标。那就是leverage了，leverage是财务杠杆，是通过纯粹的融资而不依靠经营就可以实现财务杠杠放大从而ROE放大的哦
但实际上杠杆每年都是降低的呀，不会增加ROE呢
