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LYJ66 · 2024年05月24日

这道题的解析没看懂

  1. CFA I
  2. FRA

NO.PZ2023081403000145

问题如下：

Q. An analyst compiles the data in Exhibit 1 for a company:

Exhibit 1:

Net Profit Margin

Based only on the information above, the most appropriate conclusion is that, over the period FY13 to FY15, the company’s:

选项：

A.net profit margin and financial leverage have decreased. B.net profit margin and financial leverage have increased. C.net profit margin has decreased but its financial leverage has increased.

解释：

C is correct. The company’s net profit margin has decreased and its financial leverage has increased. ROA = Net profit margin × Total asset turnover. ROA decreased over the period despite the increase in total asset turnover; therefore, the net profit margin must have decreased.

ROE = Return on assets × Financial leverage. ROE increased over the period despite the drop in ROA; therefore, financial leverage must have increased.

解析中关于ROA和ROE的公式与讲义中写的不一样，是什么原因？

以及麻烦详细讲解一下解题思路。

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1 个答案

lynn_品职助教 · 2024年05月27日

嗨，努力学习的PZer你好：


是的，ROA和ROE这两个设计杜邦分析法，可以拆解所以用起来很灵活，同学要把module11的各种指标搞清楚


net profit margin=NI/revenue，从题目中找不到直接信息，


但是可以分解ROA得到：ROA=（NI/revenue）*（revenue/asset），


revenue/asset就是题目给的asset turnover，可以求出三年的net profit margin，


从FY13到FY15分别是4.05、4和3.76，可以看出该比率在下降。


Financial leverage可以通过分解ROE得到，ROE=ROA* leverage，ROA是下降的而ROE是上升的，所以leverage肯定是上升的。


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