NO.PZ2024011002000064
问题如下：
Which of the following choices best describes reasonable conclusions an analyst might make based on this ROE decomposition?
A decomposition of ROE for Integra SA is
as follows:
选项：
A.Profitability and the liquidity position both improved in 2005. B.The higher average tax rate in 2005 offset the improvement in profitability, leaving ROE unchanged. C.The higher average tax rate in 2005 offset the improvement in efficiency, leaving ROE unchanged.解释：
The increase in the average tax rate in 2005, as indicated by the decrease in the value of the tax burden (the tax burden equals one minus the average tax rate), offset the improvement in efficiency indicated by higher asset turnover); as a result, ROE remained unchanged at 18.90 percent. Statement A is not correct because the EBIT margin, measuring profitability, was unchanged in 2005; furthermore, no information is given on liquidity. Statement B is not correct because profitability was unchanged in 2005.The increase in the average tax rate in 2005, as indicated by the decrease in the value of the tax burden (the tax burden equals one minus the average tax rate),
tax burden是税担，实际上通过NI/EBT的变动，怎么看的出来是受 average tax rate的影响呢？NI变小，税率不变，不是TB也会变小吗？不一定是higher average tax rate吧？这里有点没搞懂。
