NO.PZ2015122801000032
问题如下：
Lily is an equity investor who monitors fundamental ratios. Which firm will she choose if all three below have an increase ROE?
选项：
A.
Firm A, which repurchases stock and issues more debt.
B.
Firm B, whose book value of equity grows slower than net income.
C.
Firm C, whose book value of equity decreases faster than net income.
解释：
B is correct.
Firm A has a high debt-to-equity ratio after equity repurchase and debt issue, therefore more risky than before. Firm B's net income and book value of equity both grow and ROE increases, so it is a good sign to buy. ROE=NI/[(BVEt+BVEt-1)/2] Firm C's net income and book value of equity may decrease. Therefore Lily should choose firm B.
B是正确的。
本题考察的是ROE的增长的不同来源。
A公司通过回购股票来使所有者权益的账面值变小，而且还发行新的债务使股东的风险增加，这种ROE的增长不能证明公司的经营能力有任何提高，所以不是好的公司。A错。
B公司的净利润增长了，同时净资产也增长了，这是一个正常经营的好的公司的基本特征（每年利润，净资产都有所增加）所以B公司好。选B。
C公司净利润下降就说明公司的经营能力不足，这是非常不好的。C公司也不选。
为什么回购股票会使所有者权益的账面值变小？公司回购股票不是使equity增加吗？同时还稀释股权。
