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EmilyZhou · 2024年08月04日

老师 麻烦能否解释下这道题？

  1. CFA I
  2. Equity

* 问题详情，请 查看题干

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.

老师 麻烦能否解释下这道题？

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1 个答案

王园圆_品职助教 · 2024年08月04日

同学你好，请看以下讲义截图

第一张是ROE的拆解，第二张是DFL的公式，第三张是DOL的公式

其中operating profit就是operating income

Net margin = NI/sales = (% Δ Net income/% Δ Operating income) × (% Δ Operating income/% Δ sales)=DFL*DOL

所以ROE = DFL*DOL* asset turnover * equity multiple

再看最下面对应的题目题干表格，既然这里说了oldship和cleanyard有类似的equity multiple，你可以假设一个数字譬如 2 带入上面粉色公式计算

因为oldship和cleanyard的DFL一样大小，DOL虽然oldship正好是cleanyard的1/2，但是asset turnover ratio 正好oldship是cleanyard的2倍，那综合来看两者的ROE计算出来的结果就应该非常接近才对，所以选B

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