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李羊羊羊羊 · 2025年01月13日

老师没有看懂800000/6.5是怎么得来的，这个净利润公式是什么

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  2. FRA

NO.PZ2016012102000183

问题如下：

Here is a table describes some information from financial statements of DC company for the date December 31,20X8.

Based on the following information, what is the sustainable growth rate of DC company?

  • revenue:$800,000
  • dividend paid: $80,000
  • total asset turnover:0.58
  • financial leverage: 1.7
  • sales to net income:6.5
  • tax rate:20%

选项：

A.

9.45%.

B.

12.45%.

C.

5.31%

解释：

C is correct.

Sustainable growth rate = (retention rate)*(ROE).

ROE =net profit margin* total asset turnover* financial leverage=(1/6.5) *0.58 *1.7=0.1517

Retention rate = (1 - dividend payout ratio) = I -[80000/(800000/6.5)]=0.35

Sustainable growth = 0.1517*0.35=0.0531

b=1-d,d=ni-div/b,题目中revenue=80000，div=80000,为什么不可以用（800000-80000）/800000=来计算出d

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王园圆_品职助教 · 2025年01月13日

同学你好

首先，“revenue=80000，div=80000,为什么不可以用（800000-80000）/800000=来计算出d”——注意：revenue是营业收入，而分红是从净利润NI来分出来的，我们说的分红比率dividend　payout　ratio = 1- Retention rate  = dividend/ NI 而不是revenue，所以我们必须先用revenue计算NI才能进一步计算分红比率

其次，“800000/6.5是怎么得来的，这个净利润公式是什么”——题目已经说了哦，“sales to net income:6.5“也就是sales/ NI =6.5的意思，sales 就是revenue，两者是等价的，所以通过这个sales/ NI =6.5公式我们就能计算出NI是多少了，公式简单变换一下就是 NI =revenue / 6.5，把revenue = 800,000带入分子，就可以计算出NI的金额了


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