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James · 2025年03月23日

这道题为什么不用题干里提到的做法来做?

* 问题详情,请 查看题干

NO.PZ201602060100002003

问题如下:

3. Based on Abay’s criteria, the business segment best suited for divestiture is:

选项:

A.

medical equipment.

B.

power and industrial.

C.

automation equipment.

解释:

B is correct.

The Power and Industrial segment has the lowest EBIT margins but uses about 31 percent of the capital employed. Further, Power and Industrial’s proportion of the capital expenditures has increased from 32 percent to 36 percent over the three years. Its capital intensity only looked to get worse, as the segment’s percentage of total capital expenditures was higher than its percentage of total capital in each of the three years. If Abay is considering divesting segments that do not earn sufficient returns on capital employed, this segment is most suitable.

解析:考点是capital allocation decision。首先计算部门的capEX%/Asset%,Power部门2007和2009年的capEX%/Asset%分别是1.07和1.13,说明公司对Power部门在加速投资,capEX%从2007年的32%增加到了2009年的36%,也就是Power部门的capital expenditures占了公司总capital expenditures的约1/3,但是Power部门的EBITmargin是三个部门最低的,因此如果公司要选择一个部门降低投资,Power部门是最合适的。

题干里说divest segment that generating the lowest return on capital employed,为什么不用capital employed这个值来比较呢?

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