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dejiazheng · 2025年03月30日

判断investment和consulting都在加速投资是看employed还是expenditure？

  1. CFA II
  2. FRA

NO.PZ2018111303000088

问题如下：

Analyst collected the financial information about PZ company in the following table:

PZ’s segment information is in the following table:

PZ’s segment EBIT margins in 2018 were 15% for Investment business, 9% for Consulting business and 12% for Training business.

Based on the Dupont analysis, analyst believes the firm could increase the ROE if the company divested segments that were generating the lowest returns on capital employed, the business segment best suited for divestiture is:

选项：

A.

Investment business

B.

Consulting business

C.

Training business

解释：

B is correct.

考点：capital allocation

解析：

可以直接观察 CapEx%和Assets%，如果前者大于后者，说明在加速投资，三个部门中，investment和consulting都在加速投资，但是consulting的EBITmargin最低，是9%，所以应该剔除该部门。

investment部门expenditure%逐年下降，employed逐年上升说明什么？能否针对加速投资这个定义进行描述

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1 个答案

王园圆_品职助教 · 2025年03月30日

同学你好，请看以下讲义截图黄色部分，加速投资的定义就是用CapEx%和Assets%比较看大于1还是小于1来决定的

而不是看不同年份CapEx%或Assets%的变化趋势来判断的，所以你没有必要过分关注某个部门的资本支出到底是不是持续在下降或上升的

另外，注意，这道题目中，其实investment部门的expenditure%也没有逐年下降，而是中间一年特别高哦

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