问题如下图：
选项：
A. 
B. 
C. 
解释：
请问为什么直接用CapEx%，而不用CapEx% / Asset% ？
竹子 · 2019年03月29日
因为每个部门的规模不同，简单来看capEx不能排除规模效应， 比如下图
第一行，EBITmargin>最后一行的margin，而只看CAPEX%，第一行是大于最后一行的，是不是投资就更大呢？不一定，因为得看这个部门的规模，也就是占total asset%，最后一行%asset明显更小（6.2 7.1 7.2），所以我们得把CapEx% 除以 Asset%，看看是否加大投资
再看第二张图
这里的数据是
CapEx% / Asset%
我们发现，最后一行虽然CAPEX%小于第一行的，但剔除 规模之后，其实数值更大，也就是说，WATERS是在加大投资的，而Nutrition 虽然
CAPEX%大，但剔除规模之后，其实是在减少投资的。
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所以看CapEx% / Asset%是更准确的。
但这一题 说了只是将EBIT%与CapEx% 比，那就按这一题的要求做就行。 这一题是根据原版书改的，原版书也是这样的要求。
NO.PZ2018111303000088 问题如下 Analyst collectethe financiinformation 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 an12% for Training business.Baseon the pont analysis, analyst believes the firm coulincrease the ROE if the company vestesegments thwere generating the lowest returns on capitemploye the business segment best suitefor vestiture is: A.Investment business B.Consulting business C.Training business B is correct.考点capitallocation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。 如题
NO.PZ2018111303000088 问题如下 Analyst collectethe financiinformation 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 an12% for Training business.Baseon the pont analysis, analyst believes the firm coulincrease the ROE if the company vestesegments thwere generating the lowest returns on capitemploye the business segment best suitefor vestiture is: A.Investment business B.Consulting business C.Training business B is correct.考点capitallocation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。 PZ’s segment EBIT margins in 2018 were 15% for Investment business, 9% for Consulting business an12% for Training business.不可以直接根据 EBIT margins的大小，选择最小的那项吗？
NO.PZ2018111303000088 问题如下 Analyst collectethe financiinformation 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 an12% for Training business.Baseon the pont analysis, analyst believes the firm coulincrease the ROE if the company vestesegments thwere generating the lowest returns on capitemploye the business segment best suitefor vestiture is: A.Investment business B.Consulting business C.Training business B is correct.考点capitallocation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。 rt
NO.PZ2018111303000088 问题如下 Analyst collectethe financiinformation 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 an12% for Training business.Baseon the pont analysis, analyst believes the firm coulincrease the ROE if the company vestesegments thwere generating the lowest returns on capitemploye the business segment best suitefor vestiture is: A.Investment business B.Consulting business C.Training business B is correct.考点capitallocation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。 题干说要剔除 lowest returns on capitemploye的部门，实际就是计算三个部门的ROCE指标 = EBIT / capitemploye题干给出了三个部门的EBIT margin，那么RO= EBIT margin × Sales ÷ capitemploye由于分部门的Sales题干没给，记得何老师上课说一般Capex和Sales成正比。因为是部门间比较大小，不管比例多少，用Capex代替Sales结果一样。计算出来就是training部门最小。另，针对题目解析的做法，为什么是在加速投资的部门中比较EBIT margin？题干没有限定是在加速投资部门中选择vestiture。
NO.PZ2018111303000088问题如下 Analyst collectethe financiinformation 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 an12% for Training business.Baseon the pont analysis, analyst believes the firm coulincrease the ROE if the company vestesegments thwere generating the lowest returns on capitemploye the business segment best suitefor vestiture is: A.Investment businessB.Consulting businessC.Training business B is correct.考点capitallocation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。 只算2018年一年的就行吧？前两年要和2018不一致也没法选，所以必定是一致的。
