问题如下图：
选项：
A. 
B. 
C. 
解释：
题目说基于capital employed，但是给的答案解析是capital expenditure来算的，即810/2730，为什么不是用12500/52050来算，然后比较这三个segment之间这个比例的大小呢？
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。
