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cjnuo04 · 2019年12月01日

问一道题:NO.PZ201612170100000103 第3小题 [ CFA II ]

* 问题详情,请 查看题干

问题如下图:

选项:

A.

B.

C.

解释:

没看懂答案,规模经济应该是随着sales增长,gross margin或者operating margin也增长吧?为什么答案是在对比两家公司COGS和SG&A的sales占比

1 个答案

maggie_品职助教 · 2019年12月02日

1、注意这道题与我们以往做的题不同,它只看2012年这一年,所以我们只能通过分析当年的情况,不看趋势。

2、两家公司从收入规模上就能看得出一大一小,因此该题目先从计算operating margin下手,计算得到大公司的经营利润率反而更高,说明大公司规模经济。

3、计算占比主要是看下规模经济是由哪种成本带来的。规模经济的意思是收入越大,反而成本上升的比例没有收入快。

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3. Using the financiresults for 2012 shown in Exhibit 2, it woulmost appropriate for Larsteto conclu theconomies of scale for firms in the home improvements retail sector: not exist. exist anare realizein cost of goo solonly. exist anare realizein both cost of goo solanSG& 3.Retail, Inc., operating margin 2012  1,480/15,091=9.8% Miize, Inc., operating margin 2012      598/8,488=7.0% Retail,Inc.,is a bigger firm anha larger operating margin, suggesting theconomies of scale are more likely to exist. Retailer COGS a %of Revenue 2012      9,966/15091=66%    Miize COGS a %of Revenue 2012      5,857/8,488=69% Retailer SG&A a %of Revenue 2012     3,654/15,091=24% Miize SG&A a%of Revenue 2012      2,033/8,488=24% Analysis of the expense ratios shows ththe economies of scale are realizein COGS rather thin SG&想问下这个CASE的来源。没有在原本书课后题看到这题。

2020-05-09 15:40 1 · 回答

3. Using the financiresults for 2012 shown in Exhibit 2, it woulmost appropriate for Larsteto conclu theconomies of scale for firms in the home improvements retail sector: not exist. exist anare realizein cost of goo solonly. exist anare realizein both cost of goo solanSG& 3.Retail, Inc., operating margin 2012  1,480/15,091=9.8% Miize, Inc., operating margin 2012      598/8,488=7.0% Retail,Inc.,is a bigger firm anha larger operating margin, suggesting theconomies of scale are more likely to exist. Retailer COGS a %of Revenue 2012      9,966/15091=66%    Miize COGS a %of Revenue 2012      5,857/8,488=69% Retailer SG&A a %of Revenue 2012     3,654/15,091=24% Miize SG&A a%of Revenue 2012      2,033/8,488=24% Analysis of the expense ratios shows ththe economies of scale are realizein COGS rather thin SG&这道题为啥不从不同年份公司自己的数据进行对比呢?

2020-03-05 20:25 1 · 回答

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2019-12-05 00:20 1 · 回答

3. Using the financiresults for 2012 shown in Exhibit 2, it woulmost appropriate for Larsteto conclu theconomies of scale for firms in the home improvements retail sector: not exist. exist anare realizein cost of goo solonly. exist anare realizein both cost of goo solanSG& 3.Retail, Inc., operating margin 2012  1,480/15,091=9.8% Miize, Inc., operating margin 2012      598/8,488=7.0% Retail,Inc.,is a bigger firm anha larger operating margin, suggesting theconomies of scale are more likely to exist. Retailer COGS a %of Revenue 2012      9,966/15091=66%    Miize COGS a %of Revenue 2012      5,857/8,488=69% Retailer SG&A a %of Revenue 2012     3,654/15,091=24% Miize SG&A a%of Revenue 2012      2,033/8,488=24% Analysis of the expense ratios shows ththe economies of scale are realizein COGS rather thin SG&答案是不是有问题,都没有显示出来。

2019-11-26 16:20 1 · 回答