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Lynn · 2020年08月28日

问一道题：NO.PZ2016012101000129

  1. CFA I
  2. FRA

问题如下：

An analyst compiles the following data for a company:

Based only on the information above, the most appropriate conclusion is that, over the period FY13 to FY15, the company’s:

选项：

A.

net profit margin and financial leverage have decreased.

B.

net profit margin and financial leverage have increased.

C.

net profit margin has decreased but its financial leverage has increased.

解释：

C  is correct.

The company’s net profit margin has decreased and its financial leverage has increased. ROA = Net profit margin × Total asset turnover. ROA decreased over the period despite the increase in total asset turnover; therefore, the net profit margin must have decreased. ROE = Return on assets × Financial leverage. ROE increased over the period despite the drop in ROA; therefore, financial leverage must have increased.

解析：net profit margin=NI/revenue，从题目中找不到直接信息，但是可以分解ROA得到：ROA=（NI/revenue）*（revenue/asset），revenue/asset就是题目给的asset turnover，可以求出三年的net profit margin，从FY13到FY15分别是4.05、4和3.76，可以看出该比率在下降。Financial leverage可以通过分解ROE得到，ROE=ROA* leverage，ROA是下降的而ROE是上升的，所以leverage肯定是上升的。

为什么ROA=ROE*leverge?


谢谢

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1 个答案

纠纠_品职答疑助手 · 2020年08月29日

嗨，爱思考的PZer你好：


ROA  =  return on asset =NI/ Asset

ROE = return on equity = NI/Equity

Leverage  = Asset/ Equtiy

所以 ROE=ROA* leverage

同学应该是公式写错了吧。


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