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deerqjl · 2020年11月16日

问一道题：NO.PZ2018111303000088 [ CFA II ]

  1. CFA II
  2. FRA

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。

老师您好，不好意思不太理解capital expenditure和capital employed的意思，也不太明白怎样是加速投资怎样是减速投资，能否帮忙解释一下这些概念？谢谢
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1 个答案

王琛_品职助教 · 2020年11月17日

- 亲好，这道题考察的知识点是 "Capital Allocation Decisions", 在基础班讲义 P335-P336
- 题目背景是：基于杜邦分析法，分析师认为公司可以通过公司能减少对某个部门的投资来增加 ROE，这个部门 capital employed 产生的汇报是最低的，问哪个部门是公司应该减少投资的
- 主要看两个方面：
1）比较 CapEx% 和 Asset%，连续三年我们能看到 Investment 和 consulting 部门的投资比例都是大于资产百分比，说明是在加速投资
2）consulting business 的 EBIT margin 是最低的
- 说明我们在毛利最低的事业部加速投资，存在资源分配不合理的情况，是需要改变的
- 这里如果对基础概念有疑问，建议还是听一下基础班视频，尤其是 P336 例题的讲解哈

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