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闫旭 · 2022年01月08日

这道题怎么分析

  1. CFA I
  2. FRA

NO.PZ2018062004000130

问题如下：

Peter is an analyst, to analyze the financial position of company ADC, he listed the following data. Which of the following conclusions is he most likely to make?

选项：

A.

In FY16, company ADC generated more profit than before.

B.

In FY16, the average tax rate decreased, but ROE stayed the same due to the decreased profitability.

C.

In FY16, the average tax rate increased, but ROE stayed the same due to the improved efficiency.

解释：

C is correct. In the form, only tax burden and asset turnover changed. According to definition, tax burden= 1-average tax rate; asset turnover= net revenue/assets, belonging to activity ratios.

In FY16, tax burden decreased, indicating that average tax rate increased. Asset turnover increased, indicating that efficiency improved, because activity ratios measure the efficiency in using assets to generate revenue.  Under the comprehensive effect of the two ratios, ROE stayed the same.The profitability stayed the same because EBIT margin didn't change.

tax和ROE、asset turnover都是什么关系
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1 个答案

lynn_品职助教 · 2022年01月10日

嗨，爱思考的PZer你好：


这一题考的是杜邦5分解，首先需要把公式写出来。

其中可以看到ROE没有变化，2，3，5的数字是一样的，说明也没有变化。不同之处是1和4.

其中1是tax burden,它=1-tax rate, 我们可以看到tax burden是下降的，说明tax rate上升。

而4是asset turnover，它衡量了asset的效率（efficiency)，是上升的。

从这些信息可以看出，效率上升，会使ROE上升，但tax rate上升， 使得tax burden下降，从而ROE下降，因此ROE整体看是没有变化的。

A不对，因为2是衡量profibility的指标，它是不变的，所以profibility没有improve。从这个表格中没有体现liquidity的信息，所以没有办法对liquidity下结论

B不对，因为profibility没有improve，而是efficiency上升了，所以选C

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NO.PZ2018062004000130问题如下Peter is analyst, to analyze the financiposition of company A, he listethe following tWhiof the following conclusions is he most likely to make?A.In FY16, company A generatemore profit thbefore.B.In FY16, the average trate crease but ROE stayethe same e to the creaseprofitability.C.In FY16, the average trate increase but ROE stayethe same e to the improveefficiency.C is correct. In the form, only tburn anasset turnover change Accorng to finition, tburn= 1-average trate; asset turnover= net revenue/assets, belonging to activity ratios.In FY16, tburn crease incating thaverage trate increase Asset turnover increase incating thefficienimprove because activity ratios measure the efficienin using assets to generate revenue. Unr the comprehensive effeof the two ratios, ROE stayethe same.The profitability stayethe same because EBIT margin 't change.asset turnover 提高，就是efficien提高，不是说明比之前生成更多的revenue 吗？

2023-09-05 21:05 4 · 回答

NO.PZ2018062004000130 In FY16, the average trate crease but ROE stayethe same e to the creaseprofitability. In FY16, the average trate increase but ROE stayethe same e to the improveefficiency. C is correct. In the form, only tburn anasset turnover change Accorng to finition, tburn= 1-average trate; asset turnover= net revenue/assets, belonging to activity ratios. In FY16, tburn crease incating thaverage trate increase Asset turnover increase incating thefficienimprove because activity ratios measure the efficienin using assets to generate revenue.  Unr the comprehensive effeof the two ratios, ROE stayethe same.The profitability stayethe same because EBIT margin 't change.为什么是1-的关系？

2022-02-15 21:28 2 · 回答

NO.PZ2018062004000130 tburn和average trate 总感觉是一个意思呢

2022-01-30 11:31 1 · 回答