你好

问题如下：

A decomposition of ROE for Integra SA is as follows:

Which of the following choices best describes reasonable conclusions an analyst might make based on this ROE decomposition?

选项：

A.

Profitability and the liquidity position both improved in FY12.

B.

The higher average tax rate in FY12 offset the improvement in profitability, leaving ROE unchanged.

C.

The higher average tax rate in FY12 offset the improvement in efficiency, leaving ROE unchanged.

解释：

C  is correct.

The increase in the average tax rate in FY12, as indicated by the decrease in the value of the tax burden (the tax burden equals one minus the average tax rate), offset the improvement in efficiency indicated by higher asset turnover) leaving ROE unchanged. The EBIT margin, measuring profitability, was unchanged in FY12 and no information is given on liquidity.

解析：考察的知识点是ROE的分解，其中衡量profitability的是EBIT margin，该比率没变，所以probability没有改善，A不对。Tax burden=NI/EBT=（EBT-tax）/EBT=1-tax rate，tax burden下降说明税率上升，B说税率上升带来的对ROE的负面影响被profitability的提高抵消了，但是profitability没变，所以B不对。C说税率上升带来的对ROE的负面影响被efficiency的提高抵消了，efficiency用asset turnover衡量，确实是变好了，所以C正确。