NO.PZ2016012101000129
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。
Financial Leverage难道不是一下这个公式？怎样得出ROE/ROA=leverage的呀？
