NO.PZ2016012101000131
问题如下：
A decomposition of ROE for Company A and Company B is as follows:
An analyst is most likely to conclude that:
选项：
A.Company A’s ROE is higher than Company B’s in FY15, and one explanation consistent with the data is that Company A may have purchased new, more efficient equipment.
B.Company A’s ROE is higher than Company B’s in FY15, and one explanation consistent with the data is that Company A has made a strategic shift to a product mix with higher profit margins.
C.The difference between the two companies’ ROE in FY15 is very small and Company A’s ROE remains similar to Company B’s ROE mainly due to Company A increasing its financial leverage.
解释：
C is correct.
The difference between the two companies’ ROE in 2010 is very small and is mainly the result of Company A’s increase in its financial leverage, indicated by the increase in its Assets/Equity ratio from 2 to 4. The impact of efficiency on ROE is identical for the two companies, as indicated by both companies’ asset turnover ratios of 1.5. Furthermore, if Company A had purchased newer equipment to replace older, depreciated equipment, then the company’s asset turnover ratio (computed as sales/assets) would have declined, assuming constant sales. Company A has experienced a significant decline in its operating margin, from 10 percent to 7 percent which, all else equal, would not suggest that it is selling more products with higher profit margins.
解析：A公司FY15的ROE大于B公司ROE，选项A的解释是说因为A公司买了新的更有效率的设备，这样资产增加，asset turnover变小才对，但是题目表格的asset turnover是不变的，所以A不对。B选项说是因为A公司转型生产有更高profit margin的产品，从表格数据看出A公司的EBIT margin变小了，和B的说法不相符，所以B不对。C选项说两个公司的ROE差距很小，原因是A公司增加了financial leverage，从表格中能看出A公司的leverage确实从2增加到4，B公司的leverage没变。如果A公司leverage还是维持FY14的水平不变，尤其是EBIT margin差距很大，A公司的ROE本应该比B公司小很多，但是A公司leverage增加抵消了其tax burden下降和EBIT margin下降带来的对ROE的负面影响，所以FY15两公司ROE的差距很小。C正确。
选项A的解释是说因为A公司买了新的更有效率的设备，这样资产增加，asset turnover变小才对
是因为买了新的设备，asset即asset turnover分母变大了吗
