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ruby5ltc · 2023年04月02日

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NO.PZ2018111303000088

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。

这道题是否是找出CapEx%和Assets%最高的,并且EBIT最低的那一个部门?

如果CapEx%和Assets%最高的并不是EBIT最低的那一个部门的呢?

1 个答案

王园圆_品职助教 · 2023年04月02日

同学你好,不是,第一步只要找出CapEx%大于Assets%的部门即可,就说明这样的部门都是在加速投资的,至于如果有两个部门都在加速投资,谁投的更多,则不太重要

第二部才是在加速投资的几个部门中找出EBIT margin最低的部门进行剔除

所以不存在你说的需要找出CapEx%相对Assets%最高的部门的问题

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