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Infinite · 2023年05月27日

training 在减速投资，不应该剔除这个公司吗

  1. CFA II
  2. FRA

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。

最后一个公司是在减速投资，不应该被提出吗

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1 个答案

王园圆_品职助教 · 2023年05月28日

同学你好，减速投资有什么问题呢？一般减速投资有两种情况，一是该部分已经趋于成熟，不需要太多的投资就能为公司带来很高的效益——如果是这种情况，剔除这个部门不是反而对公司不利吗？还有一种情况就是部门已经慢慢被公司所不重视想要放弃了，所以此时剔除该部门也不错

但是有两种情况的前提下，你怎么能单纯凭投资减速确定该部门该被放弃呢？

再看EBIT margin, trainning 的EBIT margin是12%，属于三者中的中间位置，证明其盈利能力也不是最差的

因为这里要求的是提高公司整体的ROE，所以实际应该这么判断，一个公司的几个部门中，如果一个部门即要很多投资，EBITmargin还低，相当于分母大分子小，才最应该被剔除


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