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holicess · 2023年09月05日

提问

  1. CFA I
  2. FRA

NO.PZ2018062004000130

问题如下：

Peter is an analyst, to analyze the financial position of company ADC, he listed the following data. Which of the following conclusions is he most likely to make?

选项：

A.

In FY16, company ADC generated more profit than before.

B.

In FY16, the average tax rate decreased, but ROE stayed the same due to the decreased profitability.

C.

In FY16, the average tax rate increased, but ROE stayed the same due to the improved efficiency.

解释：

C is correct. In the form, only tax burden and asset turnover changed. According to definition, tax burden= 1-average tax rate; asset turnover= net revenue/assets, belonging to activity ratios.

In FY16, tax burden decreased, indicating that average tax rate increased. Asset turnover increased, indicating that efficiency improved, because activity ratios measure the efficiency in using assets to generate revenue.  Under the comprehensive effect of the two ratios, ROE stayed the same.The profitability stayed the same because EBIT margin didn't change.

asset turnover 提高，就是efficiency 提高，不是说明比之前生成更多的revenue 吗？

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lynn_品职助教 · 2023年09月06日

嗨，努力学习的PZer你好：


asset turnover 提高，就是efficiency 提高，不是说明比之前生成更多的revenue 吗？


生成更多的revenue是profibility提高，不是efficiency 提高。衡量profibility的指标是下图第2项，没有变动。


而asset turnover，它衡量的是asset的效率（efficiency)，效率是上升的。


从这些信息可以看出，效率上升，会使ROE上升，但tax rate上升， 使得tax burden下降，从而ROE下降，因此ROE整体看是没有变化的。


A不对，因为2是衡量profibility的指标，它是不变的，所以profibility没有improve。从这个表格中没有体现liquidity的信息，所以没有办法对liquidity下结论

B不对，因为profibility没有improve，而是efficiency上升了，所以选C

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努力的时光都是限量版，加油！

holicess · 2023年09月09日

老师，表示profitability 的是右边手写图片的第二还是第三项，就是eat/ebit还是ebit/revenue? 谢谢

lynn_品职助教 · 2023年12月23日

嗨，爱思考的PZer你好：


NI是应该扣除interest和tax后的部分吧?


对

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

Chinazdk · 2023年12月22日

NI是应该扣除interest和tax后的部分吧?

lynn_品职助教 · 2023年09月10日

嗨，爱思考的PZer你好：


第2项

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

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