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momo · 2024年02月14日

roic

NO.PZ2024011002000160

问题如下:

Nigel French, an analyst at Taurus Investment Management, is analyzing Archway Technologies, a manufacturer of luxury electronic auto equipment with two main competitors which are located in different countries with significantly different tax structures.

Which profitability metric should French use to assess Archway’s five-year historic performance relative to its competitors?

选项:

A.Current ratio B.Operating margin C.Return on invested capital

解释:

B is correct. Operating (EBIT) margin is a pre-tax profitability measure that can be useful in the peer comparison of companies in countries with different tax structures. Archway’s two main competitors are located in different countries with significantly different tax structures; therefore, a pre-tax measure is better than an after-tax measure, such as ROIC. The current ratio is a liquidity measure, not a profitability measure.

不应该选c吗

1 个答案

王园圆_品职助教 · 2024年02月16日

同学你好,你再仔细看下以下讲义截图黄色部分

首先,不同国家有显著不同税率结构的情况下,更适合用的不是ROIC而是ROCE

且ROIC的分子是用EBIT*(1-t)的,受税的影响会非常大——所以只有EBIT是不受tax影响的

EBIT/Sales=Operating margin显然不受tax影响,所以B才正确

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