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SYc · 2024年03月03日

这个题

  1. CFA I
  2. FRA

NO.PZ2023081403000146

问题如下：

Q. A decomposition of ROE for Integra SA is as follows:

Exhibit 1:

Integra SA ROE

Which of the following choices best describes reasonable conclusions an analyst might make based on this ROE decomposition?

选项：

A.Profitability and the liquidity position both improved in FY12. B.The higher average tax rate in FY12 offset the improvement in profitability, leaving ROE unchanged. C.The higher average tax rate in FY12 offset the improvement in efficiency, leaving ROE unchanged.

解释：

C is correct. The increase in the average tax rate in FY12, as indicated by the decrease in the value of the tax burden (the tax burden equals one minus the average tax rate), offset the improvement in efficiency indicated by higher asset turnover) leaving ROE unchanged. The EBIT margin, measuring profitability, was unchanged in FY12 and no information is given on liquidity.

b怎么不对呢？

另外，FY12的tax burden 不是降低了吗，c选项里面怎么说higher呢？


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Oohermosa · 2024年03月03日

FY12较之FY11改变的除了tax burden只有asset turnover，EBIT margin不变，所以可以说profitable不变； tax burden=1-t，tax burden由0.75降至0.70，也就是说tax由25%上升到30%了。

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王园圆_品职助教 · 2024年03月03日

同学你好，请看 以下讲义截图黄色部分，ROE五分法下的tax burden是和常规理解正好相反的，tax burden = 1 - tax rate，所以12年这个值小于11年，反而说明tax rate 是上涨而非下降的

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