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Nicole Xiang · 2024年05月11日

请问这题怎么理解 Asset turnover是降低呢？

  1. CFA I
  2. FRA

NO.PZ2018062004000129

问题如下：

What conclusion can be drawn according to the following table?

选项：

A.

The company’s total asset turnover may increase and its leverage may decrease.

B.

The company’s total asset turnover may increase and its leverage may increase.

C.

The company’s total asset turnover may decrease and its leverage may increase.

解释：

C is correct.According to DuPont analysis,ROE=ROA*Leverage=Net profit margin*Total asset turnover*Leverage.Since ROE increased and ROA decreased,leverage would increase.Since net profit margin increased and ROA decreased,total asset turnover might decrease.

Asset turnover=Revense/Asset

因为Libility 增加， 所以Asset应该也是增加， 但是Revenue的变化怎么推断呢？

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1 个答案

lynn_品职助教 · 2024年05月13日

嗨，从没放弃的小努力你好：


因为Libility 增加， 所以Asset应该也是增加， 但是Revenue的变化怎么推断呢？


总资产周转率=revenue/asset


ROA=NI/ASSET=NI/REVENUE *(REVENUE/ASSET)=net profit margin*total asset turnover


ROA在下降，而net profit margin在上升，所以只有可能是total asset turnover下降导致的ROA的下降。


ROE=NI/ASSET*(ASSET/EQUITY)=ROA*Leverage


ROE增加，它的分子不变，分母是下降的，所以equity下降。如下图公式二。


ROE上升，ROA是下降的，那么leverage只可能是上升的。


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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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