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AroDing · 2024年11月08日

Financial leverage可以通过分解ROE得到，ROE=ROA* leverage

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NO.PZ2023081403000145

问题如下：

Q. An analyst compiles the data in Exhibit 1 for a company:

Exhibit 1:

Net Profit Margin

Based only on the information above, the most appropriate conclusion is that, over the period FY13 to FY15, the company’s:

选项：

A.net profit margin and financial leverage have decreased. B.net profit margin and financial leverage have increased. C.net profit margin has decreased but its financial leverage has increased.

解释：

C is correct. The company’s net profit margin has decreased and its financial leverage has increased. ROA = Net profit margin × Total asset turnover. ROA decreased over the period despite the increase in total asset turnover; therefore, the net profit margin must have decreased.

ROE = Return on assets × Financial leverage. ROE increased over the period despite the drop in ROA; therefore, financial leverage must have increased.

看了上面的解析：Financial leverage可以通过分解ROE得到，ROE=ROA* leverage这个公式自己试着推了一下，但是推不出来，请问是怎么推倒的呢

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王园圆_品职助教 · 2024年11月08日

同学你好，ROA的一般公式是ROA = NI/asset

ROE = NI / equity

而financial leverage = Asset/ equity

所以ROE = (NI / asset) * (asset/equity) = ROA* financial leverage

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