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AroDing · 2024年11月08日

“Since net profit margin increased and ROA decreased”。。。。

  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.

为什么“Since net profit margin increased and ROA decreased,total asset turnover might decrease.”？

ROE=npm*at*l，这里ROE是增长，npm也是增长，l也是增长，怎么推断出的at也是增长哦，减少不也可以吗？

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1 个答案

王园圆_品职助教 · 2024年11月09日

同学你好，因为ROA = net profit margin * asset turnover

ROE =net profit margin * asset turnover * financial leverage

ROE 增加了，而ROA下降了，但是两者的组成公式中只有financial leverage ratio这一个差异，既然ROE增加了，那说明financial leverage肯定增加，否则ROE按照这个公式趋势肯定是下降的

要看ROA为什么下降，只能用 net profit margin 和 asset turnover 这两个项目了，题目中net profit margin 又是上升的，那只能是asset turnover下降才会导致ROA下降了

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