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Viola欧拉 · 2024年12月26日

讲解一下这道题的思路和考察的重要的知识点

  1. CFA I
  2. FRA

NO.PZ2023081403000141

问题如下：

Q. The company’s total assets at year-end FY9 were GBP3,500 million. Which of the following choices best describes reasonable conclusions an analyst might make about the company’s efficiency?

The following data appear in the five-year summary of a major international company. A business combination with another major manufacturer took place in FY13.

Exhibit 1:

Five-Year Summary of a Major International Company

选项：

A.Comparing FY14 with FY10, the company’s efficiency deteriorated, as indicated by its current ratio. B.Comparing FY14 with FY10, the company’s efficiency deteriorated due to asset growth faster than turnover revenue growth. C.Comparing FY14 with FY10, the company’s efficiency improved, as indicated by a total asset turnover ratio of 0.86 compared with 0.64.

解释：

B is correct. The company’s efficiency deteriorated, as indicated by the decline in its total asset turnover ratio from 1.11 {= 4,390/[(4,384 + 3,500)/2]} for FY10 to 0.87 {= 11,366/[(12,250 + 13,799)/2]} for FY14. The decline in the total asset turnover ratio resulted from an increase in average total assets from GBP3,942 [= (4,384 + 3,500)/2] for FY10 to GBP13,024.5 for FY14, an increase of 230 percent, compared with an increase in revenue from GBP4,390 in FY10 to GBP11,366 in FY14, an increase of only 159 percent. The current ratio is not an indicator of efficiency.

如题

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王园圆_品职助教 · 2024年12月26日

同学你好，本题考察的就是efficiency ratio包含的项目以及对应的计算

题目的三个选项都在讨论efficiency ratio的内容

首先看A——A说公司的efficiency下降，是通过看current　ratio来得出的结论——这就是错的，从下面讲义截图就可以知道,effciency ratio 根本不包含current ratio，所以A直接错

B选项——说14年和10年相比，公司的efficiency下降，是因为资产增长的比revenue更快

对应的是asset turnover ratio= revenue/asset

公司10年asset turnover ratio=4,390/[(4,384 + 3,500)/2] =1.11，而14年asset turnover ratio= 11,366/[(12,250 + 13,799)/2]=0.87，确实下降了

而且total asset增长率——题目这里解析也说了”from GBP3,942 [= (4,384 + 3,500)/2] for FY10 to GBP13,024.5 for FY14, an increase of 230 percent” 

比revenue的增长率”revenue from GBP4,390 in FY10 to GBP11,366 in FY14, an increase of only 159 percent.“确实更快，所以B选项完全正确

C选项公司的efficiency变好了，并且计算的依然是asset turnover ratio——那就和B相冲突了，C也错

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