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123 · 2025年02月19日

A为什么不对

  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.

12月的评论税率由0.75降到0.7 不是降低了吗。

讲义中roe的计算没有涉及tax，从net income开始计算，本题是否超纲

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1 个答案

王园圆_品职助教 · 2025年02月19日

同学你好，首先，本题不超纲，请看以下讲义截图，就是ROE的五分法，也就是本题对应的内容

注意，在五分法下，ROE的计算第一项NI／EBT就是题目中说的tax burden，也就是讲义黄色和紫色部分的内容

这里11年0.75的tax burden说明税率其实是1-0.75=0.25

12年的tax burden 0.7则说明公司这一年承担税率是0.3

12年大于11年，不是小于，税负没有下降而是上升了

注意，ROE五分法下没有一个ratio和liquidity相关，所以A说liquidity上升就是瞎说

EBIT margin可以被认为是体现公司profitability的指标，但是11年和12年都是10%，也没有提升，A还是瞎说


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