问题如下图：
选项：还是看不明白为什么要选C？
A. 
B. 
C. 
解释：
Olive_品职助教 · 2019年06月09日
同学你好，这道题考的是ROE的杜邦五分解，首先14年两个公司的ROE是相同的，但是15年出现了差别，A公司比B公司大了，那么分析师就要看这个差异是怎么导致的，为什么原本ROE一样的两个公司ROE变得不一样的，那么就看一下下面五分解里面的各项，我们发现tax burden、EBIT margin和leverage这三项不一样了，原本五项都是一样的。然后我们看到tax burden的差别不大，但是leverage和EBIT的差距很大，而且方向正好是相反的，A公司的leverage是B公司的两倍，而EBIT margin一个是7%一个是13%，差距也几乎就是两倍了，只不过这个差距和leverage正好相反，是B公司比A公司大。所以分析师从数据上就可以得出结论，两个公司15年ROE的差距很小，原因就是EBIT margin不同带来的影响被leverage抵消了。
菲嫣 · 2022年02月08日
解释里说到，leverage增加抵消了tax burden下降对ROE带来的负面影响，不是很理解这句话。 个人理解：tax burden下降，NI会增加，那么ROE不是也应该会增加吗，为什么会是负面的影响呢
NO.PZ2016012101000131 问题如下 A composition of ROE for Company A anCompany B is follows:analyst is most likely to conclu that: A.Company A’s ROE is higher thCompany B’s in FY15, anone explanation consistent with the ta is thCompany A mhave purchasenew, more efficient equipment. B.Company A’s ROE is higher thCompany B’s in FY15, anone explanation consistent with the ta is thCompany A hma a strategic shift to a promix with higher profit margins. C.The fferenbetween the two companies’ ROE in FY15 is very small anCompany A’s ROE remains similto Company B’s ROE mainly e to Company A increasing its financileverage. is correct.The fferenbetween the two companies’ ROE in 2010 is very small anis mainly the result of Company A’s increase in its financileverage, incatethe increase in its Assets/Equity ratio from 2 to 4. The impaof efficienon ROE is inticfor the two companies, incateboth companies’ asset turnover ratios of 1.5. Furthermore, if Company A hpurchasenewer equipment to replaolr, preciateequipment, then the company’s asset turnover ratio (computesales/assets) woulhave cline assuming constant sales. Company A hexperiencea significant cline in its operating margin, from 10 percent to 7 percent which, all else equal, woulnot suggest thit is selling more procts with higher profit margins.解析A公司FY15的ROE大于B公司ROE，A的是说因为A公司买了新的更有效率的设备，这样资产增加，asset turnover变小才对，但是题目表格的asset turnover是不变的，所以A不对。B说是因为A公司转型生产有更高profit margin的产品，从表格数据看出A公司的EBIT margin变小了，和B的说法不相符，所以B不对。C说两个公司的ROE差距很小，原因是A公司增加了financileverage，从表格中能看出A公司的leverage确实从2增加到4，B公司的leverage没变。如果A公司leverage还是维持FY14的水平不变，尤其是EBIT margin差距很大，A公司的ROE本应该比B公司小很多，但是A公司leverage增加抵消了其tburn下降和EBIT margin下降带来的对ROE的负面影响，所以FY15两公司ROE的差距很小。C正确。 A的是说因为A公司买了新的更有效率的设备，这样资产增加，asset turnover变小才对是因为买了新的设备，asset即asset turnover分母变大了吗
NO.PZ2016012101000131 问题如下 A composition of ROE for Company A anCompany B is follows:analyst is most likely to conclu that: A.Company A’s ROE is higher thCompany B’s in FY15, anone explanation consistent with the ta is thCompany A mhave purchasenew, more efficient equipment. B.Company A’s ROE is higher thCompany B’s in FY15, anone explanation consistent with the ta is thCompany A hma a strategic shift to a promix with higher profit margins. C.The fferenbetween the two companies’ ROE in FY15 is very small anCompany A’s ROE remains similto Company B’s ROE mainly e to Company A increasing its financileverage. is correct.The fferenbetween the two companies’ ROE in 2010 is very small anis mainly the result of Company A’s increase in its financileverage, incatethe increase in its Assets/Equity ratio from 2 to 4. The impaof efficienon ROE is inticfor the two companies, incateboth companies’ asset turnover ratios of 1.5. Furthermore, if Company A hpurchasenewer equipment to replaolr, preciateequipment, then the company’s asset turnover ratio (computesales/assets) woulhave cline assuming constant sales. Company A hexperiencea significant cline in its operating margin, from 10 percent to 7 percent which, all else equal, woulnot suggest thit is selling more procts with higher profit margins.解析A公司FY15的ROE大于B公司ROE，A的是说因为A公司买了新的更有效率的设备，这样资产增加，asset turnover变小才对，但是题目表格的asset turnover是不变的，所以A不对。B说是因为A公司转型生产有更高profit margin的产品，从表格数据看出A公司的EBIT margin变小了，和B的说法不相符，所以B不对。C说两个公司的ROE差距很小，原因是A公司增加了financileverage，从表格中能看出A公司的leverage确实从2增加到4，B公司的leverage没变。如果A公司leverage还是维持FY14的水平不变，尤其是EBIT margin差距很大，A公司的ROE本应该比B公司小很多，但是A公司leverage增加抵消了其tburn下降和EBIT margin下降带来的对ROE的负面影响，所以FY15两公司ROE的差距很小。C正确。 求问老师，怎样从financileverage推出关于ROE的结论的？
NO.PZ2016012101000131问题如下A composition of ROE for Company A anCompany B is follows:analyst is most likely to conclu that: A.Company A’s ROE is higher thCompany B’s in FY15, anone explanation consistent with the ta is thCompany A mhave purchasenew, more efficient equipment. B.Company A’s ROE is higher thCompany B’s in FY15, anone explanation consistent with the ta is thCompany A hma a strategic shift to a promix with higher profit margins. C.The fferenbetween the two companies’ ROE in FY15 is very small anCompany A’s ROE remains similto Company B’s ROE mainly e to Company A increasing its financileverage. is correct.The fferenbetween the two companies’ ROE in 2010 is very small anis mainly the result of Company A’s increase in its financileverage, incatethe increase in its Assets/Equity ratio from 2 to 4. The impaof efficienon ROE is inticfor the two companies, incateboth companies’ asset turnover ratios of 1.5. Furthermore, if Company A hpurchasenewer equipment to replaolr, preciateequipment, then the company’s asset turnover ratio (computesales/assets) woulhave cline assuming constant sales. Company A hexperiencea significant cline in its operating margin, from 10 percent to 7 percent which, all else equal, woulnot suggest thit is selling more procts with higher profit margins.解析A公司FY15的ROE大于B公司ROE，A的是说因为A公司买了新的更有效率的设备，这样资产增加，asset turnover变小才对，但是题目表格的asset turnover是不变的，所以A不对。B说是因为A公司转型生产有更高profit margin的产品，从表格数据看出A公司的EBIT margin变小了，和B的说法不相符，所以B不对。C说两个公司的ROE差距很小，原因是A公司增加了financileverage，从表格中能看出A公司的leverage确实从2增加到4，B公司的leverage没变。如果A公司leverage还是维持FY14的水平不变，尤其是EBIT margin差距很大，A公司的ROE本应该比B公司小很多，但是A公司leverage增加抵消了其tburn下降和EBIT margin下降带来的对ROE的负面影响，所以FY15两公司ROE的差距很小。C正确。 中文意思是啥？为什么等于EBIT/SALE?我理解的profit margins就是净利润率，即NI/net income，对吗？
Company A’s ROE is higher thCompany B’s in FY15, anone explanation consistent with the ta is thCompany A hma a strategic shift to a promix with higher profit margins. The fferenbetween the two companies’ ROE in FY15 is very small anCompany A’s ROE remains similto Company B’s ROE mainly e to Company A increasing its financileverage. is correct. The fferenbetween the two companies’ ROE in 2010 is very small anis mainly the result of Company A’s increase in its financileverage, incatethe increase in its Assets/Equity ratio from 2 to 4. The impaof efficienon ROE is inticfor the two companies, incateboth companies’ asset turnover ratios of 1.5. Furthermore, if Company A hpurchasenewer equipment to replaolr, preciateequipment, then the company’s asset turnover ratio (computesales/assets) woulhave cline assuming constant sales. Company A hexperiencea significant cline in its operating margin, from 10 percent to 7 percent which, all else equal, woulnot suggest thit is selling more procts with higher profit margins. 解析A公司FY15的ROE大于B公司ROE，A的是说因为A公司买了新的更有效率的设备，这样资产增加，asset turnover变小才对，但是题目表格的asset turnover是不变的，所以A不对。B说是因为A公司转型生产有更高profit margin的产品，从表格数据看出A公司的EBIT margin变小了，和B的说法不相符，所以B不对。C说两个公司的ROE差距很小，原因是A公司增加了financileverage，从表格中能看出A公司的leverage确实从2增加到4，B公司的leverage没变。如果A公司leverage还是维持FY14的水平不变，那么由于A公司tburn和asset turnover和B公司相比更小，尤其是EBIT margin差距很大，A公司的ROE本应该比B公司小很多，但是A公司leverage增加抵消了其tburn下降和EBIT margin下降带来的对ROE的负面影响，所以FY15两公司ROE的差距很小。C正确。 revenue/asset为什么不是利润率呢？有点混乱了。哪些是利润率，哪些是效率记不清楚，能一下吗？
Company A’s ROE is higher thCompany B’s in FY15, anone explanation consistent with the ta is thCompany A hma a strategic shift to a promix with higher profit margins. The fferenbetween the two companies’ ROE in FY15 is very small anCompany A’s ROE remains similto Company B’s ROE mainly e to Company A increasing its financileverage. is correct. The fferenbetween the two companies’ ROE in 2010 is very small anis mainly the result of Company A’s increase in its financileverage, incatethe increase in its Assets/Equity ratio from 2 to 4. The impaof efficienon ROE is inticfor the two companies, incateboth companies’ asset turnover ratios of 1.5. Furthermore, if Company A hpurchasenewer equipment to replaolr, preciateequipment, then the company’s asset turnover ratio (computesales/assets) woulhave cline assuming constant sales. Company A hexperiencea significant cline in its operating margin, from 10 percent to 7 percent which, all else equal, woulnot suggest thit is selling more procts with higher profit margins. 解析A公司FY15的ROE大于B公司ROE，A的是说因为A公司买了新的更有效率的设备，这样资产增加，asset turnover变小才对，但是题目表格的asset turnover是不变的，所以A不对。B说是因为A公司转型生产有更高profit margin的产品，从表格数据看出A公司的EBIT margin变小了，和B的说法不相符，所以B不对。C说两个公司的ROE差距很小，原因是A公司增加了financileverage，从表格中能看出A公司的leverage确实从2增加到4，B公司的leverage没变。如果A公司leverage还是维持FY14的水平不变，那么由于A公司tburn和asset turnover和B公司相比更小，尤其是EBIT margin差距很大，A公司的ROE本应该比B公司小很多，但是A公司leverage增加抵消了其tburn下降和EBIT margin下降带来的对ROE的负面影响，所以FY15两公司ROE的差距很小。C正确。 有两个问题不懂，请问1.更有效率，turnover ratio不应该更高吗？利润更多，数值上升？2.杠杆确实提升了。但是按三步分解roe，net profit.margin*asset turnover*leverage，第一个margin也是明显小，roe才被leverage给抬上去,c的表述不太对吧？
