问一道题：NO.PZ2016012101000131 [ CFA I ]

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？