NO.PZ2018062004000131
问题如下:
An analyst wants to analyze the financial position of company M and company N, he listed the following data. Which of the following conclusions is he most likely to make?
选项:
A.In FY11, the ROE of company M is slightly higher than that of company N, the reason may be that company M sold new products which can produce higher profit.
B.In FY11, the ROE of company M is slightly higher than that of company N, the reason may be that company M purchased new equipments which are highly efficient.
C.In FY11, the ROE of company M is slightly higher than that of company N, the reason may be that company M increased the leverage.
解释:
C is correct. In FY11, the ROE of company M is slightly higher than that of company N, the difference is not distinctive, the main reason may be that company M's financial leverage increased from 3 to 5.
Compared with company N, company M has the same asset turnover, indicating that efficiency didn't change, so it is unlikely that new equipments were purchased. Moreover, company M's EBIT margin decreased from 9% to 8%, indicating that higher profit did not occur in FY11.
A为什么不对呢