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奕冉 · 2022年01月10日

不太清楚怎么得出结论

  1. CFA I
  2. FRA

NO.PZ2018062004000129

问题如下：

What conclusion can be drawn according to the following table?

选项：

A.

The company’s total asset turnover may increase and its leverage may decrease.

B.

The company’s total asset turnover may increase and its leverage may increase.

C.

The company’s total asset turnover may decrease and its leverage may increase.

解释：

C is correct.According to DuPont analysis,ROE=ROA*Leverage=Net profit margin*Total asset turnover*Leverage.Since ROE increased and ROA decreased,leverage would increase.Since net profit margin increased and ROA decreased,total asset turnover might decrease.

老师，能详细展开讲一下思路和过程吗

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1 个答案

Kiko_品职助教 · 2022年01月11日

嗨，爱思考的PZer你好：


总资产周转率=revenue/asset

ROA=NI/ASSET=NI/REVENUE *(REVENUE/ASSET)=net profit margin*total asset turnover

ROA在下降，而net profit margin在上升，所以只有可能是total asset turnover下降导致的ROA的下降。

ROE=NI/ASSET*(ASSET/EQUITY)=ROA*Leverage,ROE上升，ROA是下降的，那么leverage只可能是上升的。

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