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BBQ21 · 2022年04月23日

请问算asset%为什么用capital employed那列数，不太理解capital employed的概念。

  1. CFA II
  2. FRA

NO.PZ2018111303000088

问题如下：

Analyst collected the financial information about PZ company in the following table:

PZ’s segment information is in the following table:

PZ’s segment EBIT margins in 2018 were 15% for Investment business, 9% for Consulting business and 12% for Training business.

Based on the Dupont analysis, analyst believes the firm could increase the ROE if the company divested segments that were generating the lowest returns on capital employed, the business segment best suited for divestiture is:

选项：

A.

Investment business

B.

Consulting business

C.

Training business

解释：

B is correct.

考点：capital allocation

解析：

可以直接观察 CapEx%和Assets%，如果前者大于后者，说明在加速投资，三个部门中，investment和consulting都在加速投资，但是consulting的EBITmargin最低，是9%，所以应该剔除该部门。

你好，请问下Capital Employed的概念、如何计算以及与total asset的关系，谢谢。

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袁园_品职助教 · 2022年04月24日

嗨，努力学习的PZer你好：


我们在基础班这个章节例题有学习过，判断是否加速投资的指标是 CapEx%/Assets%是否大于1.这道题里面的这个capital employed就是这个公式里面的Asset.


原因：

capital employed的定义是在原版书这个章节课后题的第3题题干，我们题库里面的这道题其实是根据课后题改编的。

所以capital employed 是总资产减去无息负债，也就是有息负债和所有者权益的总和。具体到各部门，就是每个部门分配了多少资本，也就是“ CapEx%/Assets% ”这里面的“assets”。它和assets的区别就是减去了一个无息负债。这种情况下，题目给了Assets就用assets，如果是给了capital employed就用capital employed，题目是会两个概念中给一个的。

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就算太阳没有迎着我们而来，我们正在朝着它而去，加油！

BBQ21 · 2022年04月24日

很清晰，谢谢老师。

袁园_品职助教 · 2022年04月25日

嗨，从没放弃的小努力你好：


一起加油哦！

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

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