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Sofia nice · 2023年09月18日

杠杆增加会让ROE增加

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.

杠杆增加会让ROE增加,是因为equity变小了吗

1 个答案

王园圆_品职助教 · 2023年09月18日

同学你好,请看以下讲义截图红色部分,其实你的理解差不多,但是杠杆其实是指的asset/equity的比值而非equity单纯绝对值的变小

也就是说,可能公司的equity绝对值依然是增大的,但是如果asset增长的比equity大的多得多,那financial leverage 依然会增加,此时在其他条件都不变的前提下,公司的ROE也会增大

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