标题: [CFA入门] 请教一道L1 FSA题 [打印本页]

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作者: arabdopsis1    时间: 2009-3-29 00:09     标题: 请教一道L1 FSA题

 The following data pertains to a company's common sized financial statements.
1. Current assets 40%
2. Total debt 40%
3. Net income 16%
4. Total assets $2000
5. Sales $ 1500
6. Total asset turnover ratio 0.75
The firm has no preferred stock in its capital structure.
The company's after tax return on common equity is:
A: 15%
B: 16%
C: 20%
D: 25%

俺觉得这不是16/60么
但答案是C； 敬请指教

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作者: sumter    时间: 2009-3-29 12:13

兄台要注意，sales和asset分别属于损益表科目和资产负债表科目，因此，上述数据是分别处于两个common sized financial statements中的。
其中，net income处于common sized income statements中,该表中各科目表示为sales的百分比，因此net income与sales比为16%，
同理，equity与asset的比例为60%，
又有asset=$2000,sales=$1500，
因此可以算得equity=$1200,net income=$240，两者相除得20%，
答案为C。
个人理解，与君共勉，共同奋战6月1级考试

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作者: baldmice    时间: 2009-4-24 03:20

 USE
 
ROE=Net Income Margin*Asset Turnover*Financial Leverage

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作者: helloalan    时间: 2009-4-27 10:36

The firm has no preferred stock in its capital structure，so return on common equity is ROE which equals to Net profit margin*asset turnover*financial leverage

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