答案和详解如下： 35、Correct answer is A "Financial Analysis Techniques," Thomas R. Robinson, Hennie van Greuning, Elaine Henry, and Michael A. Broihahn 2008 Modular Level I, Vol. 3, pp. 605-606 2008 Modular Level I, Vol. 4, pp. 136-143 Study Sessions 10-41-f, 11-47-a demonstrate the application of Du Pont analysis (the decomposition of return on equity); calculate, interpret, and discuss the Du Pont expression and extended Du Pont expression for a company's return on equity and demonstrate its use in corporate analysis The Du Pont system can be used to break down ROE into three components: profit margin, total asset turnover, and financial leverage multiplier. The total asset turnover is 300 / 140 = 2.14 for Annandale and 120 / 70 = 1.71 for Butler. The financial leverage multiplier is 140 / 100 = 1.4 for Annandale and 70 / 45 = 1.56 for Butler. For Annandale, 15% = (net profit margin)(2.14)(1.4), so the net profit margin is 5.0%. For Butler, 15% = (net profit margin)(1.71)(1.56), so the net profit margin is 5.6%. (The net profit margin could also be computed by computing net income for each company. For Annandale, 15% = net income/100, so net income is $15. 15/300 = 5.0%. For Butler 15% = net income/45, so net income is 6.75. 6.75/120 = 5.6%.)
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发表于 2008-12-5 00:19
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