cfa L1 求助关于leverage ratio write, equity, 如何

shareworm

Impairment导致的write down在后续年中为什么会导致leverage ratio的增长？

我理解的leverage ratio就是asset/equity asset随着write down应该是减少了啊 如何判断leverage ratio的变化？

感谢

inkelv

Good question, quick answer From (Reading 43, p.642)
[When impairment of goodwill is charged again income in current period, current reported income decreases. This charge against income also leads to reduced net assets and reduced shareholders' equity, but potentially improved RoA, asset turnover rations (.....) because equity, the denominator in the ration is smaller.]

interestingly, for asset/equity, decrease in asset due to the write down effect IN percentage is bigger then  decrease in equity due to the write down effect IN percentage.
Let me elaborate it a little. Recall,
Asset - Liability = Equity
with impairment write down, assume everything else remain the same,
adjusted asset/ adjusted equity = asset(A) - impairment(I) / equity(E) - impairment(I)
= A(1-I/A) / E(1-I/E) = (A/E) [(1-I/A)/(1-E/A)]
As A>E,
I/A < I/E,
1-I/A > 1 -E/A
i.e. the change [(1-I/A)/(1-E/A)] > 1
hence a increase in leverage ratio.