李同学2019-02-22 11:17:01
04.单选题 已收藏 标记 纠错 Which of the following statements is most accurate regarding the impact of financial leverage on a company's net income and return on equity (ROE)? A If a firm has a positive operating profit margin, using financial leverage will always increase ROE. B Increasing financial leverage increases both risk and potential return of existing bondholders. C Using financial leverage increases the volatility of ROE for a level of volatility in operating income. 查看解析 上一题 下一题 正确答案C 您的答案B本题平均正确率:46% Leverage and risk难度:一般 推荐: 答案解析 问:A选项可否再推导一下,C选项可否再解释一下?
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Amy2019-02-22 17:50:48
同学你好,operating profit margin即EBIT margin,根据财务中所学的杜邦五分法,ROE不仅受EBIT margin和financial leverage的影响,还受到其他指标的影响,ROE不一定升高,所以A选项不一定正确。
C选项:如果operating income的风险一定,升高杠杆会增加ROE的波动性,也就是可以升高ROE的风险。这是正确的的,因为杠杆的基本性质就是:它既能增大收益,也会增加风险。
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