问题
单项选择题
Jack George, CFA, does research about financial leverage and gathers the following information about a company (in millions):
| 2011 | 2010 | |
| Interest expense | $15 | $15 |
| Net profit margin | 12.0% | 9.0% |
| Total asset turnover | 2.0 | 2.2 |
A. decreased.
B. remained the same.
C. increased.
答案
参考答案：A
解析：
ROE= ROA×financial leverage。
2011: ROA=Net profit margin×Total asset turnover=12.0%×2=24.0%
2010: ROA=Net profit margin×Total asset turnover=9.0%×2.2=19.8%
从2010年到2011年，ROA在上升，而已知ROE在下降，因此财务杠杆(financial leverage)一定在下降。