学习是一个不断积累的过程，每天学习一点，每天进步一点！为了帮助大家更高效地备考2021年CFA考试，正保会计网校每日为大家上新CFA习题供大家练习。让网校与您一起高效备考2021年CFA考试，梦想成真！
Questions 1:
Which of the following ratios will most likely result in an increase in a company’s sustainable growth rate?
A 、Higher dividend payout
B、 Higher tax burden
C、 Lower interest burden
Questions 2:
The following information is given about a company:
What is the most appropriate conclusion an analyst can make about the solvency of the company? Solvency has:
A 、improved because the debt-to-equity ratio decreased.
B 、improved because the fixed charge coverage ratio increased.
C 、deteriorated because the debt-to-equity ratio increased.
View answer resolution
【analysis】
B is correct.
Sustainable growth rate = Retention ratio × ROE
The higher a company’s return on equity (ROE) and its ability to finance itself from
internally generated funds (a higher retention ratio), the greater its sustainable growth rate.
In the five-factor ROE, any factor that increases ROE will increase sustainable growth:
ROE = Tax burden × Interest burden × Earnings before interest and taxes
margin × Asset turnover × Leverage
A higher tax burden ratio (Net income/Earnings before tax) implies that the company
can keep a higher percentage of pre-tax profits; this result implies a lower tax rate and
a higher ROE.
A is incorrect. Higher retention (lower payout) increases sustainable growth.
C is incorrect. Lower interest burden means that the company has high borrowing
costs, reducing pre-tax income relative to EBIT and reducing ROE and sustainable growth.
【analysis】
A is correct. The debt-to-equity ratio decreased, thereby improving solvency; the
fixed charge ratio remained the same.
B is incorrect. The fixed charge coverage stays the same
C is incorrect. From table above, it was shown that the solvency improved since D/E
decreased. But if the candidate incorrectly uses only LTD in the ratio, the ratio does
increase. See table below
成功=时间+方法，自制力是这个等式的保障。世上无天才，高手都是来自刻苦的练习。而人们经常只看到“牛人”闪耀的成绩，其成绩背后无比寂寞的勤奋。小编相信，每天都在勤奋练习，即使是一点点的进步，大家一定可以成为人人称赞的“牛人”。
点击了解更多CFA考试资讯>>
