可持續增長率是財報中一個知識?CFA考試題如何解答?

Sustainable growth rateCFA考試中是可持續增長率,那在CFA中的考試題如何呢?我們先看看如何理解這個知識點!

可持續增長率是指不發行新股、不改變經營效率( 不改變銷售凈利率和資產周轉率)和財務政策( 不改變權益乘數和利潤留存率)時,其銷售所能達到的增長率。

Which of the following ratios will most likely result in an increase in a companys sustainable growth rate?

A、Higher dividend payout

B、Higher tax burden

C、Lower interest burden

AnswerB

CFA考試 

analysis

B is correct.Sustainable growth rate=Retention ratio×ROE The higher a companys 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.

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