单选题 Study the following data, calculate the return on equity for 2007 and 2008.

2007
2008
Pre-interest profit margin (EBIT/S)
0.3
0.15
Asset turnover (S/A)
2
2
Leverage multiplier (A/E)
2
2
Tax retention rate (1-t)
0.8
0.8
Interest expense ratio (I/A)
0.06
0.06
2007 2008
①A. 0.864 0.384
②B. 0.673 0.271
③C. 0.384 0.864
A. ①B. ②C. ③
【正确答案】 A
【答案解析】ROE=[(S/A)×(EBIT/S)-(I/A)]×(A/EQ)×(1-t)
ROE 2007=(2×0.3-0.06)×2×0.8=0.864
ROE 2008=(2×0.15-0.06)×2×0.8=0.384
Profit margin fell so ROE fell.