单选题 Study the following data, calculate the return on equity for 2001 and 2002.
2001
2002
Pre-interest profit margin(EBIT/S)
0.3
0.15
Asset turnover (S/A)
2
2
Leverage multiplier f A/E)
2
2
Tax retention rate (1-t)
0.8
0.8
Interest expense ratio (I/A)
0.06
0.06
2001 2002
①A. 0.864 0.384
②B. 0.673 0.271
③C. 0.384 0.864
【正确答案】 A
【答案解析】ROE = [(S/A)(EBIT/S)-(I/A)] (A/EQ) (1-t)
ROE 2001 = (2×0.3 -0.06)×2×0.8 =0.864
ROE 2002 = (2×0.15 -0.06)×2×0.8 =0.384
Profit margin fell so ROE fell.