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1、2015 年 CFA 考生都应该了解的ROE 公式For investors, one of the most important metrics of a company is return on equity (ROE), which can be calculated by taking net income and dividing it by equity.The decision to expand into the market of a competitor and seek additional return is not a decision driven by the e
2、xpected profit margin, the expected return relative to the anticipated quantity of sales, said Jesse Livermore,the pseudonymous author of the Philosophical Economics blog. Rather, it instead bysathedecision driven expected ROE, the expected return relative to the amount of capital that will have to
3、be invested, put at risk, inorder to earn it.Unfortunately, ROE alone doesnt tell you much about a companys operating or capital structure. Thats why analysts decompose the ROE into multiple components, including a measure of profit margin (see below).The Chartered Financial Analyst (CFA) exam, whic
4、h will be administered on June 7, is among the advancedWall Street exams that tests test-takers on at least two decompositions of ROE. The more complicated one is the DuPont model. Goldman Sachs Stuart Kaiser recently included the formula for reference in an April 2 note sent out to its clients.As y
5、ou can see, the DuPont model breaks ROE down to five components. From left to right:1.Operating margin: This is earnings before interest and tax. To put it another way, this is sales less cost of goods and fixed asset expenses. The higher the operating margin, the more profitable the company.2.Asset
6、 turnover: This is the amount of sales generated by a dollars worth of assets.well a company uses its stuff.Its a measure of how3.Borrow cost: This measures financial stress by comparing a companys interest expenses to its assets. This is not a commonly used measure of leverage. Typically, an analys
7、t will look look at interest expense in relation to EBIT and assets in relation to debt.4.Assets/Equity: This gives a measure of financial leverage.suggests a high level of leverage.When this ratio is high, liabilities are high, which5.Tax: This captures the companys effective tax rate.The DuPont fr
8、amework offers much more information than what you would get from just net income and equity.You begin to understand that the negative effects of a shrinking operating profit margin can be offset by a combination of higher asset turnover, lower borrowing costs, higher leverage, or lower taxes.Everyone in the CFA program must remember and master this concept.Everyday investors who want to take their analysis to the next level should master this too.各位考生， 2015 年 CFA备考已经开始， 为了方便各位考生能更加系统地掌握考试大纲的重点知识，帮助大家充分备考，体验实战，网校开通了全免费的高顿题库（包括精题真题和全真模考系统），题库里附有详细的答案解析，学员可以通过多种题型加强练习，通过针对性地训练与模考，对学习过程进行全面总结。
