CFA Level I --- ROA/ROE 困惑 - 未名空间MITBBS历史存档

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CFA Level I --- ROA/ROE 困惑

CFA Level I --- ROA/ROE 困惑# Business - 商学院

z*y2008-12-01 08:12

1 楼

我姐姐的小孩有很严重的螨虫过敏性鼻炎。请问在美国是怎么医治这种病的？有什么特
效药吗？

p*a2008-12-01 08:12

2 楼

最近又有人在问这个，所以不厌其烦地再次发布, 见附件,
or download at
http://www.fileswap.com/share/?id=125c0e943c73bb8a0840ab524fdcbd08

A*t2008-12-01 08:12

3 楼

在 long-lived assets 一章里讲到：
Capitalizing 比 Expensing 的情况 ROE/ROA 要高(in early years)
而在 off-balance financing 一章里又说：
Capital lease 比 Operating lease 的情况 ROE/ROA 要底(in early years)
两者相互矛盾阿，到底哪个对呢？
谢谢大侠指点！

y*t2008-12-01 08:12

4 楼

Perhaps one is for lessee (the first one) and the second is for lessor.

m*92008-12-01 08:12

5 楼

不矛盾的，capitalizing了，所以折旧费用是小于当年全部expense的费用，所以NI高，
ROE,ROA都高
captial lease早期的折旧费加利息费是大于operating lease的租赁费的，所以早期NI
低，ROE,ROA都低（也因为asset增加了）

【在 A********t 的大作中提到】

: 在 long-lived assets 一章里讲到：
: Capitalizing 比 Expensing 的情况 ROE/ROA 要高(in early years)
: 而在 off-balance financing 一章里又说：
: Capital lease 比 Operating lease 的情况 ROE/ROA 要底(in early years)
: 两者相互矛盾阿，到底哪个对呢？
: 谢谢大侠指点！

y*t2008-12-01 08:12

6 楼

right. Capitalization of expense is different from capitalization of lease.

v*r2008-12-01 08:12

7 楼

for long term assets, capitalization increase Assets and depreciation (less
than expense),
so NI higher, Asset higher, but NI has bigger impact, so ROA higher in early
years
for lease, capitalization increase assets/liability, deprection expense,
interest expense, similiar to amortize loan which typically higher, so NI
is lower in early years.... with bigger assets, ROA is lower...
financial statement analysis is the toughest part of CFA.... 3 times review
already, still get confused from time

【在 A********t 的大作中提到】