[{"data":1,"prerenderedAt":46},["ShallowReactive",2],{"q-sitca_invest-114-3-038":3},{"exam":4,"examName":5,"chapterSlug":6,"question":7,"related":21},"sitca_invest","投信投顧業務員資格測驗——證券投資與財務分析","c11",{"id":8,"exam":4,"session":9,"qno":10,"question":11,"options":12,"answer":17,"chapter":18,"freq":17,"explanation":19,"difficulty":20},"sitca_invest-114-3-038","114-3",38,"乙公司的借款利率為 7.5%，總資產報酬率為 6.5%，所得稅率為 20%。若乙公司以此條件舉債投資新計畫，將使得權益報酬率如何變動?",[13,14,15,16],"降低","增加","不變","不一定",1,"財務比率分析","判斷舉債是否有利於股東,關鍵在比較總資產報酬率與「稅後」負債成本,因為利息費用可抵稅。借款利率7.5%表面上高於總資產報酬率6.5%,但稅盾使實際負擔降為7.5%×(1−20%)＝6%,反而低於6.5%。舉債投資賺得6.5%高於稅後利息6%,差額0.5%歸股東,屬有利財務槓桿,權益報酬率因而提高,故(B)增加。(A)降低是只比稅前利率7.5%＞6.5%、或把本已屬稅後之總資產報酬率再乘(1−20%)得5.2%與6%相比的常見誤判——因總資產報酬率本身即為稅後指標,不應重複課稅。(C)(D)在現有數據已足以判定方向下並不成立。本題答案為(B)。","hard",[22,26,30,34,38,42],{"id":23,"question":24,"qno":25},"sitca_invest-114-3-031","下列何者並非發行公司債取得資金的優點?",31,{"id":27,"question":28,"qno":29},"sitca_invest-114-3-032","福德公司財務報表顯示：在 X1 年並無付息負債，淨利率為 8%、資產週轉率為 2 次、平均資產總額為$2,000,000、平均權益為$1,280,000。請問：該公司在 X1 年之權益報酬率為多少?",32,{"id":31,"question":32,"qno":33},"sitca_invest-114-3-034","甲公司 X3 年 1 月 1 日有普通股 300,000 股流通在外，4 月 1 日甲公司給與公司高級主管認股選擇權，當日成為既得，可按每股$40 認購普通股 120,000 股，至 X3 年底均未行使。甲公司普通股自 X3 年 4 月初至年底平均市價為每股$50，X3 年淨利為$477,000，則甲公司X3 年度之稀釋每股盈餘為何?",34,{"id":35,"question":36,"qno":37},"sitca_invest-114-3-036","已知大湖公司負債稅盾現值 6.8 億元，權益 30 億元，若稅率為 17%，貸款利率為 10%，則該公司之負債金額為何?",36,{"id":39,"question":40,"qno":41},"sitca_invest-114-3-043","淨值為正數之公司支付已宣告之現金股利將使負債比率：",43,{"id":43,"question":44,"qno":45},"sitca_invest-114-3-046","一個產品多樣化的廠商要計算營業額的損益兩平點，必須作哪些假設?甲、產品售價不變；乙、每單位產品變動成本不變；丙、產品組合比率不變",46,1787293969909]