問19
頻出度★★★
企業が投下した自己資本に対してどれだけの利益を上げたかを示す, 企業の収益性指標として, 最も適切なものはどれか。
平成23年度 特別試験 ITパスポート試験 問19
ストラテジ系企業活動 › 会計・財務
This question's explanation and your answers so far.
解説
問 19
Incorrectア
EVA (Economic Value Added) is an indicator obtained by subtracting the cost of capital on invested capital (invested capital × weighted average cost of capital) from net operating profit after tax; it expresses in an amount of money (yen) how much value a company has created above its cost of capital. It is not a ratio obtained by dividing by something, so it does not fit a question that asks for a proportion — “how much profit was earned relative to shareholders’ equity”. In addition, the invested capital against which the charge is taken includes interest-bearing debt as well as shareholders’ equity, so on that point too it is not an indicator limited to shareholders’ equity.
Incorrectイ
PER (Price Earnings Ratio) is calculated as share price ÷ net profit per share (EPS) and shows how many times a company’s per-share profit the market is paying for its shares; it is an indicator used in stock investment. Its denominator is profit, not shareholders’ equity, and what it expresses is not how much profit a company has turned its capital into, but the level at which the market has priced the stock — expensive or cheap. It is therefore not an indicator that measures a company’s profitability against shareholders’ equity. Note also that it should not be confused with PBR (price book-value ratio), which divides the share price by net assets per share (BPS).
Incorrectウ
ROA (Return On Assets) is a profitability indicator calculated as profit ÷ total assets × 100 [%]. Like the correct answer it is a ratio and it is a profitability indicator, but its denominator is total assets (total capital) — that is, all of the assets held, combining shareholders’ equity with borrowed capital such as loans. In other words, ROA expresses how efficiently a company links the whole of the assets it holds to profit, regardless of where the funds came from, so it does not satisfy the condition the question sets, namely “relative to shareholders’ equity”. The difference from ROE lies in the single point of whether the denominator is shareholders’ equity or total assets, and this question is asking about exactly that distinction.
- エ
正解 The correct answer is エ. ROE (Return On Equity) is a profitability indicator calculated as net profit for the period ÷ shareholders’ equity × 100 [%]; it shows how much profit a company generates using the capital its shareholders contributed (shareholders’ equity). In the question, “relative to the shareholders’ equity the company invested” corresponds exactly to the denominator, shareholders’ equity, and “how much profit it earned” corresponds exactly to the numerator, profit, so the sentence is simply a restatement of the definition of ROE. Shareholders’ equity here means the portion of net assets on the balance sheet that carries no obligation to repay — share capital, capital surplus, retained earnings and the like — as distinguished from borrowed capital such as loans and corporate bonds. The higher the ROE, the more efficiently the company turns the capital entrusted to it by shareholders into profit, which is why it is a representative indicator that shareholders and investors emphasize when evaluating an investment. For example, if a company with shareholders’ equity of 50 billion yen posts a net profit of 5 billion yen for the period, its ROE is 5 ÷ 50 × 100 = 10%. Note also that because the denominator of ROE is shareholders’ equity, increasing borrowings (debt capital) so as to lower the share of equity makes the figure look higher, so in practice it is standard to read ROE together with indicators of financial soundness such as the equity ratio. For all these reasons, the most appropriate indicator of profitability relative to shareholders’ equity is ROE, that is エ.
ここがポイント
- The definition of ROE — ROE (return on equity) = net profit for the period ÷ shareholders’ equity × 100 [%]. It shows how efficiently a company turns into profit the capital contributed by shareholders, which carries no obligation to repay, and it is a profitability indicator investors use to evaluate an investment.
- Choosing between ROE and ROA — the only difference is the denominator. The denominator of ROE is shareholders’ equity, while the denominator of ROA (return on assets) is total assets, which combine shareholders’ equity and borrowed capital. If the question says “relative to shareholders’ equity”, decide on ROE; if it says “relative to total assets (total capital)”, decide on ROA. EVA, which shows value creation as an amount of money, and PER and PBR, which show share-price levels, are indicators of a different family whose character as ratios is not the same.
用語