問25
頻出度★★★
自己資本利益率を次の式で算出するとき, a に入れる適切な字句はどれか。 自己資本利益率 = 売上高利益率 × a
平成24年度 春期 ITパスポート試験 問25
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 25
- ア
正解 The correct answer is ア, the equity turnover ratio. First, put the three indicators back into their defining formulas. Return on equity (ROE) is a profitability indicator showing how efficiently a company turns the equity put in by its shareholders into profit: return on equity = profit ÷ equity × 100 (%). The profit margin on sales shows how much of the sales remains as profit: profit margin on sales = profit ÷ sales × 100 (%). The equity turnover ratio is an efficiency indicator showing how many times its own equity a company generated in sales during one year: equity turnover ratio = sales ÷ equity (times). Multiplying these two gives (profit ÷ sales) × (sales ÷ equity); the sales in the numerator and in the denominator cancel out, leaving profit ÷ equity, which is return on equity itself. In other words, ROE can be broken down into the product of “how thick the profit is” (profit margin on sales) and “how fast the capital is turned over” (equity turnover ratio), so the term that goes into blank a is the equity turnover ratio. Checking with a concrete example: for a company with sales of 10,000,000 yen, profit of 500,000 yen and equity of 2,500,000 yen, the profit margin on sales is 500,000 ÷ 10,000,000 = 5%, the equity turnover ratio is 10,000,000 ÷ 2,500,000 = 4 times, and the product is 5% × 4 = 20%, which matches the directly calculated 500,000 ÷ 2,500,000 = 20%. This breakdown can also be used to set the direction of management improvement: to raise ROE, either raise the profit margin or turn the capital over faster. Therefore ア is appropriate.
Incorrectイ
The equity ratio is obtained as equity ÷ total capital (total assets) × 100. It is a safety (financial soundness) indicator showing what share of the whole is made up of equity, which does not have to be repaid. Multiplying it by the profit margin on sales gives (profit ÷ sales) × (equity ÷ total capital); neither sales nor equity cancels out, so it does not become profit ÷ equity and the formula does not hold. Note that there is indeed a relationship in which return on total capital (ROA), which is profit ÷ total capital, multiplied by the reciprocal of the equity ratio (financial leverage = total capital ÷ equity) gives ROE, but the blank in this question is strictly a term to be multiplied by the profit margin on sales, so this choice is wrong.
Incorrectウ
The break-even point ratio is obtained as break-even sales ÷ actual sales × 100, and it measures the margin of safety in management, that is, how far current sales can fall before the business goes into the red. Both its numerator and its denominator are sales-based amounts and equity does not appear at all, so multiplying it by the profit margin on sales cannot produce return on equity (profit ÷ equity). Break-even analysis is a method of splitting costs into fixed and variable costs to see the break-even line, and its purpose is different from that of a formula which breaks profitability of capital down into factors.
Incorrectエ
The current ratio is obtained as current assets ÷ current liabilities × 100. It is an indicator of short-term ability to pay (safety), showing by how much the assets that can be turned into cash within one year exceed the liabilities that must be paid within one year, and 200% or more is generally considered desirable. Because it deals only with the current items on the balance sheet, neither sales nor equity appears in the formula, so multiplying it by the profit margin on sales does not give return on equity. It is wrong in that it brings a safety indicator into a formula that breaks down profitability.
ここがポイント
- Breaking down return on equity (ROE) — return on equity = profit ÷ equity, profit margin on sales = profit ÷ sales, and equity turnover ratio = sales ÷ equity, so in profit margin on sales × equity turnover ratio the sales cancel out and the result equals return on equity. Rather than memorizing indicator names, expanding them into their defining formulas and checking whether the terms cancel is the reliable way to solve this kind of question.
- Classifying management indicators by purpose — distinguish profitability (return on equity, return on total capital, profit margin on sales), efficiency (equity turnover ratio, total capital turnover ratio, inventory turnover ratio) and safety (equity ratio, current ratio, quick ratio), and keep in mind that the break-even point ratio measures the margin of safety relative to the break-even line.
用語