問3
頻出度★★★
ROE (Return On Equity) を説明したものはどれか。
平成25年度 秋期 ITパスポート試験 問3
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 3
Incorrectア
This describes ROA (Return On Assets). ROA is calculated as profit ÷ total assets × 100 (%), so its denominator is not shareholders’ equity but the assets as a whole, combining the equity provided by shareholders and the borrowings (debt capital) provided by creditors. The wording of the choice, “from the standpoint of fund providers including not only shareholders but also creditors, the profitability of all the assets the company owns,” is exactly what indicates that the denominator is total assets, which differs from ROE, whose denominator is shareholders’ equity.
Incorrectイ
This describes EVA (Economic Value Added). EVA is the amount left after subtracting the cost of capital on invested capital (the minimum return that shareholders and creditors expect) from after-tax operating profit, and it measures in monetary terms “how much profit was generated in excess of the cost of capital.” ROE makes no comparison with the cost of capital; it only shows the ratio of profit to shareholders’ equity, so it does not fit.
Incorrectウ
This describes PER (Price Earnings Ratio). PER is calculated as stock price ÷ earnings per share (EPS), and it shows how many times earnings per share the stock price has been bid up to, that is, whether the stock market’s valuation is expensive or cheap. Because it uses market data, namely the stock price, it looks at something different from ROE, which examines the relationship between shareholders’ equity and profit on the financial statements.
- エ
正解 The correct answer is エ, “An indicator that expresses how much profit was generated relative to shareholders’ equity (own capital).” ROE (Return On Equity) is called 自己資本利益率 (also 株主資本利益率) in Japanese, and it is calculated as net income ÷ shareholders’ equity × 100 (%). The denominator, shareholders’ equity (net assets), consists of the capital contributed by shareholders plus the profit the company has retained internally, and it is money that carries no obligation to repay. ROE therefore shows “how efficiently the company earned profit using the money entrusted to it by shareholders,” and the higher the value, the better the efficiency of capital use from the shareholders’ point of view. Reading the English name gives Return (profit) On (relative to) Equity (own capital), which corresponds directly to the wording of choice エ, “how much profit was generated relative to shareholders’ equity.” If you focus on what the denominator is (shareholders’ equity or total assets), you can reliably tell the profitability indicators apart.
ここがポイント
- ROE (return on shareholders’ equity) = net income ÷ shareholders’ equity × 100 (%). It shows how much profit was earned relative to the funds provided by shareholders that need not be repaid (shareholders’ equity), and it expresses the efficiency of capital use from the shareholders’ point of view. The higher the value, the better the efficiency.
- Tell profitability indicators apart by their denominators. If the denominator is shareholders’ equity it is ROE; if it is total assets (shareholders’ equity + debt capital) it is ROA. Among investment indicators, PER is the stock price ÷ earnings per share (the denominator is earnings per share), and EVA is the amount of profit exceeding the cost of capital (an amount, not a ratio, so it has no denominator). The English names (Equity / Assets / Price・Earnings) are the clue to what the denominator and numerator are.
用語