問2
頻出度★★★
ROE (Return on Equity) を説明したものはどれか。
平成25年度 春期 ITパスポート試験 問2
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 2
Incorrectア
This describes the merchandise turnover ratio (inventory turnover ratio). It is calculated as sales ÷ inventory (the value of stock held) and shows how many times the inventory was replaced during a given period. It is an efficiency (activity) indicator that looks at how little waste there is in the way assets are turned over, not a profitability indicator that puts profit in the numerator. A higher turnover ratio means inventory is not sitting idle and goods are being sold efficiently, but it has nothing to do with either shareholders' equity or net profit for the period, so it is not a description of ROE.
Incorrectイ
This describes indicators of safety (financial soundness). They are used to see whether a company may become unable to pay its obligations or go bankrupt, and they include the equity ratio (shareholders' equity ÷ total capital), the current ratio (current assets ÷ current liabilities), the quick ratio, and the debt ratio. Financial analysis treats profitability, safety, and efficiency as separate categories: ROE is a profitability indicator that measures the power to earn profit, so its purpose differs from safety indicators, which measure how much room a company has in its ability to pay. The term shareholders' equity appears in both, but you can tell them apart by whether profit is placed in the numerator.
- ウ
正解 The correct answer is ウ, “An indicator representing profitability relative to shareholders' equity (own capital)”. ROE (Return on Equity) is called the return on shareholders' equity ratio in Japanese (自己資本利益率, also 株主資本利益率), and it is calculated as net profit for the period ÷ shareholders' equity × 100 (%). Reading the English name literally gives Return (profit) on (relative to) Equity (shareholders' equity), so the name itself tells you that the denominator is equity and the numerator is profit. 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 does not have to be repaid. ROE therefore shows “how efficiently the company earned profit using the money entrusted to it by shareholders”. The larger the value, the better the efficiency of capital use is judged to be from the shareholders' point of view, and it is a typical piece of evidence investors use when choosing where to invest. Therefore ウ, which states that it is an indicator of profitability relative to the base of shareholders' equity, is the correct description of ROE.
Incorrectエ
This describes the dividend payout ratio. It is calculated as dividends ÷ net profit for the period × 100 (%) and shows the profit distribution policy, namely how much of the profit earned was passed on to shareholders as dividends. ROE is an indicator that compares how much profit was “earned” against shareholders' equity, whereas the dividend payout ratio shows how the profit earned was “handed out”, so the two focus on different things. It is also easy to confuse with the dividend yield, which is calculated as dividend per share ÷ share price, so it is worth sorting these out by what sits in the denominator.
ここがポイント
- ROE (return on shareholders' equity) = net profit for the period ÷ shareholders' equity × 100 (%). It is a profitability indicator showing how much profit was earned relative to the funds put in by shareholders, which do not have to be repaid; the higher the value, the better the efficiency of capital use from the shareholders' point of view. The English name Return on Equity expresses, just as it stands, the form of the formula “profit relative to shareholders' equity”.
- Financial indicators are told apart by the three categories of profitability, safety, and efficiency, and by what sits in the denominator. If the denominator is shareholders' equity it is ROE, if it is total assets it is ROA (return on total assets), and if it is sales it is the profit margin on sales; all of these are profitability indicators. The equity ratio and the current ratio are safety indicators, and the merchandise turnover ratio is an efficiency indicator. The dividend payout ratio (dividends ÷ net profit for the period) shows the policy for distributing the profit earned, so it is not a profitability indicator.
用語