問25
頻出度★★★
企業の収益性分析を行う指標の一つに, “利益÷資本” で求められる資本利益率がある。資本利益率は, 売上高利益率 (利益÷売上高) と資本回転率 (売上高÷資本) に分解して求め, それぞれの要素で分析することもできる。ここで, 資本利益率が4%である企業の資本回転率が2.0回のとき, 売上高利益率は何%か。
平成31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
Incorrectア
0.08 is the value obtained by treating the return on capital as the decimal 0.04 and multiplying it by the capital turnover ratio 2 (0.04 × 2 = 0.08). It multiplies where it should divide, so the operation is reversed.
Incorrectイ
0.5 is the value obtained by dividing the capital turnover ratio 2 by the return on capital 4 (2 ÷ 4 = 0.5). This reverses the direction of the division; what should be computed is 4 ÷ 2.
- ウ
正解 The return on capital can be broken down into “profit margin on sales × capital turnover ratio”. Checking the numerator and denominator of each factor, (profit ÷ capital) = (profit ÷ sales) × (sales ÷ capital), and the sales in the middle cancel out, returning to the return on capital. Applying the given values to this relationship gives 4% = profit margin on sales × 2 times. Therefore the profit margin on sales = 4% ÷ 2 = 2.0%, and the correct answer is ウ.
Incorrectエ
8.0 is the value obtained by multiplying the return on capital 4 by the capital turnover ratio 2 (4 × 2 = 8). In the decomposition formula, the return on capital should be divided by the capital turnover ratio, but here it was multiplied, which is the error.
ここがポイント
- The DuPont decomposition: return on capital = profit margin on sales × capital turnover ratio. To find the profit margin on sales, divide the return on capital by the capital turnover ratio (working backwards).
- By keeping the numerator and denominator of each indicator in mind, you can confirm that the sales in the middle cancel out and the formula holds, which helps you avoid confusing multiplication and division.
用語