已动用资本回报率-经济百科

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已动用资本回报率(Return on CAPItal Employed;ROCE ratio)

什么是已动用资本回报率

已动用资本回报率(Return on Capital Employed)用于衡量资本投资效益指标，是显示公司资本投资效益及盈利能力的比率。换句话说，已动用资本回报率是衡量公司运用资本产生回报情况的一个指标。

一般来说，已动用资本回报率应该高于公司的借贷利率，否则的话，就会减少股东收益。

已动用资本回报率的计算公式

已动用资本回报率的计算方法是，用息税前利润(EBIT)除以总资产和流动负债的差值。

ROCE＝

EBITTotal Assets - Current Liabilities

＝

OPErating PRofit+interestEquity Shareholders' Funds+longtERM borrowing

Return on Capital Employed Ratio

The Return on Capital Employed ratio (ROCE) tells us how much profit we earn from the investments the shareholders have made in their company. Think of it this way: if we had a savings aCCOunt with a bank and we'd been paid, say, ￡25 interest at the end of a year; and we had saved ￡500, we could work out the rate of interest we had earned:

已动用资本回报率向我们展示从股东的投资中得到了多少收益。试着这样想：如果我们有一个银行存款账户，在每年年底能收到25英镑的利息；我们往这个账户里存了500英镑，然后就可以计算出我们赚得的利息率是多少。

So, we have earned 5% interest on our savings.

由上可得：我们在存款中赚到了5%的利息。

IMagine now that instead of talking about a savings account, we were talking about a company and the profit for the year and its capital employed had been ￡25 and ￡500 respectively then the ROCE for that company would be 5% too.

然后换一种方式想象存款账户，我们之前讨论一个公司，它一年的收益以及动用的资本分别是25镑和500镑，所以这个公司的资本回报率也等于5%。

Did you notice that we use the Equity Shareholders' Funds instead of Capital Employed? In fact, they are dIFFerent names for the same thing! We could call the ratio the Return on Shareholders' Funds (ROSF) just as easily if we wanted; but generations of accountants and students only know it as ROCE.

In accounting, there can be different definitions of what certain terms mean. The use of the term 'capital employed' can mean different things. It can, for example, include bank loans and overdrafts since these are funds employed within the firm. Because there are different intERPretations of what ROCE can mean, it is suggested that you use a method which you feel comfortable with but be aware that others may interpret your definition in a different way. Below is a GUIde to some of the interpretations that we have found on this issue.

Image:Net Profft Margin.gif

There DOEs seem to be a relationship between the net profit margin and the ROCE: the higher the net profit margin, the higher the ROCE. After all, the curve on this graph is not a straight line and it might even be a true curve meaning that the relationship is more complex than we might think. Keep an eye on this relationship whenever you assess the profitability of a business.