{"id":425138,"date":"2022-05-26T00:50:43","date_gmt":"2022-05-26T07:50:43","guid":{"rendered":"https:\/\/nai500.com\/?p=425138"},"modified":"2024-06-11T14:16:05","modified_gmt":"2024-06-11T21:16:05","slug":"%e4%bb%80%e4%b9%88%e6%98%af%e6%8a%95%e5%85%a5%e8%b5%84%e6%9c%ac%e5%9b%9e%e6%8a%a5%e7%8e%87%ef%bc%88roic%ef%bc%89-%e6%8a%95%e8%b5%84%e6%8c%87%e6%a0%87","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hans\/blog\/2022\/05\/%e4%bb%80%e4%b9%88%e6%98%af%e6%8a%95%e5%85%a5%e8%b5%84%e6%9c%ac%e5%9b%9e%e6%8a%a5%e7%8e%87%ef%bc%88roic%ef%bc%89-%e6%8a%95%e8%b5%84%e6%8c%87%e6%a0%87\/","title":{"rendered":"\u4ec0\u4e48\u662f\u6295\u5165\u8d44\u672c\u56de\u62a5\u7387\uff08ROIC\uff09\uff1f\u4e3a\u4ec0\u4e48ROIC\u662f\u6700\u91cd\u8981\u7684\u6295\u8d44\u6307\u6807\uff1f"},"content":{"rendered":"

\u6295\u5165\u8d44\u672c\u56de\u62a5\u7387\uff08ROIC\uff09\u662f\u4e00\u5bb6\u516c\u53f8\u8d5a\u5f97\u7684\u9ad8\u4e8e\u5176\u4e3a\u503a\u52a1\u548c\u6743\u76ca\u8d44\u672c\u652f\u4ed8\u7684\u5e73\u5747\u6210\u672c\u7684\u6536\u76ca\uff0c\u8861\u91cf\u7684\u662f\u8be5\u516c\u53f8\u4f7f\u7528\u8d44\u672c\u521b\u9020\u5229\u6da6\u7684\u80fd\u529b\u3002\u5982\u679cROIC\u9ad8\u4e8e\u52a0\u6743\u5e73\u5747\u8d44\u672c\u6210\u672c\uff08WACC\uff09\uff0c\u8bf4\u660e\u8be5\u516c\u53f8\u521b\u9020\u4ef7\u503c\uff0c\u53cd\u4e4b\u4ea6\u7136\u3002<\/p>\n

ROIC\u7684\u8ba1\u7b97\u516c\u5f0f\u4e3aROIC =\uff08\u51c0\u5229\u6da6\u2013\u80a1\u606f\uff09\/\uff08\u8d1f\u503a+\u6240\u6709\u8005\u6743\u76ca\uff09\uff0c<\/strong><\/p>\n

\u6216\u8005\u662fROIC = NOPAT\uff08\u7a0e\u540e\u51c0\u8425\u4e1a\u5229\u6da6\uff09\/\u6295\u5165\u8d44\u672c\u3002<\/strong><\/p>\n

\u4e0d\u8fc7\uff0c\u8fd9\u4e0d\u662f\u4eca\u5929\u6211\u4eec\u8981\u8bf4\u7684\u91cd\u70b9\u3002\u5bf9\u4e8e\u6295\u8d44\u8005\u6765\u8bf4\uff0cROIC\u662f\u6700\u91cd\u8981\u7684\u8d22\u52a1\u6307\u6807\u3002\u5982\u679c\u4f60\u60f3\u957f\u671f\u8dd1\u8d62\u5e02\u573a\uff0c\u5c31\u5e94\u8be5\u4ee5\u5408\u7406\u6216\u66f4\u597d\u7684\u4f30\u503c\u4e70\u5165\u6709\u80fd\u529b\u521b\u9020\u9ad8\u548c\/\u6216\u4e0d\u65ad\u4e0a\u5347\u7684ROIC\u7684\u6210\u957f\u6027\u516c\u53f8\u80a1\u7968\u3002<\/p>\n\n\n\n\n\n\n\n\n\n\n
ROIC\u6bd4\u8f83<\/strong><\/td>\n\u516c\u53f8A<\/strong><\/td>\n\u516c\u53f8B<\/td>\n<\/tr>\n
\u5f53\u524d\u6bcf\u80a1\u6536\u76ca\uff08EPS\uff09<\/td>\n$1<\/td>\n$1<\/td>\n<\/tr>\n
\u671f\u671bEPS\u589e\u901f<\/td>\n5%<\/td>\n5%<\/td>\n<\/tr>\n
\u6295\u5165\u8d44\u672c\u56de\u62a5\u7387\uff08ROIC\uff09<\/td>\n20%<\/td>\n10%<\/td>\n<\/tr>\n
\u518d\u6295\u8d44\u7387\uff08\u5229\u6da6\u589e\u901f = ROIC x \u518d\u6295\u8d44\u7387\uff09<\/td>\n25%<\/td>\n50%<\/td>\n<\/tr>\n
\u5229\u6da6\u589e\u901f<\/td>\n5%<\/td>\n5%<\/td>\n<\/tr>\n
\u5269\u4f59\u4f9b\u5206\u914d\u6bd4\u7387 (100% – \u518d\u6295\u8d44\u7387)<\/td>\n75%<\/td>\n50%<\/td>\n<\/tr>\n
\u6bcf$1 EPS\u7684\u81ea\u7531\uff08\u6216\u53ef\u4f9b\u5206\u914d\uff09\u73b0\u91d1\u6d41<\/td>\n$0.75<\/td>\n$0.50<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\u5386\u53f2\u6570\u636e\u663e\u793a\uff0cROIC\u9ad8\u4ee5\u53ca\u4e0d\u7b97\u4e0a\u5347\u7684\u516c\u53f8\u80a1\u4ef7\u8d70\u52bf\u8981\u8fdc\u8fdc\u8dd1\u8d62\u5e02\u573a\u3002\u81f3\u4e8e\u539f\u56e0\uff0cROIC\u662f\u6700\u91cd\u8981\u7684\u8d22\u52a1\u6307\u6807\uff0c\u540c\u65f6\u4e5f\u662f\u5229\u6da6\u548c\u4e1a\u7ee9\u7684\u7ec8\u6781\u8861\u91cf\u4ee5\u53ca\u81ea\u7531\u73b0\u91d1\u6d41\uff08FCF\uff09\u7684\u4e3b\u8981\u9a71\u52a8\u529b\uff0c\u800c\u8fd9\u4e9b\u662f\u6211\u4eec\u4f5c\u4e3a\u6295\u8d44\u8005\u6700\u7ec8\u6240\u8ffd\u6c42\u7684\u4e1c\u897f\u3002<\/p>\n

\u4e0b\u9762\u8fd9\u4e2a\u516c\u5f0f\u53ef\u4ee5\u5f88\u597d\u5730\u8bf4\u660eROIC\u7684\u5f3a\u5927\u4e4b\u5904\uff1a<\/p>\n

ROIC x \u518d\u6295\u8d44\u7387=\u8425\u4e1a\u5229\u6da6\u589e\u901f<\/strong><\/p>\n

\u5047\u8bbe\u4e24\u5bb6\u516c\u53f8\uff08\u516c\u53f8A\u548c\u516c\u53f8B\uff09\u6bcf\u5e74\u7684\u76c8\u5229\u589e\u901f\u76ee\u6807\u90fd\u662f5%\uff0c\u4f46\u516c\u53f8A\u7684ROIC\u670920%\uff0c\u516c\u53f8B\u53ea\u670910%\u3002\u5728\u8fd9\u4e9b\u53c2\u6570\u6761\u4ef6\u4e0b\uff0c\u516c\u53f8A\u53ea\u9700\u8981\u5c06\u5176\u5229\u6da6\u768425%\u518d\u6295\u8d44\u5c31\u80fd\u5b9e\u73b05%\uff0820% x 25% = 5%\uff09\u7684\u76c8\u5229\u589e\u901f\uff0c\u4f46\u516c\u53f8B\u60f3\u8981\u5b9e\u73b0\u540c\u6837\u7684\u76c8\u5229\u589e\u901f\u76ee\u6807\u5c31\u5fc5\u987b\u5c06\u5176\u5229\u6da6\u768450%\u8fdb\u884c\u518d\u6295\u8d44\uff0810% x 50% = 5%\uff09\u3002<\/p>\n

\u5b9e\u73b0\u540c\u6837\u6c34\u5e73\u7684\u76c8\u5229\u589e\u957f\uff0cROIC\u66f4\u9ad8\u7684\u516c\u53f8\u518d\u6295\u8d44\u7387\u53ef\u4ee5\u66f4\u4f4e\uff0c\u9700\u8981\u518d\u6295\u8d44\u7684\u8d44\u91d1\u91cf\u5c11\uff0c\u81ea\u7531\u73b0\u91d1\u6d41\u5c31\u4f1a\u66f4\u9ad8\uff0c\u800c\u81ea\u7531\u73b0\u91d1\u6d41\u51b3\u5b9a\u4e86\u4e00\u5bb6\u516c\u53f8\u7684\u5185\u5728\u4ef7\u503c\u3002\u4ece\u6570\u5b66\u4e0a\u6765\u8bf4\uff0cROIC\u66f4\u9ad8\u7684\u516c\u53f8\u6bcf$1\u76c8\u5229\u521b\u9020\u7684\u81ea\u7531\u73b0\u91d1\u6d41\u8d8a\u591a\u3002<\/p>\n

\u4e00\u53e5\u8bdd\u603b\u7ed3\uff0cROIC\u66f4\u9ad8\u7684\u516c\u53f8\u6bcf$1\u76c8\u5229\u521b\u9020\u7684\u81ea\u7531\u73b0\u91d1\u6d41\u8d8a\u591a\uff0c\u800c\u81ea\u7531\u73b0\u91d1\u6d41\u7684\u589e\u957f\u9a71\u52a8\u5185\u5728\u4ef7\u503c\u7684\u589e\u957f\uff01<\/p>\n

\u81ea\u7531\u73b0\u91d1\u6d41\u5145\u88d5\uff0c\u8fd9\u4e9b\u9ad8ROIC\u516c\u53f8\u589e\u957f\u6240\u9700\u8d44\u91d1\u5c31\u53ef\u4ee5\u5185\u90e8\u7b79\u96c6\u800c\u65e0\u9700\u4f9d\u8d56\u5916\u90e8\u8d44\u672c\uff0c\u8fd9\u610f\u5473\u7740\u51cf\u5c11\u8d1f\u503a\u4ee5\u53ca\u80a1\u4e1c\u6743\u76ca\u7684\u7a00\u91ca\u3002\u5b83\u4eec\u53ef\u4ee5\u6295\u5165\u66f4\u591a\u8d44\u91d1\u5f3a\u5316\u81ea\u5df1\u7684\u62a4\u57ce\u6cb3\uff0c\u6295\u8d44\u65b0\u7684\u9879\u76ee\u5efa\u7acb\u65b0\u7684\u62a4\u57ce\u6cb3\uff0c\u6216\u8005\u662f\u65b0\u7684\u76c8\u5229\u589e\u957f\u6d41\u3002\u5b83\u4eec\u53ef\u4ee5\u5c06\u73b0\u91d1\u6295\u5411\u5458\u5de5\u3001\u5ba2\u6237\u3001\u4f9b\u5e94\u5546\u3001\u793e\u533a\u4ee5\u53ca\u5730\u7403\u7b49\u5229\u606f\u76f8\u5173\u65b9\u3002<\/p>\n

\u6700\u540e\uff0c\u8d85\u989d\u7684\u81ea\u7531\u73b0\u91d1\u6d41\u8fd8\u53ef\u4ee5\u7528\u4e8e\u51cf\u503a\uff0c\u4ece\u800c\u8282\u7701\u66f4\u591a\u7684\u5229\u606f\u652f\u51fa\uff0c\u5e26\u6765\u66f4\u591a\u7684\u73b0\u91d1\uff0c\u8fdb\u4e00\u6b65\u5f3a\u5316\u516c\u53f8\u7684\u8d22\u52a1\u72b6\u51b5\u4ee5\u53ca\u7075\u6d3b\u6027\u3002<\/p>\n

\u6709\u5fc5\u8981\u6307\u51fa\u7684\u662f\uff0c\u5728\u6ca1\u6709\u5916\u90e8\u878d\u8d44\u7684\u524d\u63d0\u4e0b\uff0c\u4e00\u5bb6\u516c\u53f8\u7684\u7ecf\u8425\u5229\u6da6\u589e\u901f\u4e0d\u53ef\u80fd\u9ad8\u4e8eROIC\u3002\u4e5f\u5c31\u662f\u8bf4\uff0c\u4e00\u5bb6ROIC\u4e3a20%\u7684\u516c\u53f8\u8425\u4e1a\u5229\u6da6\u589e\u901f\u4e0d\u4f1a\u9ad8\u4e8e20%\uff0c\u800c\u8981\u5b9e\u73b020%\u7684\u589e\u901f\u5c31\u5fc5\u987b\u5c06\u5168\u90e8\u7684\u5229\u6da6\u90fd\u8fdb\u884c\u518d\u6295\u8d44\uff0820% x 100% = 20%\uff09\u3002\u56e0\u6b64\uff0c\u5982\u679c\u4e0b\u6b21\u4f60\u542c\u8bf4\u67d0\u67d0\u516c\u53f8\u53ef\u4ee5\u4fdd\u630140%\u621650%\u7684\u76c8\u5229\u589e\u957f\uff0c\u6700\u6709\u53ef\u80fd\u7684\u539f\u56e0\u662f\u8be5\u516c\u53f8\u501f\u52a9\u4e86\u5916\u90e8\u878d\u8d44\u3002<\/p>\n

\u66f4\u6df1\u5165\u5206\u6790\u4e0b\u53bb\u3002<\/p>\n

ROIC\u7684\u589e\u957f\u603b\u4f1a\u5e26\u6765\u5185\u5728\u4ef7\u503c\u7684\u589e\u957f\u3002<\/p>\n

\u4f46\u662f\uff0c\u6536\u5165\u7684\u589e\u957f\u5e76\u4e0d\u603b\u662f\u5e26\u6765\u5185\u5728\u4ef7\u503c\u7684\u589e\u957f\u3002\u589e\u957f\u60f3\u8981\u63d0\u5347\u4f01\u4e1a\u4ef7\u503c\uff0c\u552f\u4e00\u7684\u53ef\u80fd\u662f\u8be5\u516c\u53f8\u7684ROIC\u9ad8\u4e8eWACC\u3002<\/p>\n

\u5982\u679cROIC > WACC\uff0c\u589e\u957f\u63d0\u5347\u5185\u5728\u4ef7\u503c<\/strong><\/p>\n

\u5982\u679cROIC = WACC\uff0c\u589e\u957f\u65e2\u4e0d\u521b\u9020\u4e5f\u4e0d\u6bc1\u706d\u4ef7\u503c<\/strong><\/p>\n

\u5982\u679cROIC < WACC\uff0c\u589e\u957f\u6bc1\u706d\u5185\u5728\u4ef7\u503c<\/strong><\/p>\n

\u6240\u4ee5\u8bf4\uff0cROIC\u8981\u6bd4\u6536\u5165\u589e\u957f\u66f4\u52a0\u91cd\u8981\uff0cROIC\u7684\u589e\u957f\u662f\u589e\u503c\u7684\uff0c\u800c\u6536\u5165\u589e\u957f\u53ef\u80fd\u8fd8\u4f1a\u6bc1\u706d\u4ef7\u503c\u3002\u6b63\u662f\u57fa\u4e8e\u8fd9\u4e00\u903b\u8f91\uff0c\u6709\u4e9b\u6ca1\u6709\u76c8\u5229\u7684\u6210\u957f\u80a1\u4f1a\u51fa\u73b0\u6ce1\u6cab\u7834\u706d\uff0c\u80a1\u4ef7\u8dcc\u53bb50%\u523070%\u751a\u81f3\u66f4\u591a\u3002<\/p>\n

\u53e6\u5916\uff0c\u5982\u679cROIC\u9ad8\uff0c\u6536\u5165\u589e\u957f\u63d0\u53471\u4e2a\u767e\u5206\u70b9\u521b\u9020\u7684\u4ef7\u503c\u8981\u9ad8\u4e8eROIC\u672c\u8eab\u63d0\u9ad8\u4e00\u4e2a\u767e\u5206\u70b9\uff0c\u56e0\u6b64\u8fd9\u7c7b\u516c\u53f8\u5e94\u8be5\u805a\u7126\u4e8e\u589e\u957f\uff0c\u751a\u81f3\u6709\u65f6\u5019\u4e3a\u4e86\u9a71\u52a8\u589e\u957f\u53ef\u4ee5\u727a\u7272\u51e0\u4e2a\u70b9\u7684ROIC\u3002\u4f46\u662f\uff0c\u5982\u679c\u4e00\u5bb6\u516c\u53f8\u7684ROIC\u672c\u5c31\u4e0d\u9ad8\uff0c\u516c\u53f8\u53d1\u5c55\u8f6c\u5411\u589e\u957f\u6a21\u5f0f\u524d\u7684\u91cd\u5fc3\u5e94\u8be5\u662fROIC\u7684\u63d0\u5347\u5e76\u9ad8\u4e8eWACC\u3002<\/p>\n

\u6295\u8d44\u8d35\u5728\u6293\u4f4f\u6838\u5fc3\u3002\u7406\u89e3\u5185\u5728\u4ef7\u503c\u589e\u957f\u7684\u57fa\u672c\u903b\u8f91\uff0c\u7136\u540e\u9074\u9009\u51fa\u8d44\u4ea7\u8d1f\u503a\u8868\u7a33\u5065\uff0cROIC\u9ad8\u6216\u4e0d\u65ad\u589e\u957f\uff0c\u4ee5\u53ca\u81ea\u7531\u73b0\u91d1\u6d41\u4e0d\u65ad\u589e\u957f\u7684\u516c\u53f8\uff0c\u6700\u540e\u628a\u597d\u4f30\u503c\u4e00\u5173\uff0c\u4e0d\u8981\u652f\u4ed8\u592a\u9ad8\u7684\u6210\u672c\u3002\u53ea\u8981\u505a\u5230\u4ee5\u4e0a\u51e0\u70b9\uff0c\u6295\u8d44\u8005\u83b7\u5f97\u957f\u671f\u8dd1\u8d62\u5e02\u573a\u7684\u6536\u76ca\u7387\u5c06\u662f\u5927\u6982\u7387\u4e8b\u4ef6\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

\u6295\u5165\u8d44\u672c\u56de\u62a5\u7387\uff08ROIC\uff09\u662f\u4e00\u5bb6\u516c\u53f8\u8d5a\u5f97\u7684\u9ad8\u4e8e\u5176\u4e3a\u503a\u52a1\u548c\u6743\u76ca\u8d44\u672c\u652f\u4ed8\u7684\u5e73\u5747\u6210\u672c\u7684\u6536\u76ca\uff0c\u8861\u91cf\u7684\u662f\u8be5\u516c\u53f8\u4f7f\u7528\u8d44\u672c\u521b […]<\/p>\n","protected":false},"author":27,"featured_media":376252,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[430],"tags":[1877],"class_list":["post-425138","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trends-strategies-zh-hans","tag-1877","sectors-financial-products-zh-hans"],"acf":[],"_links":{"self":[{"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts\/425138","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/users\/27"}],"replies":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/comments?post=425138"}],"version-history":[{"count":1,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts\/425138\/revisions"}],"predecessor-version":[{"id":542432,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts\/425138\/revisions\/542432"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/media\/376252"}],"wp:attachment":[{"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/media?parent=425138"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/categories?post=425138"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/tags?post=425138"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}