{"id":172,"date":"2018-09-25T19:39:11","date_gmt":"2018-09-25T10:39:11","guid":{"rendered":"http:\/\/nsspirt-cashf2.com\/2018\/09\/25\/2018-09-25-193911\/"},"modified":"2023-09-25T13:56:03","modified_gmt":"2023-09-25T04:56:03","slug":"roic","status":"publish","type":"post","link":"https:\/\/www.nsspirt-cashf2.com\/ba\/roic\/","title":{"rendered":"ROIC\u3068\u306f\u3010\u8a08\u7b97\u5f0f\u30fbWACC\u3068\u306e\u95a2\u4fc2\u3082\u89e3\u8aac\u3011"},"content":{"rendered":"<p>ROIC\u3068\u306f\u3001Return on Invested Capital\u306e\u7565\u3067\u3001\u50b5\u6a29\u8005\u3068\u682a\u4e3b\u304b\u3089\u8abf\u9054\u3057\u305f\u304a\u91d1\u306b\u5bfe\u3057\u3066\u3001\u3069\u308c\u304f\u3089\u3044\u52b9\u7387\u7684\u306b\u5229\u76ca\u3092\u3042\u3052\u3066\u3044\u308b\u304b\u3092\u6e2c\u5b9a\u3059\u308b\u8ca1\u52d9\u6307\u6a19\u3067\u3059\u3002<\/p>\n<p>ROIC\u304c\u9ad8\u3044\u307b\u3069\u3001\u4f01\u696d\u304c\u6295\u4e0b\u3057\u305f\u8cc7\u672c\u306b\u5bfe\u3057\u3066\u3088\u308a\u591a\u304f\u306e\u53ce\u76ca\u3092\u4e0a\u3052\u3066\u3044\u308b\u3053\u3068\u3092\u610f\u5473\u3057\u307e\u3059\u3002<\/p>\n<p>\u65e5\u672c\u8a9e\u3067\u306f\u6295\u4e0b\u8cc7\u672c\u5229\u76ca\u7387\u3068\u8a00\u3044\u307e\u3059\u3002<\/p>\n<p><span style=\"font-size: 12px;\">\u203bROIC\u306e\u8aad\u307f\u65b9\u306f\u3001\u4e00\u822c\u7684\u306b\u306f\u30a2\u30eb\u30d5\u30a1\u30d9\u30c3\u30c8\u3092\u305d\u306e\u307e\u307e\u8aad\u3080\u300c\u30a2\u30fc\u30eb\u30fb\u30aa\u30fc\u30fb\u30a2\u30a4\u30fb\u30b7\u30fc\u300d\u3067\u3059\u304c\u3001\u300c\u30ed\u30a4\u30c3\u30af\u300d\u306a\u3069\u3068\u8aad\u307e\u308c\u308b\u3053\u3068\u3082\u3042\u308a\u307e\u3059\u3002<\/span><\/p>\n<p>\u3053\u306e\u8a18\u4e8b\u3067\u306f\u3001\u305d\u306eROIC\u306b\u3064\u3044\u3066\u8a73\u7d30\u3092\u89e3\u8aac\u3057\u3066\u3044\u304d\u307e\u3059\u3002<\/p>\n<div id=\"nsspi-1620748413\" class=\"nsspi-toc nsspi-entity-placement\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script>\r\n<!-- responsive -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-3661469849757690\"\r\n     data-ad-slot=\"5736131584\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><h2>ROIC\u306e\u610f\u5473<\/h2>\n<p>ROIC\u306f\u3001\u50b5\u6a29\u8005\u3068\u682a\u4e3b\u306e\u4e21\u65b9\u304b\u3089\u8abf\u9054\u3057\u305f\u8cc7\u91d1\u306b\u5bfe\u3057\u3066\u3001\u3069\u306e\u7a0b\u5ea6\u306e\u5229\u76ca\u3092\u6319\u3052\u3066\u3044\u308b\u304b\u3092\u6e2c\u308c\u308b\u3053\u3068\u304c\u7279\u5fb4\u3067\u3001\u4f1a\u793e\u306e\u7dcf\u5408\u7684\u306a\u8cc7\u91d1\u904b\u7528\u80fd\u529b\u3092\u6e2c\u308c\u308b\u3088\u3046\u306b\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-13232\" src=\"https:\/\/www.nsspirt-cashf2.com\/wp-content\/uploads\/2018\/09\/roic001.jpg\" alt=\"\" width=\"1000\" height=\"534\" srcset=\"https:\/\/www.nsspirt-cashf2.com\/ba\/wp-content\/uploads\/2018\/09\/roic001.jpg 1000w, https:\/\/www.nsspirt-cashf2.com\/ba\/wp-content\/uploads\/2018\/09\/roic001-300x160.jpg 300w, https:\/\/www.nsspirt-cashf2.com\/ba\/wp-content\/uploads\/2018\/09\/roic001-768x410.jpg 768w, https:\/\/www.nsspirt-cashf2.com\/wp-content\/uploads\/2018\/09\/roic001.jpg 856w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/>\n<p>ROIC\u304c\u9ad8\u3044\u3068\u3044\u3046\u3053\u3068\u306f\u3001\u50b5\u6a29\u8005\u3084\u682a\u4e3b\u304b\u3089\u8abf\u9054\u8cc7\u91d1\u3092\u52b9\u7387\u7684\u306b\u6d3b\u7528\u3057\u3066\u3001\u5229\u76ca\u3092\u4e0a\u3052\u3066\u3044\u308b\u3053\u3068\u3092\u793a\u3057\u307e\u3059\u3002<\/p>\n<h2>ROIC\u306e\u8a08\u7b97\u5f0f<\/h2>\n<p>ROIC\u306e\u8a08\u7b97\u5f0f\u306f\u3001\u4ee5\u4e0b\u306e\u3068\u304a\u308a\u3067\u3059\u3002<\/p>\n<div class=\"simple-box3\">\n<p><strong>ROIC\u3000\uff1d\u3000NOPAT\uff08\u7a0e\u5f15\u304d\u5f8c\u5229\u76ca\uff09\uff0f\u6295\u4e0b\u8cc7\u672c<\/strong><\/p>\n<\/div>\n<p>\u6295\u4e0b\u8cc7\u672c\u3068\u306f\u3001\u682a\u4e3b\u304b\u3089\u306e\u8abf\u9054\u8cc7\u91d1\u3067\u3042\u308b\u682a\u4e3b\u8cc7\u672c\u3068\u3001\u50b5\u6a29\u8005\u304b\u3089\u306e\u8abf\u9054\u8cc7\u91d1\u3067\u3042\u308b\u6709\u5229\u5b50\u8ca0\u50b5\u306e\u5408\u8a08\u306e\u3053\u3068\u3067\u3001\u3059\u306a\u308f\u3061\u4f01\u696d\u6d3b\u52d5\u306e\u305f\u3081\u306b\u6295\u5165\u3055\u308c\u305f\u8cc7\u91d1\u3092\u8868\u3057\u307e\u3059\u3002<\/p>\n<div class=\"simple-box3\">\n<p><strong>\u6295\u4e0b\u8cc7\u672c\u3000<\/strong><strong>\uff1d\u3000\u682a\u4e3b\u8cc7\u672c\u3000\uff0b\u3000\u6709\u5229\u5b50\u8ca0\u50b5<\/strong><\/p>\n<\/div>\n<p>\u5206\u5b50\u306eNOPAT\u3068\u306f\u3001\u7a0e\u5f15\u304d\u5f8c\u5229\u76ca\u306e\u3053\u3068\u3067\u3059\u3002<\/p>\n<p>NOPAT\u306f\u3001\u4f01\u696d\u306e\u672c\u696d\u306e\u696d\u7e3e\u3092\u53cd\u6620\u3059\u308bEBIT\u304b\u3089\u7a0e\u91d1\u3092\u5dee\u3057\u5f15\u3044\u305f\u3082\u306e\u3067\u3059\u3002<\/p>\n<div class=\"simple-box3\">\n<p><strong>NOPAT\u3000\uff1d\u3000EBIT\u3000\uff0d\u3000\u7a0e\u91d1<\/strong><\/p>\n<\/div>\n<p>EBIT\u3068\u306f\u91d1\u878d\u53ce\u652f\u524d\u7d4c\u5e38\u5229\u76ca\u306e\u3053\u3068\u3067\u3059\u3002<\/p>\n<p>EBIT\u306f\u4f1a\u793e\u304c\u7d4c\u5e38\u7684\u306b\u5f97\u3089\u308c\u308b\u5229\u76ca\u306e\u3046\u3061\u91d1\u878d\u7684\u306a\u53ce\u652f\u3092\u5dee\u3057\u5f15\u3044\u305f\u3082\u306e\u3067\u3059\u3002\uff08\u5b9f\u52d9\u4e0a\u306f\u55b6\u696d\u5229\u76ca\u3068\u30a4\u30b3\u30fc\u30eb\u3068\u3057\u3066\u6271\u308f\u308c\u308b\u3053\u3068\u3082\u3042\u308a\u307e\u3059\uff09<\/p>\n<div class=\"simple-box3\">\n<p><strong>EBIT\u3000\uff1d\u3000\uff08\u7d4c\u5e38\u5229\u76ca\u3000\uff0b\u3000\u652f\u6255\u5229\u606f\u3000\uff0d\u3000\u53d7\u53d6\u5229\u606f\uff09<\/strong><\/p>\n<\/div>\n<p>\u3064\u307e\u308a\u3001NOPAT\u3068\u306f\u3001\u7a0e\u91d1\u3092\u8cbb\u7528\u3068\u8003\u3048\u308b\u3068\u3001\u4f01\u696d\u306b\u5b9f\u8cea\u7684\u306b\u304b\u304b\u308b\u8cbb\u7528\u3092\u5dee\u3057\u5f15\u3044\u305f\u6b8b\u308a\u306e\u5229\u76ca\u3068\u8003\u3048\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n<h3>ROIC\u306e\u8a08\u7b97\u4e8b\u4f8b<\/h3>\n<p>\u3042\u308b\u4f01\u696d\u3067\u6295\u4e0b\u3055\u308c\u305f\u8cc7\u672c\u304c5\u5104\u5186\u3001\u7a0e\u5f15\u304d\u524d\u5229\u76ca\u304c1.5\u5104\u5186\u3001\u7a0e\u7387\u304c30%\u3060\u3068\u4eee\u5b9a\u3057\u307e\u3059\u3002<\/p>\n<p>\u3053\u306e\u5834\u5408\u3001ROIC\u3092\u8a08\u7b97\u3059\u308b\u3068\u3001\u4ee5\u4e0b\u306e\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<div class=\"simple-box1\">\n<p>ROIC =<\/p>\n<p>1.5\u5104\u5186 \u00d7 (1 &#8211; 30%) \u00f7 5\u5104\u5186<br \/>\n= 1.05\u5104\u5186 \u00f7 5\u5104\u5186<br \/>\n= 21%<\/p>\n<\/div>\n<p>\u3064\u307e\u308a\u3001\u3053\u306e\u4f01\u696d\u306f\u6295\u4e0b\u3057\u305f\u8cc7\u672c\u306b\u5bfe\u3057\u3066\u5e74\u9593\u7d0421%\u306e\u5229\u76ca\u3092\u4e0a\u3052\u3066\u3044\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<div id=\"nsspi-2024663903\" class=\"nsspi-h2-2 nsspi-entity-placement\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block; text-align:center;\"\r\n     data-ad-layout=\"in-article\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-client=\"ca-pub-3661469849757690\"\r\n     data-ad-slot=\"6457306725\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><h2>ROIC\u3068ROA\u30fbROE\u3068\u306e\u9055\u3044<\/h2>\n<p>ROIC\u306f\u3001<a href=\"https:\/\/www.nsspirt-cashf2.com\/ba\/roa-roe\/\">ROA\u30fbROE<\/a>\u3068\u4f3c\u305f\u6307\u6a19\u3067\u3059\u304c\u3001\u6295\u4e0b\u3057\u305f\u8cc7\u672c\u306b\u5bfe\u3059\u308b\u4e8b\u696d\u306e\u5132\u3051\u306e\u5ea6\u5408\u3044\u3092\u3088\u308a\u6b63\u78ba\u306b\u8868\u3057\u3066\u3044\u308b\u306e\u306fROIC\u3060\u3068\u8a00\u308f\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>ROIC\u306b\u5bfe\u3057\u3066\u3001ROE\u30fbROE\u3068\u306e\u9055\u3044\u306b\u3064\u3044\u3066\u3001\u5206\u6bcd\u3001\u5206\u5b50\u306b\u5206\u3051\u3066\u6bd4\u8f03\u3057\u305f\u306e\u304c\u4ee5\u4e0b\u306e\u8868\u3067\u3059\u3002<\/p>\n<table style=\"border-collapse: collapse; width: 100%; height: 96px;\" border=\"1\">\n<tbody>\n<tr style=\"height: 24px;\">\n<td style=\"width: 33.3333%; height: 24px;\"><\/td>\n<td style=\"width: 33.3333%; height: 24px;\">\u5206\u5b50<\/td>\n<td style=\"width: 33.3333%; height: 24px;\">\u5206\u6bcd<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 33.3333%;\">ROA<\/td>\n<td style=\"width: 33.3333%;\">\u7d14\u5229\u76ca<\/td>\n<td style=\"width: 33.3333%;\">\u7dcf\u8cc7\u7523<\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 33.3333%; height: 24px;\">ROE<\/td>\n<td style=\"width: 33.3333%; height: 24px;\">\u7d14\u5229\u76ca<\/td>\n<td style=\"width: 33.3333%; height: 24px;\">\u81ea\u5df1\u8cc7\u672c<\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 33.3333%; height: 24px;\">ROIC<\/td>\n<td style=\"width: 33.3333%; height: 24px;\">\u7a0e\u5f15\u5f8c\u5229\u76ca<\/td>\n<td style=\"width: 33.3333%; height: 24px;\">\u6295\u4e0b\u8cc7\u672c<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>ROIC\u3068ROA\u30fbROE\u306e\u9055\u3044\u3092\u307e\u3068\u3081\u308b\u3068\u3001\u4ee5\u4e0b\u306e\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<div class=\"simple-box3\">\n<p>ROA\uff1a\u4f1a\u793e\u5168\u4f53\u306e\u8cc7\u7523\u306b\u5bfe\u3059\u308b\u53ce\u76ca\u6027\u3092\u793a\u3059\uff08\u4f1a\u793e\u5168\u4f53\u306e\u52b9\u7387\u6027\u304c\u308f\u304b\u308b\uff09<\/p>\n<p>ROE\uff1a\u81ea\u5df1\u8cc7\u672c\u306b\u5bfe\u3059\u308b\u5229\u76ca\u7387\u3092\u793a\u3059\uff08\u682a\u4e3b\u306b\u5bfe\u3059\u308b\u53ce\u76ca\u6027\u304c\u308f\u304b\u308b\uff09<\/p>\n<p>ROIC\uff1a\u6295\u4e0b\u3055\u308c\u305f\u8cc7\u672c\u306b\u5bfe\u3059\u308b\u672c\u696d\u306b\u304a\u3051\u308b\u5229\u76ca\u7387\u3092\u793a\u3059\uff08\u6709\u5229\u5b50\u8ca0\u50b5\u306e\u50b5\u6a29\u8005\u3068\u682a\u4e3b\u3001\u3059\u306a\u308f\u3061\u5168\u3066\u306e\u8cc7\u91d1\u8abf\u9054\u5148\u306b\u5bfe\u3059\u308b\u53ce\u76ca\u6027\u304c\u308f\u304b\u308b\uff09<\/p>\n<\/div>\n<p>\u4ee5\u4e0a\u306e\u3053\u3068\u3092\u307e\u3068\u3081\u3066\u3001ROIC\u3068ROA\u30fbROE\u3068\u306e\u9055\u3044\u3092\u56f3\u89e3\u3059\u308b\u3068\u3001\u4ee5\u4e0b\u306e\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-13233\" src=\"https:\/\/www.nsspirt-cashf2.com\/wp-content\/uploads\/2018\/09\/roic002.jpg\" alt=\"ROIC\u3068ROE\u30fbROA\u306e\u95a2\u4fc2\u3092\u56f3\u89e3\" width=\"1000\" height=\"564\" srcset=\"https:\/\/www.nsspirt-cashf2.com\/ba\/wp-content\/uploads\/2018\/09\/roic002.jpg 1000w, https:\/\/www.nsspirt-cashf2.com\/ba\/wp-content\/uploads\/2018\/09\/roic002-300x169.jpg 300w, https:\/\/www.nsspirt-cashf2.com\/ba\/wp-content\/uploads\/2018\/09\/roic002-768x433.jpg 768w, https:\/\/www.nsspirt-cashf2.com\/ba\/wp-content\/uploads\/2018\/09\/roic002-320x180.jpg 320w, https:\/\/www.nsspirt-cashf2.com\/ba\/wp-content\/uploads\/2018\/09\/roic002-640x360.jpg 640w, https:\/\/www.nsspirt-cashf2.com\/wp-content\/uploads\/2018\/09\/roic002.jpg 856w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/>\n<p>https:\/\/www.nsspirt-cashf2.com\/ba\/roa-roe\/<\/p>\n<h2>ROIC\u3068WACC\u306e\u95a2\u4fc2\u3092\u8868\u3059EVA\u30b9\u30d7\u30ec\u30c3\u30c9<\/h2>\n<p>EVA\u30b9\u30d7\u30ec\u30c3\u30c9\u3068\u306f\u3001\uff08ROIC\uff0dWACC\uff09\u3067\u8868\u3055\u308c\u308b\u6570\u5b57\u3067\u3059\u3002<\/p>\n<p>ROIC\u306e\u8a08\u7b97\u306b\u51fa\u3066\u304f\u308b\u6295\u4e0b\u8cc7\u672c\u3068\u306f\u3001<a href=\"https:\/\/www.nsspirt-cashf2.com\/ba\/wacc-capm\/\">WACC\uff08\u8cc7\u672c\u30b3\u30b9\u30c8\uff09<\/a>\u3067\u7528\u3044\u308b\u8cc7\u672c\u3068\u540c\u3058\u3082\u306e\u3067\u3059\u3002<\/p>\n<p>\u305d\u306e\u305f\u3081\u3001ROIC\u306fWACC\u3068\u306e\u9593\u306b\u660e\u78ba\u306a\u57fa\u6e96\u3092\u3082\u3064\u5c3a\u5ea6\u3068\u306a\u308a\u3001\u682a\u5f0f\u3084\u4e8b\u696d\u3078\u306e\u6295\u8cc7\u3092\u3059\u308b\u4e0a\u3067\u91cd\u8981\u3068\u8003\u3048\u3089\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>ROIC\u3068WACC\u306e\u95a2\u4fc2\u306f\u3001ROIC\u3068<a href=\"https:\/\/www.nsspirt-cashf2.com\/ba\/eva\/\">EVA\uff08\u7d4c\u6e08\u4ed8\u52a0\u4fa1\u5024\uff09<\/a>\u306e\u95a2\u4fc2\u3092\u898b\u308b\u3053\u3068\u3067\u660e\u3089\u304b\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>EVA\u3068\u306f\u3001\u4f01\u696d\u306e\u7d4c\u6e08\u4ed8\u52a0\u4fa1\u5024\u306e\u3053\u3068\u3067\u3001EVA\u304c\u30d7\u30e9\u30b9\u3060\u3068\u305d\u306e\u4f01\u696d\u306f\u7d4c\u6e08\u7684\u306a\u4ed8\u52a0\u4fa1\u5024\u3092\u898b\u51fa\u3057\u3066\u3044\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>EVA\u306f\u6b21\u306e\u8a08\u7b97\u5f0f\u3067\u8868\u305b\u307e\u3059\u3002<\/p>\n<div class=\"simple-box3\">\n<p><strong>EVA\u3000\uff1d\u3000NOPAT\u3000\uff0d\u3000\u6295\u4e0b\u8cc7\u672c\u3000\u00d7\u3000\u8cc7\u672c\u30b3\u30b9\u30c8<br \/>\n\uff1d\u3000NOPAT\u3000\uff0d\u3000\u6295\u4e0b\u8cc7\u672c\u3000\u00d7\u3000WACC<\/strong><\/p>\n<\/div>\n<p>\u3053\u306e\u5f0f\u306e\u4e21\u8fba\u3092\u6295\u4e0b\u8cc7\u672c\u3067\u5272\u308b\u3068\u3001EVA\u3001ROIC\u3001WACC\u306e\u95a2\u4fc2\u304c\u6b21\u306e\u3088\u3046\u306b\u660e\u3089\u304b\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<div class=\"simple-box3\">\n<p><strong>EVA\uff0f\u6295\u4e0b\u8cc7\u672c\u3000\uff1d\u3000NOPAT\uff0f\u6295\u4e0b\u8cc7\u672c\u3000\uff0d\u3000WACC<br \/>\n\uff1d\u3000ROIC\u3000\uff0d\u3000WACC<\/strong><\/p>\n<\/div>\n<p>\u3053\u306e<strong>\uff08ROIC\uff0dWACC\uff09\u304cEVA\u30b9\u30d7\u30ec\u30c3\u30c9<\/strong>\u3068\u547c\u3070\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u3064\u307e\u308a\u3001\u4f01\u696d\u306e\u7d4c\u6e08\u4ed8\u52a0\u4fa1\u5024\u306f\u30d7\u30e9\u30b9\u306b\u3059\u308b\u306b\u306f\u3001ROIC\u3092WACC\u3088\u308a\u9ad8\u304f\u3059\u308b\uff08EVA\u30b9\u30d7\u30ec\u30c3\u30c9\u304c\u30d7\u30e9\u30b9\u306b\u3059\u308b\uff09\u5fc5\u8981\u304c\u3042\u308b\u306e\u3067\u3059\u3002<\/p>\n<img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-13236\" src=\"https:\/\/www.nsspirt-cashf2.com\/wp-content\/uploads\/2018\/09\/roic003.jpg\" alt=\"ROIC\u3068WACC\u306e\u95a2\u4fc2\u3092\u56f3\u89e3\" width=\"1000\" height=\"460\" srcset=\"https:\/\/www.nsspirt-cashf2.com\/ba\/wp-content\/uploads\/2018\/09\/roic003.jpg 1000w, https:\/\/www.nsspirt-cashf2.com\/ba\/wp-content\/uploads\/2018\/09\/roic003-300x138.jpg 300w, https:\/\/www.nsspirt-cashf2.com\/ba\/wp-content\/uploads\/2018\/09\/roic003-768x353.jpg 768w, https:\/\/www.nsspirt-cashf2.com\/wp-content\/uploads\/2018\/09\/roic003.jpg 856w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/>\n<h2>ROIC\u5411\u4e0a\u3068\u4f01\u696d\u4fa1\u5024\u5411\u4e0a\u306e\u95a2\u4fc2<\/h2>\n<p>ROIC\u306e\u5411\u4e0a\u306f\u3001\u4f01\u696d\u4fa1\u5024\u3092\u9ad8\u3081\u308b\u3053\u3068\u306b\u3064\u306a\u304c\u308a\u307e\u3059\u3002<\/p>\n<p>\u305f\u3068\u3048\u3070\u3001\u7a0e\u5f15\u5f8c\u55b6\u696d\u5229\u76ca\uff08NOPAT\uff09\u30922\u500d\u306b\u9ad8\u3081\u308b\u3053\u3068\u304c\u3067\u304d\u3066\u3082\u3001\u305d\u306e\u305f\u3081\u306e\u6295\u4e0b\u8cc7\u672c\u304c\u4eca\u306e3\u500d\u5fc5\u8981\u3060\u3068\u3057\u305f\u3089\u3001\u4f01\u696d\u306e\u4fa1\u5024\u3092\u6bc0\u640d\u3057\u3066\u3057\u307e\u3046\u3067\u3057\u3087\u3046\u3002<\/p>\n<p>\u9006\u306b\u3001\u6295\u4e0b\u8cc7\u672c\u30922\u500d\u306b\u3057\u3066NOPAT\u30923\u500d\u306b\u3067\u304d\u308c\u3070\u3001\u4f01\u696d\u4fa1\u5024\u306f\u5927\u304d\u304f\u5411\u4e0a\u3067\u304d\u307e\u3059\u3002<\/p>\n<p>\u3053\u306e\u3088\u3046\u306a\u3053\u3068\u304b\u3089\u3001\u6295\u8cc7\u5bb6\u306b\u5bfe\u3059\u308b\u4f01\u696d\u4fa1\u5024\u3092\u9ad8\u3081\u308b\u305f\u3081\u306e\u6307\u6a19\u3068\u3057\u3066ROIC\u304c\u4f7f\u308f\u308c\u308b\u306e\u3067\u3059\u3002<\/p>\n<p>\u3064\u307e\u308a\u3001\u6295\u8cc7\u5bb6\u304b\u3089\u898b\u308b\u3068ROIC\u304cWACC\u306b\u5bfe\u3057\u3066\u3069\u306e\u7a0b\u5ea6\u306e\u6c34\u6e96\u306a\u306e\u304b\uff08\uff1dEVA\u30b9\u30d7\u30ec\u30c3\u30c9\u304c\u30d7\u30e9\u30b9\u306a\u306e\u304b\uff09\u3001\u305d\u308c\u306f\u4eca\u5f8c\u5897\u3048\u3066\u3044\u304f\u306e\u304b\u304c\u95a2\u5fc3\u4e8b\u306b\u306a\u3063\u3066\u304f\u308b\u308f\u3051\u3067\u3059\u3002<\/p>\n<p>\u3061\u306a\u307f\u306b\u3001EVA\u30b9\u30d7\u30ec\u30c3\u30c9\u304c\u30d7\u30e9\u30b9\u306b\u306a\u3063\u3066\u3044\u308b\u4f01\u696d\u306f\u4e16\u754c\u3067\u3069\u306e\u7a0b\u5ea6\u3042\u308b\u306e\u304b\u8abf\u67fb\u3057\u305f\u7d50\u679c\u304c\u300c<a href=\"http:\/\/aswathdamodaran.blogspot.com\/2019\/01\/january-2019-data-update-6.html\">January 2019 Data Update 6: Profitability and Value Creation!<\/a>\u300d\u306b\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u4e0a\u8a18\u30da\u30fc\u30b8\u304b\u3089\u629c\u7c8b\u3057\u305f\u4ee5\u4e0b\u306e\u30b0\u30e9\u30d5\u306b\u3088\u308b\u3068\u3001\u5404\u5730\u57df\u306e\u4f01\u696d\u306eROIC\u3068WACC\u306e\u5272\u5408\u306f\u4ee5\u4e0b\u306e\u3068\u304a\u308a\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-2098 size-full\" src=\"https:\/\/www.nsspirt-cashf2.com\/wp-content\/uploads\/2018\/09\/roic_wacc2019.jpg\" alt=\"\" width=\"919\" height=\"660\" srcset=\"https:\/\/www.nsspirt-cashf2.com\/ba\/wp-content\/uploads\/2018\/09\/roic_wacc2019.jpg 919w, https:\/\/www.nsspirt-cashf2.com\/ba\/wp-content\/uploads\/2018\/09\/roic_wacc2019-300x215.jpg 300w, https:\/\/www.nsspirt-cashf2.com\/ba\/wp-content\/uploads\/2018\/09\/roic_wacc2019-768x552.jpg 768w, https:\/\/www.nsspirt-cashf2.com\/wp-content\/uploads\/2018\/09\/roic_wacc2019.jpg 856w\" sizes=\"auto, (max-width: 919px) 100vw, 919px\" \/>\n<p>\u3053\u306e\u7d50\u679c\u3092\u898b\u308b\u3068\u3001\u4e16\u754c\u306b\u3042\u308b\u4f1a\u793e\u306e\u3046\u306160%\u7a0b\u5ea6\u3067ROIC\u304c\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u4e0b\u56de\u3063\u3066\u3044\u308b\u3068\u3044\u3046\u73fe\u5b9f\u304c\u3042\u308b\u3088\u3046\u3067\u3059\u3002<\/p>\n<p>\u306a\u304a\u3001\u65e5\u672c\u3067\u306fROIC\u3068WACC\u306e\u5927\u5c0f\u306e\u5272\u5408\u306f\u4ee5\u4e0b\u306e\u3088\u3046\u306a\u7d50\u679c\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<table style=\"border-collapse: collapse; width: 100%;\" border=\"1\">\n<tbody>\n<tr>\n<td style=\"width: 33.3333%; text-align: center;\">ROIC\uff1cWACC<\/td>\n<td style=\"width: 33.3333%; text-align: center;\">ROIC=QACC<\/td>\n<td style=\"width: 33.3333%; text-align: center;\">ROIC\uff1eWACC<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 33.3333%; text-align: center;\">46.18%<\/td>\n<td style=\"width: 33.3333%; text-align: center;\">19.35%<\/td>\n<td style=\"width: 33.3333%; text-align: center;\">34.47%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>ROIC\u30c4\u30ea\u30fc\uff08ROIC\u306e\u5206\u89e3\u5f0f\uff09<\/h2>\n<p>\u7dcf\u8cc7\u7523\u306e\u52b9\u7387\u6027\u3092\u8868\u3059ROA\u306f\u3001<a href=\"https:\/\/www.nsspirt-cashf2.com\/ba\/roa-tree\/\">ROA\u30c4\u30ea\u30fc<\/a>\u3068\u3044\u3046\u5f62\u3067\u3055\u307e\u3056\u307e\u306a\u8981\u7d20\u306b\u5206\u89e3\u3067\u304d\u307e\u3059\u304c\u3001ROIC\u3082\u540c\u69d8\u306b\u4ee5\u4e0b\u306e\u30c4\u30ea\u30fc\u306b\u5206\u89e3\u3067\u304d\u307e\u3059\u3002<\/p>\n<img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-10063 size-full\" src=\"https:\/\/www.nsspirt-cashf2.com\/wp-content\/uploads\/2018\/09\/roic-tree001.jpg\" alt=\"ROIC\u30c4\u30ea\u30fc\u306e\u4e8b\u4f8b\" width=\"1113\" height=\"762\" srcset=\"https:\/\/www.nsspirt-cashf2.com\/ba\/wp-content\/uploads\/2018\/09\/roic-tree001.jpg 1113w, https:\/\/www.nsspirt-cashf2.com\/ba\/wp-content\/uploads\/2018\/09\/roic-tree001-300x205.jpg 300w, https:\/\/www.nsspirt-cashf2.com\/ba\/wp-content\/uploads\/2018\/09\/roic-tree001-1024x701.jpg 1024w, https:\/\/www.nsspirt-cashf2.com\/ba\/wp-content\/uploads\/2018\/09\/roic-tree001-768x526.jpg 768w, https:\/\/www.nsspirt-cashf2.com\/wp-content\/uploads\/2018\/09\/roic-tree001.jpg 856w\" sizes=\"auto, (max-width: 1113px) 100vw, 1113px\" \/>\n<p>ROIC\u3092\u5206\u89e3\u3059\u308b\u3068\u73fe\u308c\u308b\u306e\u304c\u3001\u7a0e\u5f15\u524dROIC\u3068\u6295\u4e0b\u8cc7\u672c\u5b9f\u52b9\u7a0e\u7387\u3067\u3059\u3002<\/p>\n<p>\u7a0e\u5f15\u524dROIC\u3092\u5206\u89e3\u3059\u308b\u3068\u3001\u58f2\u4e0a\u9ad8\u55b6\u696d\u5229\u76ca\u7387\uff08\u55b6\u696d\u5229\u76ca\u00f7\u58f2\u4e0a\u9ad8\uff09\u3068\u3001\u6295\u4e0b\u8cc7\u672c\u56de\u8ee2\u7387\uff08\u58f2\u4e0a\u9ad8\u00f7\u6295\u4e0b\u8cc7\u672c\uff09\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u3055\u3089\u306b\u5206\u89e3\u3092\u9032\u3081\u308b\u3068\u3001\u58f2\u4e0a\u9ad8\u539f\u4fa1\u7387\u3001\u58f2\u4e0a\u9ad8\u8ca9\u7ba1\u8cbb\u7387\u3001\u904b\u8ee2\u8cc7\u672c\u56de\u8ee2\u7387\u3001\u56fa\u5b9a\u8cc7\u7523\u56de\u8ee2\u7387\u3067\u8868\u305b\u308b\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u3053\u306e\u3088\u3046\u306b\u30c4\u30ea\u30fc\u3057\u3066\u5206\u89e3\u3059\u308b\u3053\u3068\u3067\u3001ROIC\u3092\u9ad8\u3081\u308b\u305f\u3081\u306b\u6539\u5584\u3059\u3079\u304d\u6307\u6a19\u3092\u8b70\u8ad6\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308b\u306e\u3067\u3059\u3002<\/p>\n<div id=\"nsspi-1584307133\" class=\"nsspi-h2-4 nsspi-entity-placement\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block; text-align:center;\"\r\n     data-ad-layout=\"in-article\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-client=\"ca-pub-3661469849757690\"\r\n     data-ad-slot=\"6457306725\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><h2>\u307e\u3068\u3081<\/h2>\n<p>\u4ee5\u4e0a\u304cROIC\u306e\u89e3\u8aac\u3067\u3057\u305f\u3002<\/p>\n<div class=\"concept-box1\">\n<ul>\n<li>ROIC\u3068\u306f\u3001\u6295\u4e0b\u8cc7\u672c\u5229\u76ca\u7387\u306e\u3053\u3068\u3067\u3001NOPAT\uff08\u7a0e\u5f15\u5f8c\u5229\u76ca\uff09\uff0f\u6295\u4e0b\u8cc7\u672c\u3067\u8a08\u7b97\u3067\u304d\u308b\u3002<\/li>\n<li>\u6295\u8cc7\u8cc7\u672c\u3068\u306f\u3001\u682a\u4e3b\u8cc7\u672c\uff0b\u6709\u5229\u5b50\u8ca0\u50b5\u3067\u8a08\u7b97\u3067\u304d\u3001\u4f01\u696d\u6d3b\u52d5\u306e\u305f\u3081\u306b\u6295\u4e0b\u3055\u308c\u305f\u8cc7\u672c\u3067\u3042\u308b\u3002<\/li>\n<li>ROIC\u306f\u3001ROE\u304cROA\u306b\u6bd4\u3079\u308b\u3068\u3001\u6295\u4e0b\u3057\u305f\u8cc7\u672c\u306b\u5bfe\u3059\u308b\u5132\u3051\u306e\u5ea6\u5408\u3044\u3092\u3088\u308a\u6b63\u78ba\u306b\u8868\u3059\u3053\u3068\u304c\u3067\u304d\u308b\u3002<\/li>\n<li>ROIC-WACC\u306e\u3053\u3068\u3092EVA\u30b9\u30d7\u30ec\u30c3\u30c9\u3068\u3044\u3044\u3001EVA\u30b9\u30d7\u30ec\u30c3\u30c9\u3092\u30d7\u30e9\u30b9\u306b\u3059\u308b\uff08ROIC\u3092WACC\u3088\u308a\u5927\u304d\u304f\u3059\u308b\uff09\u3053\u3068\u3067\u3001\u4f01\u696d\u304c\u7d4c\u6e08\u4ed8\u52a0\u4fa1\u5024\u3092\u751f\u307f\u51fa\u3057\u3066\u3044\u308b\u3068\u8a00\u3048\u308b\u3088\u3046\u306b\u306a\u308b\u3002<\/li>\n<li>ROIC\u306e\u5411\u4e0a\u306f\u4f01\u696d\u4fa1\u5024\u5411\u4e0a\u306b\u3064\u306a\u304c\u308b\u3002<\/li>\n<\/ul>\n<\/div>\n<p><strong>\u8ca1\u52d9\u30fb\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u3092\u3082\u3063\u3068\u77e5\u308b\u306b\u306f<\/strong><\/p>\n<p>https:\/\/www.nsspirt-cashf2.com\/ba\/books-for-finance\/<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ROIC\u3068\u306f\u3001Return on Invested Capital\u306e\u7565\u3067\u3001\u50b5\u6a29\u8005\u3068\u682a\u4e3b\u304b\u3089\u8abf\u9054\u3057\u305f\u304a\u91d1\u306b\u5bfe\u3057\u3066\u3001\u3069\u308c\u304f\u3089\u3044\u52b9\u7387\u7684\u306b\u5229\u76ca\u3092\u3042\u3052\u3066\u3044\u308b\u304b\u3092\u6e2c\u5b9a\u3059\u308b\u8ca1\u52d9\u6307\u6a19\u3067\u3059\u3002 ROIC\u304c\u9ad8\u3044\u307b\u3069\u3001\u4f01\u696d\u304c\u6295\u4e0b\u3057\u305f\u8cc7\u672c\u306b\u5bfe\u3057\u3066<\/p>\n","protected":false},"author":1,"featured_media":1140,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jin_ogp_image_url":"","_jin_last_featured_id":0,"footnotes":""},"categories":[12],"tags":[],"class_list":["post-172","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"_links":{"self":[{"href":"https:\/\/www.nsspirt-cashf2.com\/ba\/wp-json\/wp\/v2\/posts\/172","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nsspirt-cashf2.com\/ba\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nsspirt-cashf2.com\/ba\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nsspirt-cashf2.com\/ba\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nsspirt-cashf2.com\/ba\/wp-json\/wp\/v2\/comments?post=172"}],"version-history":[{"count":0,"href":"https:\/\/www.nsspirt-cashf2.com\/ba\/wp-json\/wp\/v2\/posts\/172\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.nsspirt-cashf2.com\/ba\/wp-json\/wp\/v2\/media\/1140"}],"wp:attachment":[{"href":"https:\/\/www.nsspirt-cashf2.com\/ba\/wp-json\/wp\/v2\/media?parent=172"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nsspirt-cashf2.com\/ba\/wp-json\/wp\/v2\/categories?post=172"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nsspirt-cashf2.com\/ba\/wp-json\/wp\/v2\/tags?post=172"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}