财务报表分析chapter08
10页1、10/19/2013 1 8-1 8 CHAPTER Return on Invested Capital and Profitability Analysis 8-2 Return on Invested Capital Joint analysis is where one measure is assessed relative to another Return on invested capital (ROIC) or Return on Investment (ROI) is an important joint analysis Importance of Joint Analysis 8-3 Return on Invested Capital ROI Relation Return on invested capital (ROIC) or Return on investment (ROI) relates income to a companys level and source of financing ROI allows comparisons with a
2、lternative investment opportunities -Riskier investments expected to yield a higher ROI ROI impacts a companys ability to succeed, attract financing, repay creditors,and reward owners 10/19/2013 2 8-4 Return on Invested Capital Application of ROI (2) measuring profitability (3) Measure for planning and control (1) measuring managerial effectiveness (2) measuring Profitability (3) measure for planning and control ROI is applicable to: 8-5 Return on Invested Capital Measuring Profitability ROI is
3、an indicator of company profitability ROI relates key summary measures: profits with financing ROI conveys return on invested capital from different financing perspectives 8-6 Return on Invested Capital Measuring Managerial Effectiveness Management is responsible for all company activities ROI is a measure of managerial effectiveness in business activities ROI depends on the skill, resourcefulness, ingenuity, and motivation of management 10/19/2013 3 8-7 Return on Invested Capital Measuring for
4、Planning and Control ROI assists managers with: Planning Budgeting Coordinating activities Evaluating opportunities Control 8-8 Components of ROI Return on invested capital is defined as: Income Invested Capital 收益收益 投入资本投入资本 8-9 Components of ROI Invested Capital Defined No universal measure of invested capital Different measures of invested capital reflect users different perspectives 10/19/2013 4 8-10 Components of ROI Alternative Measures of Invested Capital Common Measures: Net Operating As
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