高ROE不一定就比低ROE好。ROE常被用来评估管理层的素质。ROE = 净利 / 股东权益 x 100%。一般人认为高ROE比较好。让我们来看一个案历：

股东权益 = 总资产 - 总负债

案历：ABC公司的实收资本是1000, 净利是100和0负债。ROE是10% (100x100%/1000)

XYZ公司的实收资本是1000,净利是100,不过负债200。ROE是12.5% (100x100%/800)

假设2间公司在同一个领域。哪一间更好？ABC的ROE比XYZ的ROE低,但明显是更好的。

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James Ng

A list of ROE( Return On Equity) of some famous large cap companies worldwide:

China Construction Bank Corp 17.89%
Apple Inc 42.71%
Exxon Mobil Corporation 9.36%
Agricultural Bank of China Ltd 16.92%
Bank Of China Ltd. 15.02%
Gazprom PJSC 2.74%
Wells Fargo & Co 12.78%
Samsung Electronics Co Ltd 10.67%
JPMorgan Chase & Co 10.34%
Microsoft Corp 13.53%
Berkshire Hathaway Inc 9.72%
Toyota Motor Corp 13.86%
Johnson & Johnson 21.87%
Volkswagen AG 6.69%
Alphabet Inc 14.08%
HSBC Holdings PLC 6.64%
International Business Machines Corp 100.96%
Intel Corp 19.53%
Oracle Corp 19.68%
Procter & Gamble Co 13.31%
Twenty-First Century Fox Inc 14.04%

A high ROE may not be as good as a low ROE. ROE is a common metric used to gauge the competency of the management. ROE is calculated by dividing the net profit by the shareholders’ equity and expressed as a percentage. Most people think that a higher ROE is better than a lower ROE. Let see whether this is true：

Shareholders’ equity is the total assets minus the total liabilities.

Consider this scenario: Company ABC has a paid-up capital of 1000, net earnings of 100 and zero debt. Thus its ROE is 10% (100x100%/1000)

Company XYZ also has a paid-up capital of 1000 and earnings of 100, but it has debt of 200. So its ROE is 12.5% (100x100/800)

Assuming that both companies are in the same business. Which is the better company? Company ABC has a lower ROE than Company XYZ, but obviously it is the better company.

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James Ng