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[转帖] 冷眼最爱的ROE是什么?如何计算?- 谢仁勇

Tan KW
Publish date: Tue, 26 Mar 2013, 07:57 PM
Tan KW
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冷眼在最近的讲座中提到了ROE(Return of equity)为他近几年最重要的选股指标,什么是ROE呢?ROE能代表什么?又如何计算ROE呢?这一篇文章我们较为详细的谈谈ROE。

ROE在中文的称呼比较广泛,基本上网络能找到好几种中文称呼,主要是不同国家的股民和报章都使用不同的术语,我上网搜索了一下,发现ROE基本被翻译为以下几种称呼:

  • 股本回报率
  • 股权收益率
  • 股本收益率
  • 股东回报率
  • 股东报酬率

其实最简单的说法就是股东的回酬有多高。

ROE基本反映公司利用资产净值产生纯利的能力。计算方法是将稅后净利(Profit after Tax)扣除优先股股息(Preferred Share Divident)后的净收益除以股东权益(Shareholders Equity)。此比例计算出公司普通股股东的投资回报率,是上市公司盈利能力的重要指标。

关于Profit after Tax相信大家比较了解,算法就是公司的Revenue/Sales 扣除开销(Expenses)之后,在扣除一个固定的税务比例(Tax)得出的数额。

至于Preferred Share则是一个公司得固定派发股息的股票,和Ordinary Share不同,Preferred Share的股息是固定的,也没有投票权,因此看起来更像是债券(Bond)。Bursa上的股票基本都是Ordinary Share。

ROE = 净收益(Profit after Tax – Preferred Share Divident) / 股东权益(Shareholders Equity,没有包括Preferred Share)

公司通常把盈利再投资以赚取更大回报,ROE正反映了公司这方面的能力。

借贷(Debt)比例较高的公司一般都有较高的ROE,因此借贷对公司来说也是一个好事,但是借贷比例应该占多少则因公司而异,这点我们下篇文章再详细讨论。

然而大家必须谨记的是,公司的股权收益高不代表盈利能力强。部分行业由于不需要太多资产投入,所以通常都有较高ROE,例如咨询公司。有些行业需要投入大量基础建筑才能产生盈利,例如炼油厂。所以,不能单以ROE判定公司的盈利能力。一般而言,资本密集行业的进入门槛较高,竞争较少,相反高ROE但低资产的行业则较易进入,面对较大竞争。所以ROE应用作比较相同行业。

总结:ROE其实就是你入股公司RM1,公司用这RM1赚了多少钱回来。

http://www.leinvest.com/ch/what-roe-is-coldly-favorite-how-is-this-calculated.html#.UVGNGHyapHA
 

 

Discussions
3 people like this. Showing 6 of 6 comments

Jordan Ching

Thank you for sharing,I really like the articles that you always share^^

2013-03-27 01:02

iafx

make no mistake, shareholders equity is NOT equal to Assets - Liabilities! :)

2013-03-27 09:27

kcchongnz

Posted by iafx > Mar 27, 2013 09:27 AM | Report Abuse
make no mistake, shareholders equity is NOT equal to Assets - Liabilities!

Somebody just Google and find the formula a bit different and declares everywhere about the above statement. He doesn't understand what is preferred shares, and hence why the difference of the formula. For heaven sake don't make a fool of yourself everywhere.

2013-03-27 10:22

iafx

hahahahahaaaaa... bro, quickly go and open a roti-canai shop!! since day 1 already warned that yr statement is FLAWED

google? hhahaa..., if want to embarrass u, could have put this info in yr "specially created for argument" thread

there r many similar flaws in yr many "undisputable posts", no worry, should these posts r "too much", will knock on yr head to wake u up

hhahahaaa...

2013-03-27 10:37

kcchongnz

Hey, don't make a fool of yourself everywhere. Go to that specially created website and we can discuss about a lot of useful finance and investment things. Why don't go there as you said you could have embarrassed me there? Don't ruin threads put up by others for sharing purpose. May be you could learn a bit about accounting and finance from that special thread created. Hey you really really need it you know.

Now you are really so stupid to embarrass your ownself everywhere.

2013-03-27 10:51

Latera

Hi ! Sifu what is the " DPS " mean !

2013-03-27 12:35

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