{"id":64,"date":"2026-10-28T14:57:24","date_gmt":"2026-10-28T06:57:24","guid":{"rendered":"https:\/\/ifa.ai\/research\/?p=64"},"modified":"2026-10-28T14:57:37","modified_gmt":"2026-10-28T06:57:37","slug":"roce","status":"publish","type":"post","link":"https:\/\/ifa.ai\/research\/roce\/","title":{"rendered":"ROCE\u662f\u4ec0\u9ebc? \u5982\u4f55\u89e3\u8b80? \u5f9e\u8ca1\u52d9\u6307\u6a19\u5206\u6790\u516c\u53f8\u7af6\u722d\u529b"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">\u5b9a\u7fa9<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">ROCE \u7684 \u5168\u540d\u662f Return on Capital Employed\uff0c\u5373\u300c\u8cc7\u672c\u904b\u7528\u5831\u916c\u7387\u300d\u3002\u9019\u500b\u6307\u6a19\u7684\u610f\u7fa9\u5f88\u7c21\u55ae\uff0c\u5c31\u662f\u5728\u8861\u91cf<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u300c\u80a1\u6771\u6bcf\u6295\u5165 1 \u584a\u9322\uff0c\u516c\u53f8\u53ef\u4ee5\u8cfa\u56de\u591a\u5c11\u9322\u300d\u3002<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"\u4e00roce-\u662f\u4ec0\u9ebc\">\u4e00\u3001ROCE \u662f\u4ec0\u9ebc\uff1f\u57fa\u672c\u5b9a\u7fa9<\/h2>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\">ROCE = \u606f\u7a05\u524d\u5229\u6f64\uff08EBIT\uff09\u00f7 \u5df2\u52d5\u7528\u8cc7\u672c<\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">ROCE \u7684\u5168\u540d\u662f Return on Capital Employed\uff0c\u4e2d\u6587\u5e38\u8b6f\u70ba\u300c\u5df2\u52d5\u7528\u8cc7\u672c\u5831\u916c\u7387\u300d\uff0c\u8a08\u7b97\u65b9\u5f0f\u662f\u628a\u516c\u53f8\u7684\u606f\u7a05\u524d\u5229\u6f64\uff08EBIT\uff09\u9664\u4ee5\u5df2\u52d5\u7528\u8cc7\u672c\uff08Capital Employed\uff09\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5206\u5b50\u4ee3\u8868\u516c\u53f8\u300c\u8cfa\u4e86\u591a\u5c11\u300d\uff0c\u5206\u6bcd\u4ee3\u8868\u516c\u53f8\u300c\u7528\u4e86\u591a\u5c11\u672c\u9322\u300d\u3002\u5169\u8005\u76f8\u9664\uff0c\u5f97\u5230\u7684\u5c31\u662f\u516c\u53f8\u904b\u7528\u8cc7\u672c\u7684\u5831\u916c\u7387\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"\u4e8c\u62c6\u89e3\u516c\u5f0f\u5206\u5b50\u8207\u5206\u6bcd\u5404\u4ee3\u8868\u4ec0\u9ebc\">\u4e8c\u3001\u62c6\u89e3\u516c\u5f0f\uff1a\u5206\u5b50\u8207\u5206\u6bcd\u5404\u4ee3\u8868\u4ec0\u9ebc<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"\u5206\u5b50\u606f\u7a05\u524d\u5229\u6f64ebit\">\u5206\u5b50\uff1a\u606f\u7a05\u524d\u5229\u6f64\uff08EBIT\uff09<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">EBIT \u662f\u516c\u53f8\u5728\u300c\u652f\u4ed8\u5229\u606f\u300d\u8207\u300c\u7e73\u7d0d\u6240\u5f97\u7a05\u300d\u4e4b\u524d\u7684\u5229\u6f64\uff0c\u53cd\u6620\u516c\u53f8\u9760\u7d93\u71df\u672c\u8eab\u8cfa\u5230\u7684\u9322\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u70ba\u4ec0\u9ebc\u8981\u7528\u5229\u606f\u548c\u7a05\u4e4b\u524d\u7684\u5229\u6f64\uff1f\u539f\u56e0\u6709\u5169\u500b\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u6392\u9664\u8cc7\u91d1\u4f86\u6e90\u7684\u5f71\u97ff<\/strong>\uff1a\u6709\u7684\u516c\u53f8\u591a\u501f\u9322\u3001\u5229\u606f\u652f\u51fa\u9ad8\uff0c\u6709\u7684\u516c\u53f8\u5e7e\u4e4e\u4e0d\u501f\u9322\u3002\u628a\u5229\u606f\u52a0\u56de\u4f86\uff0c\u624d\u80fd\u516c\u5e73\u6bd4\u8f03\u5169\u5bb6\u516c\u53f8\u7684\u7d93\u71df\u80fd\u529b\u3002<\/li>\n\n\n\n<li><strong>\u6392\u9664\u7a05\u7387\u7684\u5f71\u97ff<\/strong>\uff1a\u4e0d\u540c\u516c\u53f8\u3001\u4e0d\u540c\u570b\u5bb6\u9069\u7528\u7684\u7a05\u7387\u53ef\u80fd\u4e0d\u540c\uff0c\u7528\u7a05\u524d\u6578\u5b57\u6bd4\u8f03\u8f03\u4e0d\u53d7\u5e72\u64fe\u3002<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">\u5be6\u52d9\u4e0a\uff0c\u53ef\u5f9e\u7d9c\u5408\u640d\u76ca\u8868\u53d6\u5f97\u300c\u7a05\u524d\u6de8\u5229\u300d\uff0c\u518d\u52a0\u56de\u300c\u8ca1\u52d9\u6210\u672c\u300d\uff08\u5229\u606f\u8cbb\u7528\uff09\uff0c\u4f5c\u70ba EBIT \u7684\u4f30\u7b97\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"\u5206\u6bcd\u5df2\u52d5\u7528\u8cc7\u672c\">\u5206\u6bcd\uff1a\u5df2\u52d5\u7528\u8cc7\u672c<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u5df2\u52d5\u7528\u8cc7\u672c\u6709\u591a\u7a2e\u7b97\u6cd5\uff0c\u6211\u5011\u63a1\u7528\u7684\u662f\u6700\u7c21\u55ae\u3001\u4e5f\u6700\u5e38\u898b\u7684\u4e00\u7a2e\uff1a<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\">\u5df2\u52d5\u7528\u8cc7\u672c = \u7e3d\u8cc7\u7522 \uff0d \u6d41\u52d5\u8ca0\u50b5<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">\u70ba\u4ec0\u9ebc\u8981\u6263\u6389\u6d41\u52d5\u8ca0\u50b5\uff1f\u9019\u662f\u56e0\u70ba\uff1a\u6d41\u52d5\u8ca0\u50b5\u662f\u4e00\u5e74\u5167\u8981\u511f\u9084\u7684\u77ed\u671f\u8ca0\u50b5\uff0c\u4f8b\u5982\u61c9\u4ed8\u4f9b\u61c9\u5546\u7684\u8ca8\u6b3e\u3002\u9019\u985e\u8ca0\u50b5\u591a\u534a\u662f\u71df\u904b\u904e\u7a0b\u4e2d\u81ea\u7136\u7522\u751f\uff0c\u800c\u975e\u516c\u53f8\u70ba\u4e86\u9577\u671f\u7d93\u71df\u800c\u4e3b\u52d5\u7c4c\u63aa\u7684\u8cc7\u91d1\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6263\u9664\u4e4b\u5f8c\u5269\u4e0b\u7684\u90e8\u5206\uff0c\u5728\u6703\u8a08\u4e0a\u525b\u597d\u7b49\u65bc\u300c\u80a1\u6771\u6b0a\u76ca\uff0b\u975e\u6d41\u52d5\u8ca0\u50b5\u300d\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u80a1\u6771\u6b0a\u76ca<\/strong>\uff1a\u80a1\u6771\u6295\u5165\u7684\u8cc7\u91d1\uff0c\u4ee5\u53ca\u516c\u53f8\u6b77\u5e74\u8cfa\u5230\u3001\u4fdd\u7559\u4e0b\u4f86\u7684\u76c8\u9918\u3002<\/li>\n\n\n\n<li><strong>\u975e\u6d41\u52d5\u8ca0\u50b5<\/strong>\uff1a\u4e00\u5e74\u4ee5\u4e0a\u624d\u9700\u511f\u9084\u7684\u9577\u671f\u501f\u6b3e\u3001\u516c\u53f8\u50b5\u7b49\u3002<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">\u63db\u53e5\u8a71\u8aaa\uff0c\u5df2\u52d5\u7528\u8cc7\u672c\u5c31\u662f\u516c\u53f8\u5f9e\u80a1\u6771\u8207\u9577\u671f\u50b5\u6b0a\u4eba\u90a3\u88e1\u53d6\u5f97\u3001\u4e26\u4e14\u9577\u671f\u6295\u5165\u7d93\u71df\u7684\u8cc7\u91d1\u7e3d\u984d\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"\u4e09\u767d\u8a71\u4f86\u8aaa\u6bcf\u6295\u5165-1-\u5143\u80fd\u8cfa\u56de\u591a\u5c11\">\u4e09\u3001ROCE\u7684\u610f\u7fa9\uff1a\u6bcf\u6295\u5165 1 \u5143\uff0c\u80fd\u8cfa\u56de\u591a\u5c11\u9322\uff0c\u9ad4\u73fe\u516c\u53f8\u7684\u8cfa\u9322\u6548\u7387<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u628a\u5206\u5b50\u548c\u5206\u6bcd\u653e\u5728\u4e00\u8d77\u770b\uff0cROCE \u56de\u7b54\u7684\u554f\u984c\u5176\u5be6\u5f88\u7c21\u55ae\uff1a\u516c\u53f8\u6bcf\u6295\u5165 1 \u5143\u8cc7\u672c\uff0c\u4e0d\u8ad6\u9019 1 \u5143\u662f\u5411\u9280\u884c\u501f\u4f86\u7684\uff0c\u9084\u662f\u80a1\u6771\u51fa\u7684\uff0c\u4e00\u5e74\u80fd\u8cfa\u56de\u591a\u5c11\u9322\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8209\u500b\u751f\u6d3b\u5316\u7684\u4f8b\u5b50\u3002\u5c0f\u9673\u958b\u4e86\u4e00\u5bb6\u98f2\u6599\u5e97\uff0c\u7e3d\u5171\u6295\u5165 100 \u842c\u5143\uff0c\u5176\u4e2d 60 \u842c\u5143\u662f\u81ea\u5df1\u7684\u5b58\u6b3e\uff0c40 \u842c\u5143\u5411\u9280\u884c\u501f\u6b3e\u3002\u7d93\u71df\u4e00\u5e74\u5f8c\uff0c\u5728\u652f\u4ed8\u5229\u606f\u8207\u7e73\u7a05\u4e4b\u524d\uff0c\u98f2\u6599\u5e97\u8cfa\u4e86 15 \u842c\u5143\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u9019\u5bb6\u5e97\u7684 ROCE \u5c31\u662f 15 \u842c \u00f7 100 \u842c \uff1d 15%\u3002\u610f\u601d\u662f\uff1a\u6bcf\u6295\u5165 1 \u5143\uff0c\u4e00\u5e74\u80fd\u8cfa\u56de 0.15 \u5143\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8acb\u6ce8\u610f\uff0c\u9019\u88e1\u7684 100 \u842c\u5143\u540c\u6642\u5305\u542b\u81ea\u6709\u8cc7\u91d1\u8207\u501f\u6b3e\u3002ROCE \u4e0d\u5340\u5206\u9322\u5f9e\u54ea\u88e1\u4f86\uff0c\u53ea\u95dc\u5fc3\u9019\u4e9b\u9322\u88ab\u904b\u7528\u5f97\u597d\u4e0d\u597d\uff0c\u9019\u4e5f\u662f\u5b83\u548c\u5176\u4ed6\u5831\u916c\u7387\u6307\u6a19\u6700\u5927\u7684\u4e0d\u540c\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"\u56db\u5be6\u4f8b\u8a66\u7b97\u7372\u5229\u8f03\u591a\u7684\u516c\u53f8\u6548\u7387\u4e0d\u4e00\u5b9a\u8f03\u597d\">\u56db\u3001\u7372\u5229\u8f03\u591a\u7684\u516c\u53f8\uff0c\u6548\u7387\u4e0d\u4e00\u5b9a\u8f03\u597d<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u4ee5\u4e0b\u7528\u5169\u5bb6\u5047\u8a2d\u7684\u516c\u53f8\uff08\u7532\u516c\u53f8\u3001\u4e59\u516c\u53f8\uff09\u5be6\u969b\u7b97\u4e00\u6b21\u3002\u55ae\u4f4d\u70ba\u65b0\u53f0\u5e63\u5104\u5143\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><th>\u9805\u76ee<\/th><th>\u7532\u516c\u53f8<\/th><th>\u4e59\u516c\u53f8<\/th><\/tr><tr><td>\u7e3d\u8cc7\u7522\uff08A\uff09<\/td><td>15<\/td><td>35<\/td><\/tr><tr><td>\u6d41\u52d5\u8ca0\u50b5\uff08B\uff09<\/td><td>5<\/td><td>5<\/td><\/tr><tr><td>\u5df2\u52d5\u7528\u8cc7\u672c\uff08C \uff1d A \uff0d B\uff09<\/td><td>10<\/td><td>30<\/td><\/tr><tr><td>\u606f\u7a05\u524d\u5229\u6f64 EBIT\uff08D\uff09<\/td><td>2<\/td><td>3<\/td><\/tr><tr><td>ROCE\uff08D \u00f7 C\uff09<\/td><td>20%<\/td><td>10%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u53ea\u770b\u7372\u5229\u91d1\u984d\uff0c\u4e59\u516c\u53f8\u4e00\u5e74\u8cfa 3 \u5104\u5143\uff0c\u6bd4\u7532\u516c\u53f8\u7684 2 \u5104\u5143\u591a\u3002\u4f46\u4e59\u516c\u53f8\u70ba\u4e86\u8cfa\u9019 3 \u5104\u5143\uff0c\u52d5\u7528\u4e86 30 \u5104\u5143\u7684\u8cc7\u672c\uff1b\u7532\u516c\u53f8\u53ea\u7528\u4e86 10 \u5104\u5143\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u7136\u800c\uff0c\u5982\u679c\u89c0\u5bdf\u5169\u5bb6\u516c\u53f8\u7684 ROCE \u5c31\u6703\u767c\u73fe\uff0c\u7532\u516c\u53f8\u6bcf\u6295\u5165 1 \u5143\u80fd\u8cfa\u56de 0.2 \u5143\uff0c\u4e59\u516c\u53f8\u53ea\u80fd\u8cfa\u56de 0.1 \u5143\u3002\u5c31\u8cc7\u672c\u904b\u7528\u6548\u7387\u800c\u8a00\uff0c\u7532\u516c\u53f8\u662f\u4e59\u516c\u53f8\u7684\u5169\u500d\u3002\u9019\u6b63\u662f ROCE \u80fd\u88dc\u8db3\u300c\u53ea\u770b\u7372\u5229\u91d1\u984d\u300d\u76f2\u9ede\u7684\u5730\u65b9\u3002<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"\u4e94\u5982\u4f55\u89e3\u8b80-roce\u5f9e\u6578\u5b57\u770b\u51fa\u7af6\u722d\u529b\">\u4e94\u3001\u5f9e ROCE \u770b\u51fa\u516c\u53f8\u7af6\u722d\u529b<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e00\u822c\u4f86\u8aaa\uff0cROCE \u8d8a\u9ad8\uff0c\u4ee3\u8868\u516c\u53f8\u904b\u7528\u8cc7\u672c\u8cfa\u9322\u7684\u6548\u7387\u8d8a\u597d\u3002\u4f46\u4e00\u500b\u6578\u5b57\u672c\u8eab\u610f\u7fa9\u6709\u9650\uff0c\u5efa\u8b70\u5f9e\u4ee5\u4e0b\u56db\u500b\u89d2\u5ea6\u642d\u914d\u89e3\u8b80\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"1-\u548c\u53d6\u5f97\u8cc7\u91d1\u7684\u6210\u672c\u6bd4\u8f03\">1. \u548c\u53d6\u5f97\u8cc7\u91d1\u7684\u6210\u672c\u6bd4\u8f03<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u516c\u53f8\u501f\u9322\u8981\u4ed8\u5229\u606f\uff0c\u5411\u80a1\u6771\u52df\u8cc7\uff0c\u80a1\u6771\u4e5f\u6703\u671f\u5f85\u5408\u7406\u7684\u56de\u5831\uff0c\u9019\u4e9b\u90fd\u662f\u53d6\u5f97\u8cc7\u91d1\u7684\u6210\u672c\u3002ROCE \u81f3\u5c11\u61c9\u9ad8\u65bc\u9019\u500b\u6210\u672c\uff0c\u516c\u53f8\u6295\u5165\u7684\u8cc7\u91d1\u624d\u7b97\u771f\u6b63\u5275\u9020\u50f9\u503c\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8209\u4f8b\u4f86\u8aaa\uff0c\u82e5\u516c\u53f8\u501f\u6b3e\u5229\u7387\u7d04 3%\uff0cROCE \u537b\u53ea\u6709 2%\uff0c\u4ee3\u8868\u501f\u4f86\u7684\u6bcf 1 \u5143\u6240\u8cfa\u7684\u9322\uff0c\u9084\u4e0d\u5920\u652f\u4ed8\u5229\u606f\u3002\u9019\u7a2e\u60c5\u6cc1\u4e0b\u6301\u7e8c\u64f4\u5f35\uff0c\u53cd\u800c\u53ef\u80fd\u4fb5\u8755\u80a1\u6771\u7684\u50f9\u503c\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"2-\u89c0\u5bdf\u9577\u671f\u8da8\u52e2\u800c\u975e\u55ae\u4e00\u5e74\u5ea6\">2. \u89c0\u5bdf\u9577\u671f\u8da8\u52e2\uff0c\u800c\u975e\u55ae\u4e00\u5e74\u5ea6<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u55ae\u4e00\u5e74\u5ea6\u7684 ROCE \u53ef\u80fd\u53d7\u666f\u6c23\u5faa\u74b0\u6216\u4e00\u6b21\u6027\u4e8b\u4ef6\u5f71\u97ff\u3002\u5efa\u8b70\u89c0\u5bdf\u9023\u7e8c 3 \u5230 5 \u5e74\u7684\u8b8a\u5316\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u7a69\u5b9a\u7dad\u6301\u5728\u8f03\u9ad8\u6c34\u6e96<\/strong>\uff1a\u986f\u793a\u516c\u53f8\u7684\u7372\u5229\u80fd\u529b\u8f03\u5177\u6301\u7e8c\u6027\u3002<\/li>\n\n\n\n<li><strong>\u9010\u5e74\u4e0a\u5347<\/strong>\uff1a\u53ef\u80fd\u4ee3\u8868\u7d93\u71df\u6548\u7387\u6539\u5584\uff0c\u6216\u898f\u6a21\u6548\u76ca\u9010\u6f38\u986f\u73fe\u3002<\/li>\n\n\n\n<li><strong>\u9010\u5e74\u4e0b\u6ed1<\/strong>\uff1a\u53ef\u80fd\u4ee3\u8868\u7af6\u722d\u52a0\u5287\uff0c\u6216\u65b0\u6295\u5165\u7684\u8cc7\u91d1\u5c1a\u672a\u5e36\u4f86\u76f8\u61c9\u7684\u7372\u5229\uff0c\u503c\u5f97\u9032\u4e00\u6b65\u4e86\u89e3\u539f\u56e0\u3002<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"3-\u548c\u540c\u7522\u696d\u7684\u516c\u53f8\u6bd4\u8f03\">3. \u548c\u540c\u7522\u696d\u7684\u516c\u53f8\u6bd4\u8f03<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e0d\u540c\u7522\u696d\u6240\u9700\u7684\u8cc7\u672c\u898f\u6a21\u5dee\u7570\u5f88\u5927\uff0c\u76f4\u63a5\u8de8\u7522\u696d\u6bd4\u8f03\u5bb9\u6613\u5931\u771f\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u91cd\u8cc7\u7522\u7522\u696d<\/strong>\uff1a\u4f8b\u5982\u534a\u5c0e\u9ad4\u88fd\u9020\u3001\u92fc\u9435\u3001\u822a\u904b\u3001\u96fb\u4fe1\uff0c\u9700\u8981\u6295\u5165\u5927\u91cf\u5ee0\u623f\u8207\u8a2d\u5099\uff0cROCE \u901a\u5e38\u76f8\u5c0d\u8f03\u4f4e\u3002<\/li>\n\n\n\n<li><strong>\u8f15\u8cc7\u7522\u7522\u696d<\/strong>\uff1a\u4f8b\u5982\u8edf\u9ad4\u3001\u54c1\u724c\u7d93\u71df\u3001\u90e8\u5206\u670d\u52d9\u696d\uff0c\u4e0d\u9700\u8981\u5927\u91cf\u8a2d\u5099\u5c31\u80fd\u71df\u904b\uff0cROCE \u901a\u5e38\u76f8\u5c0d\u8f03\u9ad8\u3002<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">\u56e0\u6b64\uff0c\u6bd4\u8f03\u540c\u7522\u696d\u5167\u516c\u53f8\u7684 ROCE\uff0c\u624d\u80fd\u770b\u51fa\u8ab0\u7684\u7d93\u71df\u6548\u7387\u8f03\u597d\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"4-\u9577\u671f\u504f\u9ad8\u7684-roce\u53ef\u80fd\u53cd\u6620\u7af6\u722d\u512a\u52e2\">4. \u9577\u671f\u504f\u9ad8\u7684 ROCE\uff0c\u53ef\u80fd\u53cd\u6620\u7af6\u722d\u512a\u52e2<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u5728\u7af6\u722d\u7684\u5e02\u5834\u4e2d\uff0c\u4e00\u500b\u9ad8\u5831\u916c\u7684\u751f\u610f\u901a\u5e38\u6703\u5438\u5f15\u65b0\u5c0d\u624b\u52a0\u5165\uff0c\u5831\u916c\u7387\u4e5f\u6703\u96a8\u4e4b\u88ab\u62c9\u4f4e\u3002\u5982\u679c\u4e00\u5bb6\u516c\u53f8\u80fd\u5728\u591a\u5e74\u9593\u6301\u7e8c\u7dad\u6301\u9ad8\u65bc\u540c\u696d\u7684 ROCE\uff0c\u5f80\u5f80\u4ee3\u8868\u5b83\u64c1\u6709\u5c0d\u624b\u4e0d\u6613\u8907\u88fd\u7684\u689d\u4ef6\uff0c\u4f8b\u5982\u54c1\u724c\u3001\u6280\u8853\u3001\u6210\u672c\u512a\u52e2\u6216\u898f\u6a21\u6548\u76ca\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u9019\u4e5f\u662f ROCE \u5e38\u88ab\u7528\u4f86\u8a55\u4f30\u516c\u53f8\u7af6\u722d\u529b\u7684\u539f\u56e0\uff1a\u5b83\u4e0d\u53ea\u53cd\u6620\u516c\u53f8\u4eca\u5e74\u8cfa\u5f97\u597d\u4e0d\u597d\uff0c\u66f4\u80fd\u900f\u904e\u9577\u671f\u6578\u64da\uff0c\u89c0\u5bdf\u516c\u53f8\u80fd\u5426\u6301\u7e8c\u628a\u8cc7\u672c\u8f49\u5316\u70ba\u7372\u5229\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"\u516droce-\u548c-roeroa-\u6709\u4ec0\u9ebc\u4e0d\u540c\">\u516d\u3001ROCE \u548c ROE\u3001ROA \u6709\u4ec0\u9ebc\u4e0d\u540c\uff1f<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e09\u8005\u90fd\u662f\u5831\u916c\u7387\u6307\u6a19\uff0c\u5dee\u5225\u5728\u65bc\u300c\u7528\u54ea\u4e00\u7a2e\u5229\u6f64\u300d\u9664\u4ee5\u300c\u54ea\u4e00\u90e8\u5206\u7684\u8cc7\u91d1\u300d\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><th>\u6307\u6a19<\/th><th>\u8a08\u7b97\u65b9\u5f0f<\/th><th>\u56de\u7b54\u7684\u554f\u984c<\/th><th>\u53d7\u501f\u6b3e\u591a\u5be1\u5f71\u97ff\u7684\u7a0b\u5ea6<\/th><\/tr><tr><td>ROE\uff08\u80a1\u6771\u6b0a\u76ca\u5831\u916c\u7387\uff09<\/td><td>\u7a05\u5f8c\u6de8\u5229 \u00f7 \u80a1\u6771\u6b0a\u76ca<\/td><td>\u80a1\u6771\u6295\u5165\u7684\u6bcf 1 \u5143\u8cfa\u56de\u591a\u5c11<\/td><td>\u8f03\u5927<\/td><\/tr><tr><td>ROA\uff08\u8cc7\u7522\u5831\u916c\u7387\uff09<\/td><td>\u7a05\u5f8c\u6de8\u5229 \u00f7 \u7e3d\u8cc7\u7522<\/td><td>\u516c\u53f8\u6240\u6709\u8cc7\u7522\u6bcf 1 \u5143\u8cfa\u56de\u591a\u5c11<\/td><td>\u4e2d\u7b49<\/td><\/tr><tr><td>ROCE\uff08\u5df2\u52d5\u7528\u8cc7\u672c\u5831\u916c\u7387\uff09<\/td><td>\u606f\u7a05\u524d\u5229\u6f64 \u00f7\uff08\u7e3d\u8cc7\u7522\uff0d\u6d41\u52d5\u8ca0\u50b5\uff09<\/td><td>\u80a1\u6771\u8207\u9577\u671f\u50b5\u6b0a\u4eba\u6295\u5165\u7684\u6bcf 1 \u5143\u8cfa\u56de\u591a\u5c11<\/td><td>\u8f03\u5c0f<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">ROE \u662f\u6295\u8cc7\u4eba\u6700\u5e38\u770b\u7684\u6307\u6a19\uff0c\u4f46\u5b83\u6709\u4e00\u500b\u76f2\u9ede\uff1a\u516c\u53f8\u53ea\u8981\u591a\u501f\u9322\u3001\u6e1b\u5c11\u80a1\u6771\u81ea\u5df1\u51fa\u7684\u8cc7\u91d1\uff0c\u5c31\u53ef\u80fd\u628a ROE \u63a8\u9ad8\uff0c\u5373\u4f7f\u672c\u696d\u6548\u7387\u6c92\u6709\u6539\u5584\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">ROCE \u7684\u5206\u6bcd\u540c\u6642\u7d0d\u5165\u80a1\u6771\u8cc7\u91d1\u8207\u9577\u671f\u501f\u6b3e\uff0c\u5206\u5b50\u4e5f\u662f\u652f\u4ed8\u5229\u606f\u524d\u7684\u5229\u6f64\uff0c\u56e0\u6b64\u8f03\u4e0d\u6703\u56e0\u70ba\u501f\u6b3e\u591a\u5be1\u800c\u5931\u771f\u3002\u5be6\u52d9\u4e0a\uff0c\u82e5\u4e00\u5bb6\u516c\u53f8 ROE \u5f88\u9ad8\u3001ROCE \u537b\u504f\u4f4e\uff0c\u5c31\u503c\u5f97\u7559\u610f\u5b83\u7684\u9ad8\u5831\u916c\u662f\u5426\u4e3b\u8981\u4f86\u81ea\u501f\u6b3e\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"\u4e03\u4f7f\u7528-roce-\u6642\u7684\u6ce8\u610f\u4e8b\u9805\">\u4e03\u3001\u4f7f\u7528 ROCE \u6642\u7684\u6ce8\u610f\u4e8b\u9805<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">ROCE \u662f\u5be6\u7528\u7684\u5206\u6790\u5de5\u5177\uff0c\u4f46\u4efb\u4f55\u55ae\u4e00\u6307\u6a19\u90fd\u6709\u9650\u5236\u3002\u4f7f\u7528\u6642\u5efa\u8b70\u7559\u610f\u4ee5\u4e0b\u5e7e\u9ede\uff1a<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>\u4e0d\u9069\u7528\u65bc\u91d1\u878d\u696d<\/strong>\uff1a\u9280\u884c\u3001\u4fdd\u96aa\u516c\u53f8\u7684\u8ca0\u50b5\uff08\u4f8b\u5982\u5b58\u6b3e\u3001\u4fdd\u8cbb\uff09\u672c\u8eab\u5c31\u662f\u71df\u904b\u7684\u6838\u5fc3\uff0c\u8cc7\u672c\u7d50\u69cb\u8207\u4e00\u822c\u4f01\u696d\u4e0d\u540c\uff0cROCE \u8f03\u4e0d\u5177\u53c3\u8003\u610f\u7fa9\u3002<\/li>\n\n\n\n<li><strong>\u7559\u610f\u4e00\u6b21\u6027\u640d\u76ca<\/strong>\uff1a\u82e5\u516c\u53f8\u7576\u5e74\u5ea6\u6709\u51fa\u552e\u8cc7\u7522\u3001\u532f\u514c\u640d\u76ca\u7b49\u975e\u7d93\u5e38\u6027\u6536\u5165\u6216\u640d\u5931\uff0cEBIT \u53ef\u80fd\u88ab\u653e\u5927\u6216\u58d3\u4f4e\uff0c\u5efa\u8b70\u67e5\u770b\u8ca1\u5831\u9644\u8a3b\uff0c\u4e86\u89e3\u7372\u5229\u7684\u7d44\u6210\u3002<\/li>\n\n\n\n<li><strong>\u8cc7\u7522\u5e33\u9762\u50f9\u503c\u53ef\u80fd\u5931\u771f<\/strong>\uff1a\u8a2d\u5099\u8001\u820a\u3001\u6298\u820a\u591a\u5e74\u7684\u516c\u53f8\uff0c\u5e33\u4e0a\u8cc7\u7522\u91d1\u984d\u8f03\u4f4e\uff0cROCE \u53ef\u80fd\u770b\u8d77\u4f86\u504f\u9ad8\uff1b\u525b\u5b8c\u6210\u5927\u898f\u6a21\u6295\u8cc7\u7684\u516c\u53f8\u5247\u76f8\u53cd\uff0cROCE \u53ef\u80fd\u66ab\u6642\u504f\u4f4e\u3002<\/li>\n\n\n\n<li><strong>\u73fe\u91d1\u904e\u591a\u6703\u62c9\u4f4e ROCE<\/strong>\uff1a\u516c\u53f8\u6301\u6709\u5927\u91cf\u73fe\u91d1\u6642\uff0c\u5206\u6bcd\u8b8a\u5927\uff0cROCE \u6703\u88ab\u62c9\u4f4e\uff0c\u4f46\u9019\u4e0d\u4e00\u5b9a\u4ee3\u8868\u672c\u696d\u7d93\u71df\u6548\u7387\u5dee\u3002<\/li>\n\n\n\n<li><strong>\u7b97\u6cd5\u4e0d\u540c\uff0c\u6578\u5b57\u4e5f\u4e0d\u540c<\/strong>\uff1a\u5df2\u52d5\u7528\u8cc7\u672c\u6709\u591a\u7a2e\u7b97\u6cd5\uff0c\u6709\u4e9b\u5206\u6790\u4e5f\u6703\u6539\u7528\u671f\u521d\u8207\u671f\u672b\u7684\u5e73\u5747\u503c\u3002\u6bd4\u8f03\u4e0d\u540c\u4f86\u6e90\u7684\u6578\u64da\u6642\uff0c\u61c9\u5148\u78ba\u8a8d\u8a08\u7b97\u65b9\u5f0f\u662f\u5426\u4e00\u81f4\u3002<\/li>\n\n\n\n<li><strong>\u9700\u642d\u914d\u5176\u4ed6\u6307\u6a19\u7d9c\u5408\u5224\u65b7<\/strong>\uff1aROCE 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