{"id":2071,"date":"2025-12-18T10:00:53","date_gmt":"2025-12-18T01:00:53","guid":{"rendered":"https:\/\/www.ht-tax.or.jp\/navi\/?p=2071"},"modified":"2025-12-12T16:09:47","modified_gmt":"2025-12-12T07:09:47","slug":"roic-easy-to-understand","status":"publish","type":"post","link":"https:\/\/www.ht-tax.or.jp\/navi\/roic-easy-to-understand","title":{"rendered":"ROIC\u3068\u306f\uff1f\u521d\u5fc3\u8005\u3067\u3082\u308f\u304b\u308a\u3084\u3059\u304f\u7406\u89e3\u3067\u304d\u308b\u89e3\u8aac\u3068\u8a08\u7b97\u5f0f"},"content":{"rendered":"<p><strong><span class=\"f-marker-p\">\u4f1a\u793e\u304c\u3069\u308c\u304f\u3089\u3044\u300c\u304a\u91d1\u3092\u3046\u307e\u304f\u4f7f\u3063\u3066\u3044\u308b\u304b\u300d\u3092\u77e5\u308b\u305f\u3081\u306e\u6570\u5b57\u306e\u3072\u3068\u3064\u306b\u3001<span style=\"color: #b8312f;\">\u300cROIC\u300d<\/span>\u3068\u3044\u3046\u6307\u6a19\u304c\u3042\u308a\u307e\u3059\u3002<\/span><\/strong><\/p>\n<p>\u30cb\u30e5\u30fc\u30b9\u3084\u4f1a\u793e\u306e\u767a\u8868\u3067\u898b\u305f\u3053\u3068\u304c\u3042\u3063\u305f\u3068\u3057\u3066\u3082\u3001<strong>\u300cROIC\u3063\u3066\u4f55\uff1f\u300d\u300cROE\u3068\u304bROA\u3068\u3069\u3046\u9055\u3046\u306e\uff1f\u300d<\/strong>\u3068\u611f\u3058\u308b\u65b9\u3082\u591a\u3044\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002<\/p>\n<p><strong><span class=\"f-marker-p\">ROIC\u306f\u3001\u304b\u3093\u305f\u3093\u306b\u8a00\u3046\u3068\u300c\u4f1a\u793e\u304c\u96c6\u3081\u305f\u304a\u91d1\u3092\u3069\u308c\u304f\u3089\u3044\u52b9\u7387\u3088\u304f\u4f7f\u3063\u3066\u5229\u76ca\u3092\u51fa\u3057\u3066\u3044\u308b\u304b\u300d\u3092\u8868\u3059\u6570\u5b57\u3067\u3059\u3002<\/span><\/strong><\/p>\n<p>\u8003\u3048\u65b9\u306f\u30b7\u30f3\u30d7\u30eb\u3067\u3059\u304c\u3001\u5b9f\u969b\u306b\u8a08\u7b97\u3057\u305f\u308a\u8aac\u660e\u3092\u8aad\u3093\u3060\u308a\u3059\u308b\u3068\u3001\u5c02\u9580\u7528\u8a9e\u304c\u591a\u3044\u305f\u3081\u3001\u96e3\u3057\u304f\u611f\u3058\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u3053\u306e\u8a18\u4e8b\u3067\u306f\u3001<strong><span class=\"f-marker-p\">ROIC\u306e\u610f\u5473\u3084\u8a08\u7b97\u306e\u4ed5\u65b9\u306a\u3069\u3092\u3001\u308f\u304b\u308a\u3084\u3059\u304f\u8aac\u660e\u3057\u3001\u4ed6\u306e\u4f3c\u305f\u6307\u6a19\u3068\u306e\u9055\u3044\u3001ROIC\u3092\u4e0a\u3052\u305f\u3044\u6642\u306b\u3069\u3046\u3057\u305f\u3089\u3044\u3044\u304b<\/span><\/strong><strong><span class=\"f-marker-p\">\u307e\u3067\u3092\u3001\u9806\u756a\u306b\u308f\u304b\u308a\u3084\u3059\u304f\u7d39\u4ecb<\/span><\/strong>\u3057\u3066\u3044\u304d\u307e\u3059\u3002<\/p>\n<h2>1.ROIC\u3068\u306f\uff1f<\/h2>\n<p><strong><span class=\"f-marker-p\">ROIC\u3068\u306f\u3001\u300c\u4f1a\u793e\u304c\u304a\u91d1\u3092\u3069\u308c\u304f\u3089\u3044\u4e0a\u624b\u306b\u4f7f\u3063\u3066\u3001\u5229\u76ca\u3092\u751f\u307f\u51fa\u3057\u3066\u3044\u308b\u304b\u300d\u3092\u8868\u3059\u6570\u5b57\u3067\u3059\u3002\u5358\u4f4d\u306f%\u3067\u8868\u3057\u307e\u3059\u3002<\/span><\/strong><\/p>\n<div class=\"attention a-1\">\n<p class=\"attention-p\">\u203bROIC\u306e\u6b63\u5f0f\u306a\u540d\u524d\u306f<strong>\u300cReturn On Invested Capital\uff08\u6295\u4e0b\u8cc7\u672c\u5229\u76ca\u7387\uff09\u300d<\/strong>\u2192\u300c\u4f1a\u793e\u304c\u4f7f\u3063\u305f\u304a\u91d1\u306b\u5bfe\u3057\u3066\u3001\u3069\u308c\u304f\u3089\u3044\u3082\u3046\u304b\u3063\u305f\u304b\u300d\u3092\u898b\u308b\u6307\u6a19<\/p>\n<\/div>\n<p>\u4f1a\u793e\u306f\u3001\u9280\u884c\u304b\u3089\u304a\u91d1\u3092\u501f\u308a\u305f\u308a\u3001\u682a\u4e3b\u304b\u3089\u304a\u91d1\u3092\u96c6\u3081\u305f\u308a\u3057\u3066\u3001\u305d\u306e\u304a\u91d1\u3092\u4f7f\u3063\u3066\u5546\u54c1\u3092\u4f5c\u3063\u305f\u308a\u30b5\u30fc\u30d3\u30b9\u3092\u63d0\u4f9b\u3057\u305f\u308a\u3057\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u540c\u3058\u304a\u91d1\u3092\u4f7f\u3063\u3066\u3082\u3001\u305f\u304f\u3055\u3093\u5229\u76ca\u3092\u51fa\u3059\u4f1a\u793e\u3082\u3042\u308c\u3070\u3001\u3042\u307e\u308a\u5229\u76ca\u3092\u51fa\u305b\u306a\u3044\u4f1a\u793e\u3082\u3042\u308a\u307e\u3059\u3002ROIC\u306f\u305d\u306e\u52b9\u7387\u306e\u826f\u3055\u306e\u9055\u3044\u3092\u306f\u3063\u304d\u308a\u3055\u305b\u308b\u57fa\u6e96\u3067\u3059\u3002<\/p>\n<p>\u4f8b\u3048\u3070\u3001\u3042\u308b\u4f1a\u793e\u304c100\u5104\u5186\u306e\u5229\u76ca\u3092\u51fa\u3057\u305f\u3068\u3057\u307e\u3059\u3002\u3082\u3057\u4f7f\u3063\u305f\u304a\u91d1\u304c500\u5104\u5186\u306a\u3089\u300c\u52b9\u7387\u304c\u3044\u3044\u300d\u3068\u8a00\u3048\u307e\u3059\u3002\u3067\u3082\u3001\u4f7f\u3063\u305f\u304a\u91d1\u304c1,000\u5104\u5186\u306a\u3089\u300c\u52b9\u7387\u304c\u60aa\u3044\u300d\u3068\u8a00\u3048\u307e\u3059\u3002ROIC\u306f\u3053\u306e\u300c\u52b9\u7387\u306e\u826f\u3057\u60aa\u3057\u300d\u3092\u6570\u5b57\u3067\u898b\u305b\u3066\u304f\u308c\u308b\u306e\u3067\u3059\u3002<\/p>\n<p>\u3064\u307e\u308a<strong>ROIC\u306f\u3001\u300c\u4f1a\u793e\u306f\u304a\u91d1\u306e\u4f7f\u3044\u65b9\u304c\u4e0a\u624b\u306a\u306e\u304b\u3001\u305d\u308c\u3068\u3082\u4e0b\u624b\u306a\u306e\u304b\u300d\u3092\u77e5\u308b\u305f\u3081\u306e\u4fbf\u5229\u306a\u6307\u6a19<\/strong>\u3067\u3059\u3002<\/p>\n<h2>2.ROIC\u306e\u8a08\u7b97\u5f0f\u3068\u306f\uff1f<\/h2>\n<p>ROIC\u306f\u3001<strong><span class=\"f-marker-p\">\u300c\u672c\u696d\u3067\u306e\u5229\u76ca \u00f7 \u4f1a\u793e\u304c\u4f7f\u3063\u305f\u304a\u91d1\u300d<\/span><\/strong>\u3067\u8a08\u7b97\u3057\u307e\u3059\u3002<\/p>\n<p>\u4f1a\u793e\u304c\u672c\u5f53\u306b\u529b\u3092\u767a\u63ee\u3067\u304d\u3066\u3044\u308b\u304b\u3092\u898b\u308b\u306b\u306f\u3001\u7279\u5225\u306a\u4e8b\u60c5\u3084\u501f\u91d1\u306e\u5229\u606f\u306a\u3069\u3092\u53d6\u308a\u306e\u305e\u3044\u3066\u3001\u300c\u5546\u58f2\u3067\u5f97\u305f\u5229\u76ca\u300d\u3092\u4f7f\u3063\u305f\u65b9\u304c\u6b63\u78ba\u3060\u304b\u3089\u3067\u3059\u3002<\/p>\n<div class=\"attention a-1\">\n<p class=\"attention-p\"><strong>ROIC \uff1d \u672c\u696d\u306e\u5229\u76ca \u00f7 \u4f1a\u793e\u304c\u4f7f\u3063\u305f\u304a\u91d1<\/strong><\/p>\n<\/div>\n<p>\u3088\u308a\u6b63\u78ba\u306b\u8868\u3059\u3068\u3001<\/p>\n<div class=\"attention a-1\">\n<p class=\"attention-p\"><strong>ROIC\u00a0\uff1d\u00a0\u7a0e\u5f15\u5f8c\u55b6\u696d\u5229\u76ca (<span style=\"font-size: 16px;\">NOPAT)\u00a0<\/span>\u00f7 \u6295\u4e0b\u8cc7\u672c\uff08\u6295\u4e0b\u8cc7\u672c = \u6709\u5229\u5b50\u8ca0\u50b5\uff0b\u682a\u4e3b\u8cc7\u672c\uff09<\/strong><\/p>\n<\/div>\n<p>\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u304b\u3093\u305f\u3093\u306b\u8868\u3059\u3068\u3001\u4ee5\u4e0b\u306e\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/www.ht-tax.or.jp\/navi\/cms\/wp-content\/uploads\/2025\/12\/peE9Gm4O2j8owiUlBWxJdKXry-1761017338.png\" style=\"display: block; vertical-align: top; margin: 5px auto; text-align: center;\" class=\"fr-draggable\" \/><\/p>\n<p>\u4f8b\u3048\u3070\u3001\u3042\u308b\u4f1a\u793e\u306e\u672c\u696d\u3067\u306e\u5229\u76ca\u304c50\u5104\u5186\u3067\u3001\u4f7f\u3063\u305f\u304a\u91d1\u304c500\u5104\u5186\u3060\u3063\u305f\u3068\u3057\u307e\u3059\u3002\u305d\u306e\u5834\u5408\u306eROIC\u306f\u3001<\/p>\n<p>ROIC \uff1d 50 \u00f7 500 \uff1d 10\uff05<\/p>\n<p>\u3068\u306a\u308a\u3001\u3064\u307e\u308a\u3001\u300c\u4f7f\u3063\u305f\u304a\u91d1\u309210\uff05\u306e\u52b9\u7387\u3067\u5897\u3084\u305b\u305f\u300d\u3068\u3044\u3046\u610f\u5473\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>ROIC\u306e\u8a08\u7b97\u306f\u3068\u3066\u3082\u30b7\u30f3\u30d7\u30eb\u3067\u3001<strong>\u300c\u4f1a\u793e\u304c\u304a\u91d1\u3092\u3069\u308c\u3060\u3051\u52b9\u7387\u3088\u304f\u50cd\u304b\u305b\u3066\u3044\u308b\u304b\u300d\u3092\u6570\u5b57\u3067\u6559\u3048\u3066\u304f\u308c\u308b<\/strong>\u306e\u3067\u3059\u3002<\/p>\n<h2>3.ROE\u3084ROA\u3068\u306e\u9055\u3044<\/h2>\n<p>ROIC\u3068\u3088\u304f\u4e00\u7dd2\u306b\u51fa\u3066\u304f\u308b\u306e\u304c<strong><span class=\"f-marker-p\">\u300cROE\u300d\u3084\u300cROA\u300d\u3068\u3044\u3046\u6570\u5b57<\/span><\/strong>\u3067\u3059\u3002\u3069\u308c\u3082\u300c\u4f1a\u793e\u304c\u3069\u308c\u3060\u3051\u52b9\u7387\u3088\u304f\u3082\u3046\u3051\u3066\u3044\u308b\u304b\u300d\u3092\u8868\u3057\u307e\u3059\u304c\u3001\u3053\u308c\u3089\u306f\u898b\u308b\u5bfe\u8c61\u304c\u5c11\u3057\u305a\u3064\u9055\u3044\u307e\u3059\u3002<\/p>\n<p>\u30a4\u30e1\u30fc\u30b8\u3059\u308b\u3068<strong><span class=\"f-marker-p\">\u300c\u3069\u306e\u304a\u91d1\u3092\u57fa\u6e96\u306b\u3057\u3066\u3001\u3082\u3046\u3051\u3092\u306f\u304b\u308b\u304b\u300d\u304c\u9055\u3046<\/span><\/strong>\u306e\u3067\u3059\u3002<\/p>\n<p><span style=\"font-size: 16px; color: #333333;\">\u8868\u3067\u793a\u3059\u3068\u3001\u4ee5\u4e0b\u306e\u3088\u3046\u306b\u9055\u3044\u304c\u3042\u308a\u307e\u3059\u3002<\/span><\/p>\n<table width=\"100%\">\n<tbody>\n<tr>\n<td valign=\"top\" style=\"background-color: #2c82c9;\"><strong><span style=\"color: #ffffff;\">\u6307\u6a19\u540d<\/span><\/strong><\/td>\n<td valign=\"top\" style=\"background-color: #2c82c9;\"><strong><span style=\"color: #ffffff;\">\u8a08\u7b97\u5f0f<\/span><\/strong><\/td>\n<td valign=\"top\" style=\"background-color: #2c82c9;\"><strong><span style=\"color: #ffffff;\">\u610f\u5473\uff08\u4f55\u3092\u8868\u3059\u304b\uff09<\/span><\/strong><\/td>\n<td valign=\"top\" style=\"background-color: #2c82c9;\"><strong><span style=\"color: #ffffff;\">\u4e3b\u306a\u4f7f\u3044\u65b9<\/span><\/strong><\/td>\n<td valign=\"top\" style=\"background-color: #2c82c9;\"><strong><span style=\"color: #ffffff;\">\u7279\u5fb4<\/span><\/strong><\/td>\n<\/tr>\n<tr>\n<td valign=\"top\"><strong>ROIC\uff08Return on Invested Capital\uff09\u6295\u4e0b\u8cc7\u672c\u5229\u76ca\u7387<\/strong><\/td>\n<td valign=\"top\">\u7a0e\u5f15\u5f8c\u55b6\u696d\u5229\u76ca\u00a0\u00f7\u00a0\u6295\u4e0b\u8cc7\u672c<\/td>\n<td valign=\"top\">\u4f1a\u793e\u304c\u4e8b\u696d\u3067\u96c6\u3081\u305f\u304a\u91d1\uff08\u81ea\u5df1\u8cc7\u672c\u3084\u9280\u884c\u304b\u3089\u306e\u8cc7\u91d1\uff09\u3092\u3001\u3069\u308c\u3060\u3051\u52b9\u7387\u3088\u304f\u4f7f\u3063\u3066\u5229\u76ca\u3092\u51fa\u3057\u3066\u3044\u308b\u304b\u3092\u8868\u3059<\/td>\n<td valign=\"top\">\u4e8b\u696d\u3054\u3068\u306e\u52b9\u7387\u3084\u6295\u8cc7\u5224\u65ad\u306b\u4f7f\u3046<\/td>\n<td valign=\"top\">\u8cc7\u672c\u30b3\u30b9\u30c8\uff08\u304a\u91d1\u3092\u96c6\u3081\u308b\u305f\u3081\u306e\u30b3\u30b9\u30c8\uff09\u3068\u6bd4\u3079\u3066\u3001\u4f01\u696d\u4fa1\u5024\u3092\u5897\u3084\u305b\u3066\u3044\u308b\u304b\u5224\u65ad\u3067\u304d\u308b<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\"><strong>ROE\uff08Return on Equity\uff09\u81ea\u5df1\u8cc7\u672c\u5229\u76ca\u7387<\/strong><\/td>\n<td valign=\"top\">\u5f53\u671f\u7d14\u5229\u76ca\u00a0\u00f7\u00a0\u81ea\u5df1\u8cc7\u672c<\/td>\n<td valign=\"top\">\u682a\u4e3b\u304c\u51fa\u3057\u305f\u304a\u91d1\uff08\u81ea\u5df1\u8cc7\u672c\uff09\u3092\u3001\u3069\u308c\u3060\u3051\u3046\u307e\u304f\u4f7f\u3063\u3066\u5229\u76ca\u3092\u51fa\u3057\u3066\u3044\u308b\u304b\u3092\u8868\u3059<\/td>\n<td valign=\"top\">\u682a\u4e3b\u306e\u7acb\u5834\u304b\u3089\u306e\u4f1a\u793e\u306e\u300c\u5132\u3051\u3084\u3059\u3055\u300d\u3092\u898b\u308b<\/td>\n<td valign=\"top\">\u501f\u91d1\u3092\u5897\u3084\u3059\u3068\u4e00\u6642\u7684\u306b\u6570\u5024\u304c\u4e0a\u304c\u308b\u3053\u3068\u304c\u3042\u308b\u305f\u3081\u3001\u30ea\u30b9\u30af\u3082\u4f75\u305b\u3066\u898b\u308b\u5fc5\u8981\u304c\u3042\u308b<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\"><strong>ROA\uff08Return on Assets\uff09\u7dcf\u8cc7\u7523\u5229\u76ca\u7387<\/strong><\/td>\n<td valign=\"top\">\u5f53\u671f\u7d14\u5229\u76ca\u00a0\u00f7\u00a0\u7dcf\u8cc7\u7523<\/td>\n<td valign=\"top\">\u4f1a\u793e\u304c\u6301\u3064\u3059\u3079\u3066\u306e\u8cc7\u7523(\u4e8b\u696d\u4ee5\u5916\u3082\u542b\u3080)\u3092\u4f7f\u3063\u3066\u3001\u3069\u308c\u3060\u3051\u5229\u76ca\u3092\u51fa\u3057\u3066\u3044\u308b\u304b\u3092\u8868\u3059<\/td>\n<td valign=\"top\">\u4f1a\u793e\u5168\u4f53\u306e\u7d4c\u55b6\u52b9\u7387\u3092\u898b\u308b<\/td>\n<td valign=\"top\">\u501f\u91d1\u3092\u542b\u3081\u305f\u5168\u4f53\u306e\u8cc7\u7523\u306e\u4f7f\u3044\u65b9\u304c\u308f\u304b\u308b\u304c\u3001\u682a\u4e3b\u306e\u7acb\u5834\u304b\u3089\u306e\u8a55\u4fa1\u306f\u96e3\u3057\u3044<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u3053\u306e\u7ae0\u3067\u306f\u3001<strong><span class=\"f-marker-p\">ROE\u3068ROIC\u306e\u9055\u3044\u3001\u305d\u3057\u3066ROA\u3068ROIC\u306e\u9055\u3044\u3092\u9806\u756a\u306b\u8aac\u660e<\/span><\/strong>\u3057\u307e\u3059\u3002<\/p>\n<h3>3-1.ROE\u306f\u300c\u682a\u4e3b\u306e\u304a\u91d1\u306b\u5bfe\u3057\u3066\u306e\u5132\u3051\u5177\u5408\u300d\u3001ROIC\u306f\u300c\u4f1a\u793e\u306e\u8cc7\u91d1\u5168\u4f53\u3067\u306e\u5132\u3051\u5177\u5408\u300d<\/h3>\n<p><strong><span class=\"f-marker-p\">ROE\u306f\u682a\u4e3b\u306e\u304a\u91d1\u3060\u3051\u3092\u57fa\u6e96\u306b\u3057\u305f\u5132\u3051\u306e\u52b9\u7387\u3092\u793a\u3057\u3001ROIC\u306f\u501f\u91d1\u3082\u542b\u3081\u305f\u4f1a\u793e\u5168\u4f53\u306e\u304a\u91d1\u3092\u57fa\u6e96\u306b\u3057\u305f\u52b9\u7387\u3092\u793a\u3057\u307e\u3059\u3002<\/span><\/strong><\/p>\n<p>\u4f1a\u793e\u306f\u682a\u4e3b\u304b\u3089\u306e\u304a\u91d1\uff08\u81ea\u5df1\u8cc7\u672c\uff09\u3060\u3051\u3067\u306a\u304f\u3001\u9280\u884c\u304b\u3089\u306e\u501f\u91d1\u3082\u4f7f\u3063\u3066\u4e8b\u696d\u3092\u3057\u307e\u3059\u3002ROE\u306f\u682a\u4e3b\u306b\u3068\u3063\u3066\u300c\u81ea\u5206\u306e\u304a\u91d1\u3067\u3069\u308c\u3060\u3051\u5132\u304b\u3063\u305f\u304b\u300d\u3092\u898b\u308b\u306e\u306b\u5bfe\u3057\u3001ROIC\u306f\u4f1a\u793e\u5168\u4f53\u3068\u3057\u3066\u300c\u96c6\u3081\u305f\u3059\u3079\u3066\u306e\u304a\u91d1\u3092\u3069\u308c\u3060\u3051\u3046\u307e\u304f\u4f7f\u3048\u305f\u304b\u300d\u3092\u898b\u308b\u306e\u3067\u3059\u3002<\/p>\n<div class=\"attention a-1\">\n<p class=\"attention-p\"><strong>ROE\u306e\u5f0f\uff1a\u5f53\u671f\u7d14\u5229\u76ca \u00f7 \u81ea\u5df1\u8cc7\u672c<\/strong><\/p>\n<p class=\"attention-p\"><strong>ROIC\u306e\u5f0f\uff1a\u7a0e\u5f15\u5f8c\u55b6\u696d\u5229\u76ca \u00f7\uff08\u81ea\u5df1\u8cc7\u672c\uff0b\u501f\u5165\u91d1\uff09<\/strong><\/p>\n<\/div>\n<p>\u3064\u307e\u308a\u3001\u304b\u3093\u305f\u3093\u306b\u8868\u3059\u3068\u4ee5\u4e0b\u306e\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<div class=\"attention a-1\">\n<p class=\"attention-p\"><strong>ROE = \u5229\u76ca \u00f7 \u682a\u4e3b\u306e\u304a\u91d1\uff08\u81ea\u5df1\u8cc7\u672c\uff09<\/strong><\/p>\n<p class=\"attention-p\"><strong>ROIC = \u5229\u76ca \u00f7 \u4f1a\u793e\u5168\u4f53\u306e\u304a\u91d1\uff08\u81ea\u5df1\u8cc7\u672c\uff0b\u501f\u91d1\uff09<\/strong><\/p>\n<\/div>\n<p>\u4f8b\u3048\u3070\u3001\u540c\u3058\u4f1a\u793e\u3067\u3082\u682a\u4e3b\u306e\u304a\u91d1\u3060\u3051\u3092\u898b\u308c\u3070\u3001\u52b9\u7387\u304c\u826f\u304f\u898b\u3048\u308b\u5834\u5408\u304c\u3042\u308a\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u501f\u91d1\u307e\u3067\u542b\u3081\u3066\u307f\u308b\u3068\u300c\u672c\u5f53\u306b\u52b9\u7387\u304c\u826f\u3044\u306e\u304b\uff1f\u300d\u304c\u306f\u3063\u304d\u308a\u3059\u308b\u306e\u3067\u3059\u3002<\/p>\n<p>\u3064\u307e\u308a\u3001<strong><span class=\"f-marker-p\">ROE\u306f\u300c\u682a\u4e3b\u76ee\u7dda\u306e\u5229\u76ca\u7387\u300d\u3001ROIC\u306f\u300c\u4f1a\u793e\u5168\u4f53\u306e\u8cc7\u91d1\u306e\u4f7f\u3044\u65b9\u306e\u3046\u307e\u3055\u300d\u3092\u8868\u3059\u6570\u5b57<\/span><\/strong>\u3060\u3068\u899a\u3048\u308b\u3068\u308f\u304b\u308a\u3084\u3059\u3044\u3067\u3059\u3002<\/p>\n<h3>3-2.ROA\u306f\u300c\u4f1a\u793e\u306e\u8cc7\u7523\u5168\u4f53\u3067\u306e\u5132\u3051\u5177\u5408\u300d\u3001ROIC\u306f\u300c\u501f\u308a\u305f\u304a\u91d1\u3082\u542b\u3081\u305f\u4f1a\u793e\u306e\u8cc7\u91d1\u5168\u4f53\u3067\u306e\u5132\u3051\u5177\u5408\u300d<\/h3>\n<p><strong><span class=\"f-marker-p\">ROA\u306f\u4f1a\u793e\u304c\u6301\u3063\u3066\u3044\u308b\u8cc7\u7523\u3059\u3079\u3066\u3092\u57fa\u6e96\u306b\u3057\u305f\u5132\u3051\u3092\u793a\u3057\u3001ROIC\u306f\u4e8b\u696d\u306b\u5b9f\u969b\u306b\u4f7f\u3063\u3066\u3044\u308b\u304a\u91d1\uff08\u501f\u91d1\u3082\u542b\u3080\uff09\u3092\u57fa\u6e96\u306b\u3057\u305f\u5132\u3051\u3092\u793a\u3057\u307e\u3059\u3002<\/span><\/strong><\/p>\n<p>\u4f1a\u793e\u306f\u73fe\u91d1\u3084\u5efa\u7269\u3001\u571f\u5730\u3001\u6a5f\u68b0\u306a\u3069\u3044\u308d\u3044\u308d\u306a\u8cc7\u7523\u3092\u6301\u3063\u3066\u3044\u307e\u3059\u3002ROA\u306f\u305d\u308c\u3089\u8cc7\u7523\u5168\u4f53\u3067\u300c\u3069\u308c\u304f\u3089\u3044\u5132\u3051\u305f\u304b\u300d\u3092\u6e2c\u308a\u307e\u3059\u3002\u4e00\u65b9\u3067ROIC\u306f\u300c\u4e8b\u696d\u306b\u6295\u3058\u305f\u672c\u5f53\u306e\u304a\u91d1\uff08\u81ea\u5df1\u8cc7\u672c\uff0b\u501f\u91d1\uff09\u300d\u306b\u6ce8\u76ee\u3057\u3066\u3001\u7d4c\u55b6\u306e\u5b9f\u529b\u3092\u898b\u3088\u3046\u3068\u3057\u307e\u3059\u3002<\/p>\n<div class=\"attention a-1\">\n<p class=\"attention-p\"><strong>ROA\u306e\u5f0f\uff1a\u5f53\u671f\u7d14\u5229\u76ca \u00f7 \u7dcf\u8cc7\u7523<\/strong><\/p>\n<p class=\"attention-p\"><strong>ROIC\u306e\u5f0f\uff1a\u7a0e\u5f15\u5f8c\u55b6\u696d\u5229\u76ca \u00f7\uff08\u81ea\u5df1\u8cc7\u672c\uff0b\u501f\u5165\u91d1\uff09<\/strong><\/p>\n<\/div>\n<p>\u3064\u307e\u308a\u3001\u304b\u3093\u305f\u3093\u306b\u8868\u3059\u3068\u4ee5\u4e0b\u306e\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<div class=\"attention a-1\">\n<p class=\"attention-p\"><strong>ROA = \u5229\u76ca \u00f7 \u4f1a\u793e\u304c\u6301\u3063\u3066\u3044\u308b\u8cc7\u7523\u5168\u90e8<\/strong><\/p>\n<p class=\"attention-p\"><strong>ROIC = \u5229\u76ca \u00f7 \u4f1a\u793e\u304c\u304a\u91d1\u3068\u3057\u3066\u6295\u3058\u305f\u8cc7\u91d1\uff08\u81ea\u5df1\u8cc7\u672c\uff0b\u501f\u91d1\uff09<\/strong><\/p>\n<\/div>\n<p>\u4f8b\u3048\u3070\u3001\u571f\u5730\u3084\u73fe\u91d1\u3092\u305f\u304f\u3055\u3093\u6301\u3063\u3066\u3044\u308b\u3051\u308c\u3069\u3001\u3042\u307e\u308a\u4e8b\u696d\u306b\u4f7f\u3063\u3066\u3044\u306a\u3044\u4f1a\u793e\u306fROA\u304c\u4f4e\u304f\u898b\u3048\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002ROIC\u306a\u3089\u300c\u5b9f\u969b\u306b\u4e8b\u696d\u3067\u4f7f\u3063\u3066\u3044\u308b\u304a\u91d1\u306e\u52b9\u7387\u300d\u304c\u306f\u3063\u304d\u308a\u3057\u307e\u3059\u3002<\/p>\n<p>\u3057\u305f\u304c\u3063\u3066\u3001<strong><span class=\"f-marker-p\">ROA\u306f\u300c\u4f1a\u793e\u5168\u4f53\u306e\u6301\u3061\u7269\u306e\u52b9\u7387\u300d\u3092\u793a\u3057\u3001ROIC\u306f\u300c\u4e8b\u696d\u306b\u4f7f\u3063\u305f\u304a\u91d1\u306e\u52b9\u7387\u300d<\/span><\/strong>\u3092\u793a\u3059\u3068\u8003\u3048\u308b\u3068\u7406\u89e3\u3057\u3084\u3059\u3044\u3067\u3059\u3002<\/p>\n<h2>4.ROIC\u306f\u9ad8\u3044\u307b\u3069\u826f\u3044\u3068\u3055\u308c\u308b\u6570\u5b57\u306e\u6307\u6a19<\/h2>\n<p><strong><span class=\"f-marker-p\">ROIC\u306f\u3001\u300c\u6570\u5b57\u304c\u9ad8\u3044\u307b\u3069\u3001\u4f1a\u793e\u304c\u4e0a\u624b\u306b\u304a\u91d1\u3092\u4f7f\u3063\u3066\u3044\u308b\u300d\u3068\u8003\u3048\u3089\u308c\u308b\u6307\u6a19<\/span><\/strong>\u3067\u3059\u3002\u4e00\u822c\u7684\u306b\u306f\u3001\u65e5\u672c\u306e\u4f01\u696d\u3067\u306f7\uff05\u4ee5\u4e0a\u3042\u308c\u3070\u826f\u3044\u3068\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n<p><span style=\"font-size: 16px; color: #333333;\">ROIC\u306f\u300c\u304a\u91d1\u306e\u4f7f\u3044\u65b9\u304c\u3046\u307e\u3044\u4f1a\u793e\u304b\u3069\u3046\u304b\u300d\u3092\u6570\u5b57\u3067\u898b\u5206\u3051\u308b\u305f\u3081\u306e\u9053\u5177\u3068\u3057\u3066\u6271\u308f\u308c\u3066\u3044\u308b\u305f\u3081\u3001<\/span>ROIC\u304c\u9ad8\u3044\u307b\u3069\u3001\u305d\u306e\u4f1a\u793e\u306f\u96c6\u3081\u305f\u304a\u91d1\uff08\u8cc7\u672c\uff09\u3092\u30e0\u30c0\u306a\u304f\u4f7f\u3063\u3066\u3001\u305f\u304f\u3055\u3093\u306e\u5229\u76ca\u3092\u751f\u307f\u51fa\u3057\u3066\u3044\u308b\u3068\u3044\u3046\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>ROIC\u306f\u300c\u5229\u76ca \u00f7 \u6295\u4e0b\u8cc7\u672c\u300d\u3067\u8a08\u7b97\u3055\u308c\u308b\u306e\u3067\u3001\u540c\u3058\u3060\u3051\u306e\u304a\u91d1\u3092\u4f7f\u3063\u3066\u3082\u3001\u3088\u308a\u591a\u304f\u306e\u5229\u76ca\u3092\u51fa\u305b\u308b\u4f1a\u793e\u307b\u3069ROIC\u304c\u9ad8\u304f\u306a\u308a\u307e\u3059\u3002\u3057\u305f\u304c\u3063\u3066\u3001\u5229\u76ca\u304c\u51fa\u305b\u3066\u3044\u308b\u307b\u3069ROIC\u306f\u9ad8\u3044\u6570\u5024\u306b\u306a\u308b\u306e\u3067\u3059\u3002<\/p>\n<p>\u4f8b\u3048\u3070\u3001\u540c\u3058100\u4e07\u5186\u3092\u4f7f\u3063\u3066\u3082\u3001A\u793e\u304c10\u4e07\u5186\u306e\u5229\u76ca\u3001B\u793e\u304c5\u4e07\u5186\u306e\u5229\u76ca\u3057\u304b\u51fa\u305b\u306a\u3044\u306a\u3089\u3001A\u793e\u306e\u307b\u3046\u304cROIC\u304c\u9ad8\u304f\u3001\u300c\u304a\u91d1\u3092\u4e0a\u624b\u306b\u4f7f\u3063\u3066\u3044\u308b\u4f1a\u793e\u300d\u3068\u3044\u3046\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u5b9f\u969b\u306b\u3001\u591a\u304f\u306e\u5c02\u9580\u5bb6\u3084\u6295\u8cc7\u5bb6\u306f\u3001ROIC\u304c\u9ad8\u3044\u4f1a\u793e\u3092\u300c\u304a\u91d1\u3092\u52b9\u7387\u3088\u304f\u4f7f\u3063\u3066\u3044\u308b\u3001\u512a\u79c0\u306a\u4f1a\u793e\u300d\u3068\u898b\u306a\u3057\u307e\u3059\u3002\u9006\u306b\u3001ROIC\u304c\u4f4e\u3044\u3068\u3001\u300c\u304a\u91d1\u3092\u4f7f\u3063\u3066\u3082\u601d\u3046\u3088\u3046\u306b\u5229\u76ca\u304c\u51fa\u3066\u3044\u306a\u3044\u4f1a\u793e\u300d\u3067\u3042\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u305f\u3081\u3001\u7d4c\u55b6\u306e\u898b\u76f4\u3057\u304c\u5fc5\u8981\u306b\u306a\u308b\u3053\u3068\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u3053\u306e\u3088\u3046\u306b\u3001<strong><span class=\"f-marker-p\">ROIC\u306f\u300c\u6570\u5b57\u304c\u9ad8\u3044\u307b\u3069\u826f\u3044\u300d\u308f\u304b\u308a\u3084\u3059\u3044\u6307\u6a19\u3067\u3042\u308a\u3001\u4f1a\u793e\u306e\u5b9f\u529b\u3092\u6e2c\u308b\u91cd\u8981\u306a\u76ee\u5b89\u306b\u306a\u3063\u3066\u3044\u308b<\/span><\/strong>\u306e\u3067\u3059\u3002<\/p>\n<h2>5.\u4f1a\u793e\u304cROIC\u3092\u9ad8\u304f\u3059\u308b\u305f\u3081\u306e\u30c1\u30a7\u30c3\u30af\u30dd\u30a4\u30f3\u30c8<\/h2>\n<p>\u3053\u3053\u307e\u3067\u304a\u4f1d\u3048\u3057\u305f\u3068\u304a\u308a\u3001ROIC\u306f\u9ad8\u3044\u307b\u3069\u826f\u3044\u3068\u3055\u308c\u308b\u4f1a\u793e\u306e\u6307\u6a19\u3067\u3059\u3002<\/p>\n<p>\u3053\u306e\u7ae0\u3067\u306f\u3001\u4f1a\u793e\u304c<strong><span class=\"f-marker-p\">ROIC\u3092\u9ad8\u304f\u3059\u308b\u305f\u3081\u306b\u3001\u3069\u306e\u3088\u3046\u306a\u30dd\u30a4\u30f3\u30c8\u306b\u6ce8\u610f\u3059\u3079\u304d\u306a\u306e\u304b\u306b\u3064\u3044\u3066\u89e3\u8aac<\/span><\/strong>\u3057\u307e\u3059\u3002<\/p>\n<h3>5-1.\u8cc7\u672c\u3092\u52b9\u7387\u3088\u304f\u4f7f\u3063\u3066\u3044\u308b\u304b\u3069\u3046\u304b<\/h3>\n<p><strong><span 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src=\"https:\/\/www.ht-tax.or.jp\/navi\/cms\/wp-content\/uploads\/2025\/12\/au4bkVr1dyG9zcvxtYgeKCOHM-1761619285.png\" style=\"display: block; vertical-align: top; margin: 5px auto; text-align: center;\" class=\"fr-draggable\" \/><\/p>\n<div class=\"attention a-1\">\n<p class=\"attention-p\"><strong>\u203bROIC\u30c4\u30ea\u30fc\u306b\u3064\u3044\u3066<\/strong><\/p>\n<p class=\"attention-p\">ROIC\u30c4\u30ea\u30fc\u3067\u306f\u3001ROIC\u306f\u300c\u55b6\u696d\u5229\u76ca\u7387\u300d\u3068\u300c\u6295\u4e0b\u8cc7\u672c\u56de\u8ee2\u7387\u300d\u3068\u3044\u3046\u5927\u304d\u306a2\u3064\u306e\u8981\u7d20\u306b\u5206\u3051\u3089\u308c\u307e\u3059\u3002<\/p>\n<p class=\"attention-p\">\u55b6\u696d\u5229\u76ca\u7387\u306f\u300c\u58f2\u4e0a\u539f\u4fa1\u7387\u300d\u3084\u300c\u8ca9\u7ba1\u8cbb\u7387\u300d\u306a\u3069\u3001\u3055\u3089\u306b\u7d30\u304b\u304f\u8981\u7d20\u306b\u5206\u3051\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n<p 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