资产收益率解析

An Interpretation of Return on Assets

资产收益率是综合反映公司业绩的重要指标。将资产收益率分解出多个因子,并与同行公司比较各因子的水平,可以发现改善业绩的途径。这里尝试对资产收益率做进一步的探讨,建立了资产收益率与产品寿命周期、价值链等现代战略思想之间的逻辑关系,并设计了由资产收益率及其因子得出公司战略导向和手段的基本思路。

Return on assets is an important indicator of a company. To be disaggregated into various factors, and compared with the other companies in the same sector, return on assets can help a company to find ways to improve its performance. This paper tries to get more insights from the return on assets, especially the relationships of the return on assets with various strategic concepts, such as the products life cycle, value chain, etc., and find a way from the return on assets and its factors to the strategic direction and right routes of a company.