Load context
On first use: Read ../../CLAUDE.md to obtain scenario-level configuration (ROIC targets/WACC calculation parameters/historical benchmarks).
/roic-vs-wacc-comparison — ROIC vs WACC Comparison Analysis
Examples
→ Example: The user says "Help us calculate the comparison of ROIC and WACC for the current business to see whether it creates value." The system should invoke this skill and perform ROIC vs WACC value creation analysis.
→ Example: The user says "The ROIC of a certain business line is lower than WACC, and management is asking whether to shut it down." The system should invoke this skill to evaluate strategic continuation recommendations for low-ROIC businesses.
→ Example: The user says "What is the EVA of our business? Help me establish the calculation framework for this metric." The system should invoke this skill to establish an EVA calculation framework.
Step 1: ROIC Calculation
ROIC Definition and Calculation:
□ 计算公式：ROIC = NOPAT / Invested Capital
□ NOPAT 计算：
→ EBIT：[X] 万
→ 税率：[X]%
→ NOPAT = EBIT × (1 - 税率) = [X] × [X]% = [X] 万
□ Invested Capital 计算：
→ 方法：[方法1：债务+权益 / 方法2：资产基础]
→ 有息债务：[X] 万
→ 股东权益：[X] 万
→ Invested Capital = [X] + [X] = [X] 万
□ ROIC = NOPAT / Invested Capital
= [X] 万 / [X] 万 = [X]%
ROIC Historical Trend:
□ 过去 5 年 ROIC：
→ [Year-4]：[X]%
→ [Year-3]：[X]%
→ [Year-2]：[X]%
→ [Year-1]：[X]%
→ [Year-0]（本期）：[X]%
□ 趋势：[改善/持平/下降]
□ 变化幅度：[+/-X] 个百分点
Step 2: WACC Calculation
WACC Calculation Parameters:
□ 权益成本（CAPM）：
→ 无风险利率（Rf）：[X]%（10 年国债收益率）
→ 市场风险溢价（Rm-Rf）：[X]%
→ Beta（[X] 年）：[X]
→ 权益成本 = Rf + Beta × (Rm-Rf)
= [X]% + [X] × [X]% = [X]%
□ 债务成本：
→ 税前债务成本：[X]%（平均贷款利率）
→ 税率：[X]%
→ 税后债务成本 = [X]% × (1 - [X]%) = [X]%
□ 资本结构：
→ 权益比重（E/V）：[X]%
→ 债务比重（D/V）：[X]%
□ WACC = E/V × Ke + D/V × Kd × (1-T)
= [X]% × [X]% + [X]% × [X]% × (1-[X]%)
= [X]%
WACC Historical Changes:
□ 过去 5 年 WACC：
→ [Year-4]：[X]%
→ [Year-3]：[X]%
→ [Year-2]：[X]%
→ [Year-1]：[X]%
→ [Year-0]（本期）：[X]%
□ 变化驱动：
→ 权益成本变化：[+/-X]%（[驱动因素]）
→ 债务成本变化：[+/-X]%（[驱动因素]）
→ 资本结构变化：[+/-X]%（[驱动因素]）
Step 3: ROIC vs WACC Comparison
Spread (ROIC - WACC) Analysis:
□ 当前 Spread：
→ ROIC：[X]%
→ WACC：[X]%
→ Spread = ROIC - WACC = [X]% [✅ > 0 创造价值 / 🔴 < 0 摧毁价值]
□ Spread 历史：
→ [Year-4]：[X]% → 价值创造 [✅/🔴]
→ [Year-3]：[X]%
→ [Year-2]：[X]%
→ [Year-1]：[X]%
→ [Year-0]：[X]%
Value Creation Judgment:
□ 价值创造状态：
→ Spread > 0：[✅ 公司正在创造价值]
→ Spread = 0：[⚠️ 公司勉强维持]
→ Spread < 0：[🔴 公司正在摧毁价值]
□ 经济增加值（EVA）估算：
→ EVA = (ROIC - WACC) × Invested Capital
→ = ([X]% - [X]%) × [X] 万 = [X] 万
→ [✅ 创造 EVA [X] 万 / 🔴 摧毁 EVA [X] 万]
Step 4: ROIC Driver Decomposition
ROIC = Profit Margin × Turnover Decomposition:
□ 双击分解（DuPont）：
→ ROIC = 税后经营利润率 × 资产周转率 × 资本杠杆系数
□ 各因素贡献：
| 因素 | 本期 | 上期 | 变化 | 对 ROIC 贡献 |
|------|------|------|------|------------|
| 税后经营利润率 | [X]% | [X]% | [+/-X]% | [+/-X]% |
| 资产周转率 | [X] | [X] | [+/-X] | [+/-X]% |
| 资本杠杆系数 | [X] | [X] | [+/-X] | [+/-X]% |
| **ROIC** | **[X]%** | **[X]%** | **[+/-X]%** | **100%** |
Analysis of Reasons for ROIC Increase/Decrease:
□ 利润率变化：
→ 毛利率变化：[+/-X]%（[原因]）
→ 运营费用率变化：[+/-X]%（[原因]）
□ 周转率变化：
→ 收入增长：[+/-X]%
→ 资产增长：[+/-X]%
→ 资产周转率变化原因：[描述]
□ 财务杠杆变化：
→ 资产负债率：[+/-X]%（[原因]）
Comparison with Industry:
□ 行业 ROIC 中位数：[X]%
□ 公司 ROIC vs 行业中位数：[+/-X] 个百分点
□ 竞争优势评估：[领先/持平/落后]
Step 5: WACC Optimization Analysis
WACC Optimization Opportunities:
□ 权益成本优化：
→ 当前权益成本：[X]%（[描述]）
→ 优化空间：[描述]
→ 建议：[措施]
□ 债务成本优化：
→ 当前税后债务成本：[X]%
→ 优化空间：[描述]
→ 建议：[措施]
□ 资本结构优化：
→ 当前 D/E：[X]
→ 目标 D/E（如调整）：[X]
→ 对 WACC 影响：[+/-X] bps
□ 综合 WACC 优化空间：
→ 当前 WACC：[X]%
→ 优化后 WACC：[X]% ([-X bps])
Step 6: Generate ROIC vs WACC Analysis Report
═══════════════════════════════════════
ROIC vs WACC 对比分析报告
分析期间：[YYYY]
报告日期：[YYYY-MM-DD]
═══════════════════════════════════════
【ROIC 计算】
□ NOPAT：[X] 万
□ Invested Capital：[X] 万
□ ROIC = [X]%
【WACC 计算】
□ 权益成本：[X]% | 债务成本（税后）：[X]%
□ E/V = [X]% | D/V = [X]%
□ WACC = [X]%
【核心对比】
□ Spread = ROIC - WACC = [X]% [✅ 创造价值 / 🔴 摧毁价值]
□ EVA = [X] 万 [✅ 创造 EVA / 🔴 摧毁 EVA]
□ 价值创造状态：[✅ 创造 / ⚠️ 勉强维持 / 🔴 摧毁]
【历史趋势】
□ ROIC：[X]% → [X]% → [X]%（[改善/下降]）
□ WACC：[X]% → [X]% → [X]%（[改善/恶化]）
□ Spread：[X]% → [X]% → [X]%
【驱动因素（ROIC 双击）】
□ 利润率贡献：[+/-X]%
□ 周转率贡献：[+/-X]%
□ 杠杆贡献：[+/-X]%
【行业对标】
□ 行业 ROIC 中位数：[X]%
□ vs 行业：[+/-X] 个百分点
【WACC 优化建议】
□ 优化空间：[+/-X] bps
□ 主要措施：[描述]
═══════════════════════════════════════
置信度：[✅ 高 / ⚠️ 中 / 🔴 低]
价值状态：[✅ 创造价值 / ⚠️ 边际价值 / 🔴 摧毁价值]
═══════════════════════════════════════
Escalation Trigger Conditions
- Spread < 0 (ROIC < WACC, continuously destroying value)
- ROIC has declined for [X] consecutive years (deteriorating trend)
- The company's ROIC is significantly lower than the industry (lagging by > [X] percentage points)
- WACC has increased by > [X] bps (deteriorating financing environment)
- A major capital structure decision must be made (debt/equity financing)
- Asset restructuring (M&A/divestiture) affects the ROIC calculation basis
Finance Skills — roic-vs-wacc-comparison atomic skill