return on capital[ROC]

return on capital[ROC]　资本收益，资本收益率，投资收益率　

A measure of how effectively a company uses the money（borrowed or owned）invested in its operations.Return on Invested Capital is equal to the following：net operating income after taxes/[total assets minus cash and investments（except in strategic alliances）minus non-interest-bearing liabilities].If the Return on Invested Capital of a company exceeds its WACC，then the company created value.If the Return on Invested Capital is less than the WACC，then the company destroyed value.