中文：

净资产回报率是什么？

净资产回报率（ROE）是一种用于衡量公司利用股东权益产生利润的财务指标。它表示公司的盈利能力，并且是投资者评估公司质量的重要参考之一。

ROE的计算公式为：净资产回报率 = 净利润 / 股东权益总额。其中，净利润是指公司在一个财务年度内扣除所有费用和税金后的利润，而股东权益总额则代表公司资产减去总负债后的净值。

ROE的优点在于其简明易懂，能够快速地反映出公司的盈利能力。同时，由于ROE涉及到公司的所有者权益，因此它也反映了公司对股东投资的回报能力。此外，ROE还可以用来比较不同规模和行业的公司之间的盈利能力。

然而，ROE也存在一些局限性。首先，它可能受到公司财务杠杆的影响，例如债务和权益的比例。如果公司的债务比例较高，虽然ROE可能较高，但财务风险也可能随之增加。其次，ROE可能受到非经营性项目的影响，例如资产处置收益或股票发行费用等，这些因素可能扭曲公司的真实盈利能力。

总体而言，净资产回报率是一种重要的财务指标，可以帮助投资者评估公司的质量和盈利能力。然而，投资者在分析ROE时应该结合其他财务指标和市场信息进行综合考虑，以做出明智的投资决策。

英文：

What is Return on Equity (ROE)?

Return on equity (ROE) is a financial metric used to measure a company's profitability in terms of its use of shareholder equity to generate profits. It represents the profitability of the company and is an important reference for investors evaluating the quality of a company.

The formula for calculating ROE is: ROE = Net Profit / Total Shareholder Equity. Net profit refers to the profit earned by the company during a fiscal year after deducting all expenses and taxes, while total shareholder equity represents the net value of the company's assets minus its total liabilities.

The advantages of ROE are its simplicity and clarity, as it provides a quick snapshot of the company's profitability. Since ROE involves the company's owner equity, it also reflects the company's ability to generate returns for shareholders. Additionally, ROE can be used to compare the profitability of companies across different sizes and industries.

However, there are also limitations to ROE. Firstly, it can be influenced by the company's financial leverage, such as the ratio of debt to equity. If the company has a high debt ratio, the ROE may be higher, but the financial risk may also increase. Secondly, ROE can be distorted by non-operating items, such as asset disposal gains or stock issuance expenses, which may skew the true profitability of the company.

Overall, ROE is an important financial metric that can help investors evaluate the quality and profitability of a company. However, investors should analyze ROE in conjunction with other financial metrics and market information to make informed investment decisions.