杜邦分析法 英文讲义

杜邦财务分析法及案例分析（DuPont financial analysis and casestudy）Business University network, DuPont analysis, profitability, financial positionProfitability is an important financial index of the enterprise, to the owners, creditors, investors and government, analysis and evaluation of the profitability of the enterprise is crucial to the decision-making, financial profitability analysis and financial management of enterprises of the important part of.The ratio of profitability evaluation of the traditional enterprise mainly has: the rate of return on assets, profit margin (or net profit rate), return on equity; earnings of joint-stock enterprises and share profit rate, dividend rate, dividend return rate etc.. These individual indicators are used to measure different factors that influence and determine the profitability of an enterprise, including sales performance, asset management levels, cost control levels, etc..These indicators analyze the financial status and operating results of a company from a specific point of view, and they are not sufficient to evaluate the overall financial position and operating results of an enterprise in a comprehensive manner. In order to compensate for this deficiency, there must be a method, which can analyze interrelated, relevant indicators and statements together, using appropriate standards for comprehensive analysis and evaluation, which fully embodies the enterprise overall financial situation, andpointed out the relationship between indicators and indicators and indicators and reports. A DuPont analysis is one of the.DuPont financial analysis system (TheDuPontSystem) is a more practical financial ratio analysis system. This method of analysis was first created by the manager of the DuPont Co in the United States, so it is called DuPont financial analysis system. The method of financial analysis from the enterprise performance evaluation is the most comprehensive and representative index - net interest rates of use to decompose the basic factors of production, and enterprise cost and expense risk, so as to satisfy the need for performance evaluation through financial analysis, business objectives change operator can timely find out the reasons and correction, and provide the basis for investors, creditors and government evaluation of enterprises.A DuPont, DuPont analysis method and analysis of the characteristics of the DuPont model diagram is the most significant number for ratio evaluation of the operational efficiency and financial status of enterprises according to their internal links organically, form a complete index system, and finally through the return on equity to reflect. By this method, the level of financial ratio analysis can be clearer and more coherent, which will provide convenience for the analysts to understand the operation and profitability of enterprises comprehensively and carefully.DuPont analysis helps enterprise management more clearly see the determinants of equity capital gains rate, relationship and sales net profit rate and total asset turnover rate, debt ratio,provides a clear roadmap for the company asset management efficiency and the maximization of shareholder returns to management.DuPont analysis uses the internal relationship between the major financial ratios, establishes a comprehensive model of financial ratio analysis, and comprehensively analyzes and evaluates the financial status and operating performance of enterprises. DuPont analysis chart is used to arrange the relevant indexes according to internal relations, so as to directly reflect the overall situation of the enterprise's financial status and management results.The DuPont financial analysis system is shown in the figure:Figure 1 DuPont analysis chartTwo. Analysis of DuPont drawings1. the relationship between the financial indicators in the figure:It can be seen that DuPont analysis actually analyzes the finance from two angles. One is the internal management factor analysis, the other is the capital structure and risk analysis of the two.Net interest rate = net interest rate of assets * equity multiplierEquity multiplier (1 = 1, asset liability ratio)Net asset interest = net selling rate * total asset turnoverNet profit = sales revenue / net salesThe total asset turnover = sales / total assetsAsset liability ratio = Total Liabilities / total assets2. DuPont analysis chart provides information about the following major financial indicators:(1) net interest rate is the most comprehensive financial ratio. It is the core of Du Pont analysis system. It reflects the profitability of the owner's capital and reflects the efficiency of the enterprise's financing, investment, asset operation and so on. It depends on the level of the total assets profit margin and the equity capital ratio. There are three factors that determine the net interest rate of equity, equity multiplier, net selling interest rate and total assets turnover. The three ratios of equity multiplier, net interest rate and total asset turnover reflect the debt ratio, profitability ratio and asset management ratio of an enterprise respectively.(2) the equity multiplier is mainly affected by the asset liability ratio. The greater the debt ratio, the higher the equity multiplier, indicating that the enterprise has a higher degree of debt, and bring more leverage benefits to the enterprise,At the same time, it also brings more risks to the enterprise.The net asset interest rate is a comprehensive index, which is affected by both the net selling interest rate and the asset turnover.(3) the net interest rate of assets is also an important financial ratio, and the comprehensive rate is also stronger. It is the product of the net interest rate and the total asset turnover, so it should be further analyzed from two aspects: sales results and asset operation.The net sales rate reflects the relationship between the total profit and the sales revenue. In this sense, raising the net sales rate is the key to improving the profitability of the enterprise. To improve the net sales rate: first, to expand sales revenue; two is to reduce costs. To reduce costs and expenses is an important part of enterprise financial management. Through the list of costs and expenses, it is beneficial for enterprises to analyze the structure of cost and expense, and to strengthen cost control, so as to provide the basis for seeking ways to reduce cost.The operation ability of enterprise assets is not only related to the profitability of an enterprise, but also to the solvency of an enterprise. Generally speaking, the liquid assets directly reflect the solvency and liquidity of the enterprise, and the non current assets reflect the scale and potential of the enterprise. Between the two should be a reasonable structure ratio, if the enterprise's cash holdings more than business needs, it may affect the profitability of enterprises; if enterprises occupy excessive inventory and accounts receivable, it should affect the profitability, solvency andinfluence. To this end, we should further analyze the amount of assets and turnover speed. The current assets should focus on whether the stock backlog phenomenon, monetary funds, accounts receivable are idle in the analysis of customer payment ability and have no bad debts; on the non current focuses on the analysis of the fixed assets of enterprises is full use of assets.Three, DuPont analysis is used as an example to analyze DuPont's financial analysis method, which can explain the reasons for the change of indicators and the trend of changes, and show the direction for taking measures. Below, take a listed company Beiqi Foton automobile (600166) as an example to illustrate the use of DuPont analysis.The basic financial data of Foton Motor are as follows:Table twoDuPont analysis chart(I) analysis of net interest rates;The net interest rate index of equity is a measure of the ability of an enterprise to make use of its assets to obtain profits. The net interest rate of equity takes full account of the influence of the mode of financing on the profitability of the enterprise, so the profitability reflected by it is the result of the combination of various factors, such as business capability, financial decision-making and financing methods.The company's net interest rates have improved to some extent during the period from 2001 to 2002, respectively, from the 0.112. enterprises increased from 0.097 in 2001 to 2002 the investors to a large extent on the basis of this index to judge whether the investment or whether the transfer of shares, study of operator performance and dividend policy decision. These indicators are also important to the company's managers.Corporate managers conduct financial analysis to improve their financial decisions. They can split net interest rates into equity multipliers and net interest rates to find the causes of the problem.Table three: equity interest rate analysis sheetFoton equity net interest = equity multiplier * equity net interest rateThrough the decomposition, we can see clearly that the change of the net interest rate of the company's equity lies in the interaction of two aspects, the changes of the capital structure (equity multiplier) and the effect of the asset utilization (the net interest rate of assets). The company's net asset interest rate is too low, showing a poor asset utilization.(two) decomposition analysis process:Net interest rate = net interest rate of assets * equity multiplierThe decomposition shows that the change in net interest rate is due to changes in capital structure (declining equity multiplier), while changes in asset utilization and cost control (net asset interest rates have also changed). So, we continue to decompose the net interest rate of assets:Net asset interest = net selling rate * total asset turnoverThe decomposition can be seen in 2002 the total assets turnover rate has increased, the use of assets that better control is obtained, shows better effect than the previous year, show that the company's use of its total assets generated sales revenue increase in efficiency. As the total assets turnover improved, the decrease in net selling interest rates prevented the increase in the net asset interest rate, and we then decomposed the net sales interest rate:Net profit = sales revenue / net salesIn 2002 the company greatly increased sales revenue, but net profit increase is very small, the reason is the increase in cost, from a table that all costs increased from 4 billion 39 million 674 thousand and 300 yuan in 2001 to 7 billion 367 million 472 thousand and 400 yuan in 2002, with sales revenue increase of roughly the same magnitude. The following is a breakdown of all costs:All costs = manufacturing costs + sales expenses + management fees + financial expensesIn 2002 736747.24 = 684559.9121740.96225718.205026.17 can beseen through the decomposition of DuPont analysis effectively explains the cause and trend of change in target, to take measures to deal with the direction.In this case, the main reason for the small profit margin is that the total cost is too large. It is also because the full cost increase led to a net profit increase is limited, and greatly increase sales, caused a decrease in sales net interest rate, shown to reduce the profitability of the company's sales. The improvement of the net asset interest rate, the improvement of the total assets turnover rate and the decrease of the net selling interest rate, have played an important role in hindering the improvement of the net assets interest rate.As seen in Table 4, the decline in the rights and interests of Foton motors shows that their capital structure has changed between 2001 and 2002, and the equity multiplier in 2002 was somewhat smaller than in 2001. The smaller the equity multiplier, the lower the debt level of the enterprise, the stronger the ability to repay the debt, the lower the financial risk. The index also reflects the impact of leverage on profit levels. Financial leverage has two positive and negative functions. In a well paid year, it can increase the potential return of shareholders, but shareholders should bear the risk of increased liabilities; in the bad year, the potential return of shareholders may be reduced. The company's equity multiplier has been between 2~5, that is, the debt ratio of 50% to 80%, belonging to the radical strategic enterprises. Managers should accurately understand the company's environment, accurately predict profits, and reasonably control the risks associated with liabilities.Therefore, for Fukuda automobile, the most important thing is to make efforts to reduce costs and control costs. At the same time, maintain a high total asset turnover. In this way, the sales margin can be improved and the net interest rate of assets will be greatly improved.Four, conclusion, DuPont analysis to net interest rates as the main line, the enterprise in a certain period of time the sales achievement and asset operational condition comprehensive together, the layers of decomposition, step by step, constitute a complete analysis system. It can help managers find financial and management problems, can provide valuable information for improving enterprise management, which is widely recognized and widely used in practical work.DuPont analysis, however, is one of the methods of financial analysis. As a comprehensive analysis method, it does not exclude other methods of financial analysis. On the contrary, combined with other analysis methods, not only can make up for their shortcomings and shortcomings, but also make up for shortcomings of other methods, which makes the analysis results more complete and more scientific. For example, DuPont analysis as the foundation, combined with the special analysis, some problems related to the subsequent analysis for further more detailed analysis to understand; can also be combined with the method of comparative analysis and trend analysis method, the different period of DuPont analysis by comparing the results of trend analysis, thus the dynamic formation, identify financial changes, provide the basis for the prediction of or, decision-making; some enterprises and financial risk analysismethods, the necessary risk analysis, also provides the basis for managers, so this combination is also the need of the development of DuPont analysis. The analyst should pay attention to this when applying.。

杜邦分析法外文翻译文献(文档含中英文对照即英文原文和中文翻译)原文:FIVE WAYS TO IMPROVE RETURN ON EQUITYThe Du Pont Model: A Brief HistoryThe use of financial ratios by financial analysts, lenders, academic researchers, and small business owners has been widely acknowleged in the literature. (See, for example, Osteryoung & Constand (1992), Devine & Seaton (1995), or Burson (1998) The concepts of Return on Assets (ROA hereafter) and Return on Equity (ROEhereafter) are important for understanding the profitability of a business enterprise. Specifically, a “return on” ratio illustrates the relationship between profits and the investment needed to generate those profits. However, these concepts are often “too far removed from normal activities” to be easily und erstood and useful to many managers or small business owners. (Slater and Olson, 1996)In 1918, four years after he was hired by the Du Pont Corporation to work in its treasury department, electrical engineer F. Donaldson Brown was given the task of untangling the finances of a company of which Du Pont had just purchased 23 percent of its stock. (This company was General Motors!) Brown recognized a mathematical relationship that existed between two commonly computed ratios, namely net profit margin (obviously a profitability measure) and total asset turnover (an efficiency measure), and ROA. The product of the net profit margin and total asset turnover equals ROA, and this was the original Du Pont model, as illustrated in Equation 1 below.Eq. 1: (net income / sales) x (sales / total assets) = (net income / total assets) i.e. ROAAt this point in time maximizing ROA was a common corporate goal and the realization that ROA was impacted by both profitability and efficiency led to the development of a system of planning and control for all operating decisions within a firm. This became the dominant form of financial analysis until the 1970s. (Blumenthal, 1998)In the 1970s the generally accepted goal of financial management became“maximizing the wealth of the firm’s owners” (Gitman, 1998) and focus shifted from ROA to ROE. This led to the first major modification of the original Du Pontmodel. In addition to profitability and efficiency, the way in which a firm financed its activities, i.e. its use of “leverage” became a third area of attention for financial managers. The new ratio of interest was called the equity multiplier, which is (total assets / equity). The modified Du Pont model is shown in Equations 1 and 2 below.Eq. 2: ROA x (total assets / equity) = ROEEq. 3: (net income / sales) x (sales / total assets) x (total assets / equity) = ROEThe modified Du Pont model became a standard in all financial management textbooks and a staple of introductory and advanced courses alike as students read statements such as: “Ultimately, the most important, or “bottom line” accounting ratio is the ratio of net income to common equity (ROE).” (Brigham and Houston, 2001) The modified model was a powerful tool to illustrate the interconnectedness of a f irm’s income statement and its balance sheet, and to develop straight-forward strategies for improving the firm’s ROE.More recently, Hawawini and Viallet (1999) offered yet another modification to the Du Pontmodel. This modification resulted in five different ratios that combine to form ROE. In their modification they acknowlege that thefinancial statements firms prepare for their annualreports (which are of most importance to creditorsand tax collectors) are not always useful tomanagers making operating and financialdecisions. (Brigham and Houston, p. 52) Theyrestructured the traditional balance sheet into a“managerial balance sheet” which is “a moreappropriate tool for assessing the contribution ofoperating decisions to the firm’s financialperformance.” (Hawawini and Viallet, p.68)This restructured balance sheet uses the conceptof “invested capital” in place of total assets, andthe concept of “capital employed” in place oftotal liabilities and owner’sequity found on thetraditional balance sheet.The primary differenceis in the treatment of the short-term “workingcapital” accounts. The managerial balance sheet uses a net figure called “working capital requirement” (determined as: [accountsreceivable + inventories + prepaid expenses] – [accounts payable + accrued expenses]) as a part of invested capital. These accounts then individually drop out of the managerial balance sheet. A more detailed explanation of the managerial balance sheet is beyond the scope of this paper, but will be partially illustrated in an example. The “really” modified Du Pont model is shown below in Equation 4.Eq. 4: (EBIT / sales) x (sales / invested capital) x (EBT / EBIT) x (invested capital / equity) x (EAT / EBT) = ROE(Where: invested capital = cash + working capital requirement + net fixed assets) This “really” modified model still maintains the importance of the impact of operating decisions (i.e. profitability and efficiency) and financing decisions (leverage) upon ROE, but uses a total of five ratios to uncover what drives ROE and give insight to how to improve this important ratio.The firm’s operating decisions are those that involve the acquisition and disposal of fixed assets and the management of the firm’s operating assets (mostly inventories and accounts receivable) and operating liabilities (accountspayable and accruals). These are captured in thefirst two ratios of the “really” modified Du Pontmodel. These are:1. operating profit margin: (Earnings Before Interest & Taxes or EBIT / sales)2. capital turnover: (sales / invested capital)The firm’s financing decisions are those that determine the mix of debt and equity used to fund the firm’s operating decisions. These are captured in the third and fourth ratios of the “really” modified model. These are:3. financial cost ratio: (Earnings Before Taxes or EBT / EBIT)4. financial structure ratio: (invested capital / equity)The final determinant of a firm’s ROE is the incidence of business taxation. The higher the taxrate applied to a firm’s EBT, the lower its ROE. This is captured in the fifth ratio of the “really”modified model.5. tax effect ratio: (Earnings After Taxes or EAT / EBT)The relationship that ties these five ratios together is that ROE is equal to their combined product. (See Equation 4.)Example of Applying the “Really” Modified Du Pont ModelTo illustrate how the model works, consider the income statement and balance sheet for the fictitious small firm of Herrera & Company, LLC.Income StatementNet Sal es …………………………………………………….. $766,990Cost of Goods Sold ………………………………………….. (560,000) Selling, General, & Administrative Expenses ………………. (143,342) Depreciation Expense ……………………………………….. (24,000) Earnings Before Interest & Taxes …………………………… $ 39,648Interest Expense ……………………………………………... (12,447) Earnings Before Taxes ………………………………………. $ 27,201Taxes ………………………………………………………… (8,000) Earnings After Taxes (net profit) ……………………………. $ 19,201Balance SheetCash ……………………….$ 40,000 Notes Payable ………………… $ 58,000 Pre-paid Expenses ………... 12,000 Accounts Payable …………….. 205,000 Accounts Receivable ……… 185,000 Accrued Expenses ……………. 46,000 Inventory ………………….. 200,000 Current Liabilities ……………. $309,000 Current Assets ……………. $437,000 Long-Term DebtLand/Buildings …………… 160,000 Mortgage ……………………. 104,300Equipment ………………… 89,000 8-Year Note ………………… 63,000Less: Acc. Depreciation …... (24,000) Owner’s Equity ………………..185,700Net Fixed Assets ………….. $225,000 Total Liabilities & Equity …….. $662,000 Total Assets ………………. $662,000Computation of ROE1. Operating Profit Margin = $39,648 / $766,990 = .05172. Capital Turnover = $766,990 / $411,000* = 1.86623. Financial Cost Ratio = $27,201 / $39,648 = .68614. Financial Structure Ratio = $411,000 / $185,700 = 2.21325. Tax Effect Ratio = $19,201 / $27,201 = .7059ROE = .0517 x 1.8662 x .6861 x 2.2132 x .7059 = .1034** or 10.34%* Invested Capital = Cash ($40,000) + Working Capital Requirement [$185,000 + $200,000 + $12,000] –[$205,000 + $46,000] (or $146,000) + Net Fixed Assets ($225,000) = $411,000** Note that this is the same as conventional computation of ROE: $19,201 / $185,700 = .1034Conclusions & ImplicationsThe “really” m odified Du Pont model of ratio analysis can demystify relatively complex financial analysis and put strategic financial planning at the fingertips of any small business owner or manager who takes the (relatively little) time needed to understand it. Each operating and financial decision can be made within a framework of how that decision will impact ROE. Easily set up on a computer model (such as a spreadsheet), one can see how decisions “flow through” to the bottom line, which facilitates coordinated financial planning. (Harrington & Wilson,1986).In its simplest form, we can say that to improve ROE the only choices one has are to increase operating profits, become more efficient in using existing assets to generate sales, recapitalize to make better use of debt and/or better control the cost of borrowing, or find ways to reduce the tax liability of the firm. Each of these choicesleads to a different financial strategy.For example, to increase operating profits one must either increase sales (in a higher proportionthan the cost of generating those sales) or reduce expenses. Since it is generally more difficult toincrease sales than it is to reduce expenses, a small business owner can try to lower expenses by determining: 1) if a new supplier might offer equivalent goods at a lower cost, or 2) if a website might be a viable alternative to a catalog, or 3) can some tasks currently being done by outsiders be done in-house. In each case net income will rise without any increase in sales and ROE will rise as well. Alternatively, to become more efficient, one must either increase sales with the same level of assets or produce the same level of sales with less assets. A small business owner might then try to determine: 1) if it is feasible to expand store hours by staying open later or on weekends, or 2) if a less expensive piece of equipment is available that could replace an existing (more expensive) piece of equipment, or 3) if there is a more practical way to produce and/or deliver goods or services than is presently being used.Further, small business owners can determine if they are using debt wisely. Refinancing an existing loan at a cheaper rate will reduce interest expenses and, thus, increase ROE. Exercising some of an unused line of credit can increase the financial structure ratio with a corresponding increase in ROE. And, taking advantage of tax incentives that are often offered by federal, state,and local taxing authorities can increase the tax effect ratio, again with a commensurate increase in ROE.In conclusion, ROE is the most compre-hensive measure of profitability of a firm. It considers the operating and investing decisions made as well as the financing and tax-related decisions. The “really” modified Du Pont model dissects ROE i nto five easily computed ratios that can be examined for potential strategies for improvement. It should be a tool that all business owners, managers, and consultants have at their disposal when evaluating a firm and making recommendations for improvement.译文：真实修改的杜邦分析：五种方式改善股东权益回报率杜邦模型：简史运用财务比率进行分析已经被财务分析家，贷款人，学术研究人员和小企业主在文献资料里广泛运用。

七夕，古今诗人惯咏星月与悲情。

吾生虽晚，世态炎凉却已看透矣。

情也成空，且作“挥手袖底风”罢。

是夜，窗外风雨如晦，吾独坐陋室，听一曲《尘缘》，合成诗韵一首，觉放诸古今，亦独有风韵也。

乃书于纸上。

毕而卧。

凄然入梦。

乙酉年七月初七。

-----啸之记。

本文由史铁生编外门徒贡献pps文档可能在WAP端浏览体验不佳。

建议您优先选择TXT，或下载源文件到本机查看。

财务分析培训之杜邦分析法财务分析体系权益净利率资产净利率X总资产周转率权益乘数销售净利率X净利销售收入所得税总资产销售收入全部成本其他利润权益净利率是反映：权益净利率是反映：我们看到：权益净利率由销售净利率、资产周转率、我们看到：权益净利率由销售净利率、资产周转率、权益乘数共同决定销售净利率影响因素销售净利率资产周转率权益乘数赢利能力资产管理负债比率找到了影响因素，我们就层层深入去寻找末端的根源。

找到了影响因素，我们就层层深入去寻找末端的根源。

深入寻找影响效益的根源对权益净利率的影响因素项目本期上期增幅影响销售净利率资产周转率权益乘数总体因素结论一：结论一：深入寻找影响效益的根源项目净利润销售收入本期影响因素销售净利率净利润增幅销售收入对销售净利率的影响上期影响总体因素结论二：结论二：净利润并没有随着销售收入的增长同比增而是远？于销售收入的增长速度。

长，而是远？于销售收入的增长速度。

原因在于我们的成本和费用的增长速度超过了收入的增长速度。

增长速度。

深入寻找影响效益的根源项目本期上期收入收入成本影响因素净利润经营费用管理费用财务费用其他利润所得税成本经营费用管理费用财务费用其他利润所得税总体因素增幅影响净利润结论三：结论三：深入寻找影响效益的根源项目销售收入分析销售收入数据总体指标表销售数量销售单价销售金额上期（或上年）上期（或上年）本期（或本年）本期（或本年）销售收入对比结论四：销售收入的增长是主要由于？？的增长引起的，结论四：销售收入的增长是主要由于？？的增长引起的，？？的增长引起的说明了？说明了？深入寻找影响效益的根源品类本期汤圆饺子粽子销售收入分析销售收入数据表2：销售收入品类表销售数量上期本期销售单价上期本期销售金额上期金额比重本期上期销售收入面点其他结论五：结论五：深入寻找影响效益的根源经营费用费用分析全部费用财务费用管理费用费用分析--费用结构使用部门各个项目费用结构、费用结构、单位耗用深入寻找影响效益的根源费用项目金额本期上期费用分析1.经营费用分析 1.经营费用分析1.1费用总体分析 1.1费用总体分析表12：费用总体分析表 12：费用总体分析表比重对比本期上期对比本期费用率上期对比全部成本深入寻找影响效益的根源费用项目成本（费用）成本（费用）分析1.经营费用分析 1.经营费用分析1.1费用总体分析 1.1费用总体分析表12：单位费用分析表 12：单位费用分析表销量（吨）销量（本期上期对比本期费用上期对比本期费用率上期对比全部成本--我们来对比一下：我们来对比一下：深入寻找影响效益的根源成本（费用）成本（费用）分析1.经营费用分析 1.经营费用分析1.1费用总体分析 1.1费用总体分析表12：单位费用分析图 12：单位费用分析图90% 0% 0% 0% 费用增长率对比用结论：结论：全部成本0% 0% 0% 0% 0% 0% 费用图用深入寻找影响效益的根源费用项目成本（费用）成本（费用）分析1.经营费用分析 1.经营费用分析1.2部门费用分析 1.2部门费用分析表12：部门经营费用分析 12：部门经营费用分析XX1部门部门本期上期对比本期 XX2部门部门上期对比本期 XX3部门部门上期对比全部成本深入寻找影响效益的根源费用项目成本（费用）成本（费用）分析1.经营费用分析 1.经营费用分析1.2部门费用分析 1.2部门费用分析表12：XX部门经营费用单位耗用分析 12：XX部门经营费用单位耗用分析销量（销量（吨）本期上期对比本期费用上期对比本期费用率上期对比全部成本分析：分析：深入寻找影响效益的根源成本（费用）成本（费用）分析1.经营费用分析 1.经营费用分析 1.3分析结论 1.3分析结论结论六：结论六：全部成本深入寻找影响效益的根源费用项目成本（费用）成本（费用）分析2.管理费用分析 2.管理费用分析2.1费用总体分析 2.1费用总体分析表1？：费用总体分析表金额本期上期对比本期比重上期对比本期费用率上期对比全部成本深入寻找影响效益的根源成本（费用）成本（费用）分析2.管理费用分析 2.管理费用分析2.2部门费用分析 2.2部门费用分析表12：部门管理费用分析 12：部门管理费用分析费用项目本期 XX1部门部门上期对比本期 XX2部门部门上期对比本期 XX3部门部门上期对比全部成本深入寻找影响效益的根源费用项目成本（费用）成本（费用）分析2.管理费用分析 2.管理费用分析2.2部门费用分析 2.2部门费用分析表12：XX部门管理费用单位耗用分析 12：XX部门管理费用单位耗用分析销量（销量（吨）本期上期对比本期费用上期对比本期费用率上期对比全部成本分析：分析：深入寻找影响效益的根源项目成本（费用）成本（费用）分析3.财务费用分析 3.财务费用分析3.1财务费用结构分析 3.1财务费用结构分析表12：财务费用结构分析 12：财务费用结构分析本期（或本年）本期（或本年）金额比重上期（或上年）上期（或上年）金额比重金额对比比重全部成本深入寻找影响效益的根源成本（费用）成本（费用）分析3.财务费用分析 3.财务费用分析 3.2分析结论 3.2分析结论结论八：结论八：全部成本深入寻找影响效益的根源其他利润及所得税分析其他利润及所得税分析其他利润及所得税分析项目其他利润所得税本期上期对比增幅其他利税结论九：深入寻找影响效益的根源资产周转率资产周转率销售收入资产周转货币资金应收帐款流动资产资产总额长期资产固定资产存货长期投资预付帐款无形资产其他应收款深入寻找影响效益的根源资产构成图资产周转率1.资产总额 1.资产总额1.1资产构成分析 1.1资产构成分析存货其他应收款资产周转流动资产--应收帐款货币资金预付帐款长期投资固定资产固定资产无形资产长期资产深入寻找影响效益的根源项目资产周转率1.资产总额 1.资产总额1.2资产结构分析 1.2资产结构分析？？：资产结构表资产结构表1 表？？：资产结构表1金额本期上期本期比重上期金额对比比重资产周转长期资产流动资产结论十：深入寻找影响效益的根源项目固定资产本期资产周转率1.资产总额 1.资产总额1.2资产结构分析 1.2资产结构分析表？？：资产结构表2 ？？：资产结构表资产结构表2金额上期本期比重上期金额对比比重资产周转长期资产长期投资无形资产应收帐款货币资金存货预付帐款流动资产深入寻找影响效益的根源资产周转率1.资产总额 1.资产总额1.2资产结构分析 1.2资产结构分析结论十一：好资产结构图预付帐款 5%资产周转存货 13%固定资产 16% 长期投资 8% 无形资产 5%货币资金 20%应收帐款 33%重深入寻找影响效益的根源流动资产周转率项目本期上期资产周转率2.流动资产 2.流动资产2.1流动资产周转率 2.1流动资产周转率销售收入流动资产销售收入点从流动资产手，深入分析流动资产入长期资产一般相对较为定，稳流动资产流动资产周转率资产周转增幅分析：分析：深入寻找影响效益的根源项目流资产周转率2.流动资产 2.流动资产2.2应收帐款周转率 2.2应收帐款周转率应收周转率销售收入应收周转率存货周转率动资产周转率与两个因素密切关：相应收帐款应收帐款销售收入应收帐款周转率资产周转深入寻找影响效益的根源项目资产周转率2.流动资产 2.流动资产2.2应收帐款 2.2应收帐款表？？：应收帐款分析表？？：应收帐款分析表销售收入本期上期本期应收帐款上期本期周转率上期资产周转分公司经销商结论十三：结论十三：深入寻找影响效益的根源项目本期流资产周转率2.流动资产 2.流动资产2.2存货周转率 2.2存货周转率存货周转率销售收入动资周转率产周转率与两个因素密切相关存货存货周转率销售收入应收帐款周转率资产周转上期增幅分析：分析：深入寻找影响效益的根源项目本期资产周转率2.流动资产 2.流动资产2.3存货 2.3存货表？？：存货分析表？？：存货分析表收入上期本期存货上期本期周转率上期资产周转原材料半成品产成品结论十四：结论十四：深入寻找影响效益的根源项目本期资产周转率2.流动资产 2.流动资产2.3存货产成品 2.3存货产成品表？？：存货—产成品分析表？？：存货存货—销售收入上期本期存货上期本期周转率上期资产周转存总公司存分公司发出商品结论十五：结论十五：深入寻找影响效益的根源项目本期资产周转率2.流动资产 2.流动资产2.4货币资金 2.4货币资金表？？：货币资金明细表？？：货币资金明细表金额上期本期比重上期金额对比比重资产周转现金银行存款其他货币资金结论十二：结论十二：深入寻找影响效益的根源项目本期资产周转率2.流动资产 2.流动资产2.5预付帐款 2.5预付帐款表？？：预付帐款分析表？？：预付帐款分析表金额上期本期成本上期本期比率对比上期比率资产周转A B 合计结论十六：结论十六：深入寻找影响效益的根源项目本期资产周转率2.流动资产 2.流动资产2.6其他应收款 2.6其他应收款表？？：其他应收款分析表？？：其他应收款分析表金额上期本期收入上期本期对比上期资产周转A B 合计结论十七：结论十七：深入寻找影响效益的根源权益乘数权益乘数1 ÷ 1权益乘数负债资产负债率资产我们已经对资产作过分析，现在就重点分析：负债我们已经对资产作过分析，现在就重点分析：深入寻找影响效益的根源权益乘数1.负债 1.负债1.1总体分析 1.1总体分析表？？？：负债总体表？？？：负债总体表权益乘数负债结论十七：本期上期对比增幅深入寻找影响效益的根源项目本期银行借款权益乘数1.负债 1.负债1.2结构分析 1.2结构分析表？？？：负债结构分析表？？？：负债结构分析表金额上期本期比重上期金额对比比重权益乘数应付帐款预收帐款其他应付款其他结论十八：深入寻找影响效益的根源权益乘数2.所有者权益 2.所有者权益表？？？：所有者结构分析表？？？：所有者结构分析表项目本期金额上期本期比重上期金额对比比重权益乘数结论十九：透彻分析解决问题的方法解决方案1.结论回顾 1.结论回顾 1.1赢利能力因素分析结论 .1赢利能力因素分析结论透彻分析解决问题的方法解决方案1.结论回顾 1.结论回顾 1.2资产管理分析结论： .2资产管理分析结论资产管理分析结论：透彻分析解决问题的方法解决方案1.结论回顾 1.结论回顾1.3负债比率分析结论： .3负债比率分析结论负债比率分析结论：透彻分析解决问题的方法解决方案2.解决方案 2.解决方案1。

杜邦分析法
杜邦分析法（DuPont Analysis）是利用几种主要的财务比率之间的关系来综合地分析企业的财务状况。

具体来说，它是一种用来评价公司盈利能力和股东权益回报水平，从财务角度评价企业绩效的一种经典方法。

其基本思想是将企业净资产收益率逐级分解为多项财务比率乘积，这样有助于深入分析比较企业经营业绩。

由于这种分析方法最早由美国杜邦公司使用，故名杜邦分析法。

杜邦模型最显著的特点是将若干个用以评价企业经营效率和财务状况的比率按其内在联系有机地结合起来，形成一个完整的指标体系，并最终通过权益收益率来综合反映。

1。

ROCE已动用资本回报率（ROCE），英文全称是Return on capital employed，又可称作投资回报率（ROI，Return on investment）或净资产回报率（RONA，Return onnet assets）。

英文计算公式是profit before interest and tax ÷ capital employed（capitalemployed=total assets-current liability），即当期息税前利润÷当期平均已动用资本。

可用来作为显现企业运用资本能力的指标。

这种测评方法由杜邦企业在20世纪初提出，该理论认为投资的回报应超过企业的投资成本，从而为投资者提供适度的回报。

ROCE的分子是EBIT，也就是税及利息前利润。

为什么用EBIT呢？首先，衡量一个企业内在的盈利能力应该尽量排除税率的干扰，这样才能公平的进行不同企业的横向比较。

比如一个有3年税收优惠的企业，可能在前几年净利润及EBITx（1-Tax）都非常好。

但是如果与一个25%税率水平的成熟企业比较就不公平了，因为低税率并没有反映公司的内在运营本质。

在这点上，ROCE就比ROIC更公平，因为ROIC用的是税后的EBIT，受到了税率的影响。

而且，有息债务也是使用资本的一部分，由此产生的利息也要加回来，算作资本回报的一部分。

杜邦分析法杜邦分析法是一种用来评价公司赢利能力和股东权益回报水平，从财务角度评价企业绩效的一种经典方法。

其基本思想是将企业净资产收益率逐级分解为多项财务比率乘积，这样有助于深入分析比较企业经营业绩。

将净资产收益率（Rate of Return on Common Stockholders' Equity, ROE）分解为三部分进行分析的方式名称：利润率，总资产周转率和财务杠杆。

这种方式也被称作“杜邦分析法”。

杜邦分析法说明净资产收益率受三类因素影响：- 利润率，用销售利润率衡量，表明企业的盈利能力；- 总资产周转率，用资产周转率衡量，表明企业的营运能力；- 财务杠杆，用权益乘数衡量,表明企业的偿债能力。

文献信息标题：The research on DuPont financial analysis system and profitability of listed companies作者：McGowan J期刊：Accounting and Finance Research页码：52-63，第1卷，第2期，2016年原文The research on DuPont financial analysis system and profitability of listedcompaniesMcGowan JAbstractIn order for the company's level of profitability for the correct assessment of financial analysis, have the certain ability is necessary, among them, more applicable to listing Corporation to evaluate the profitability of Du Pont financial analysis system. Financial analysis is not only the historical situation and the present situation analysis of the company also can rely on the analysis of the historical situation and the present situation carries on the forecast to the company's future profitability, so as to be able to correctly assess the company's level of profitability. The success and failure of a company have great relationship with the company's financial level, while the company's financial level can be reflected by the results of the financial analysis.Key Words：DuPont financial analysis System; Profitability; ROE1 IntroductionNow the trend of globalization is unstoppable, and this makes the competition between enterprises is torn, it also increased the financial crisis and the degree of operating risk. Financial statements reflect the enterprise's financial position and operating results of a form, it is provided by the accounting entity. Enterprise personnel through financial statements reflect the real situation, use financial methods for serious analysis, accurate calculation, gradual decomposition and in-depth research, so that you can know the comprehensive ability of the enterprise, can know how companies can afford to pay the amount of how much power to keep normal operation of enterprises and profit. Enterprise yield strength is its profitability, and profitability is the real reflection of enterprise operating performance good or bad. The profitability of the relationship between the enterprise managers, creditors and the interests of the shareholders, so their attention to profit is very high, they always paid close attention to the trend of the economy, and in a timely manner to make accurate analysis and forecast the future situation. So, the enterprise management's main goal is to improve the profitability of enterprises. Because enterprise's business performance is depend on the profitability of the company related indicators reflect the real, the business operators through the analysis of profitability, can timely to correct some problems in the operation and management and make reasonable plan. We analyze the financial statements there are so many ways, comparison analysis, the main financial ratio method, trend analysis and factor analysis method. But the effect of these methods is limited, so it can't to enterprise's financial position and operating results fully reflected, can only reflect one aspect. So, you need a comprehensivefinancial indicators on the financial condition of enterprises are an integral part of the report, at the same time also must combine various related indicators, and then using a certain method to enterprise's financial position and operating results to conduct a comprehensive in-depth research, and the specific method is comprehensive analysis method.2 Literature reviewIn 1919, the United States DuPont, Pierre DuPont (Pierre DuPont) and Donaldson Brown (Donaldson Brown) set out the DuPont financial analysis System (DuPont System), the System is based on net assets yield index, in part by part of decomposition, finally to realize the organic combination of financial analysis indicators. Return on equity index is the core of DuPont financial analysis system, sales net profit multiplied by the total assets turnover and the rights and interests is the result of the return on equity, with from top to bottom of key index decomposition, the company's profit ability, operation ability, debt payments and other financial association between more clearly, it is widely used in the actual assessment, but actually very few foreign scholars studied it, let alone to improve its methods, to perfect its theory and practice and research on it, it is a handful. Palmer's office at Harvard University in the United States, and in the analysis and evaluation for enterprises "puts forward the sustainable growth rate, and use it as a deformation of DuPont financial analysis system and complementary, build the" palmer's financial analysis system ".This process is layers of decomposition process of financial indicators, this analysis method is actually one more consideration for dividendpayment rate, but there is no big effect. Alex Kane is a professor at the university of California, bode is a professor at the university of Boston, they jointly at Boston college Alan j. Marcus (Alan j. Marcus) (2003), a professor at the essence of the investment of the books seriously analyzed the DuPont financial analysis system of five factors, it put the original DuPont analysis system of the "three elements" refined after the "five factors", will be the past the sales net profit rate target segmentation of DuPont financial model to study the three elements, respectively is the interest rate burden ratio, income taxes, the tax burden ratio and sales earnings before interest and tax rate, and more detailed research seriously the debt interest and income tax rate, it's from the number of key indicators changed the DuPont analysis system. By the "five elements" DuPont model shows: in the net income for the rights and interests of factor, asset turnover ratio, ratio of sales compensation and interest burden ratio and the product of the tax burden ratio, and the rights and interests of the factor for the average amount of assets and the ratio of the amount of owners' equity, asset turnover ratio for business income and the ratio of the average total assets, sales compensation ratio for unpaid interest and the ratio of sales revenue, profit before interest burden ratio for the amount of interest and profits before interest payments, the tax burden ratio to the ratio of the income tax amount and profit before tax amount. Can be learned from the above study, "five elements" DuPont return on net assets in the financial model depends on the interest factor, asset turnover ratio, ratio of sales compensation and interest burden ratio and tax burden these five key indicators. The model of enterprise income tax's influence on the net interest rate of the rights andinterests is through the single factor of tax burden directly reflected, and financial expenses index is the key of the analysis. The rationality of the assets structure cannot leave the financial cost indicators of guidance. Capital of a limited number of cases in the enterprise, the enterprise can have the most to gain from at the lowest cost is the sign of corporate capital structure is reasonable. The quality of corporate profits is also associated with interest expense.3 The DuPont financial analysis theory3.1 Factor analysis methodFactor analysis method, also called index factor analysis method, is the overall change in the statistical index is used to things method to evaluate the impact of different reasons, mainly divided into fixed base substitution method, index decomposition method, the difference analysis method with serial alternative methods. As one of the subordinate application of multivariate statistical analysis, factor analysis method is a good practical method of statistical analysis. In this way, can a set of more able to reflect things characteristics, status and nature of the variables are simplified into a few can decide things fundamental characteristics, embodies the inherent things, the nature of the internal variables, and use this a few interrelated variables on economic indicators or analysis of the impact of financial indicators. This kind of analysis method is the key, when there are multiple factors to the object of study, assuming that other factors are constant, according to the changes in order to determine the individual factors to study the effect of the object.3.2 Ratio analysisRatio analysis method is a more important key data from the annual report, the ratio of the various data and comparison, thus for the company's history and an analysis of the present situation and the level of sales methods, it is essential to the evaluation of the financial situation strategy, possibly through the ratio of the two key data in the annual report, the company's operating results and financial condition. Due to the differences of financial analysis of the ultimate goal, different analysts, including government agencies, the emphasis of the management institution, creditors rely on also has very big difference. For stock investment, grasp and use good turnover ratio, growth levels, and ability of debt repayment ratio and profitability ratios these indicators is more important.3.3 Trend analysis methodTrend analysis method, also known as the method of level analysis, comparative analysis method, this is a kind of the annual report of the various financial information extracted, the same ratio of multiple consecutive compared with key indicators to sequential or calm base contrast, access to these key indicators change amplitude and trend, to the company's cash flow change trend, the operating and financial situation clearly reflected a financial analysis method. When using the trend analysis method research on the company, usually need to compare to the annual report and prepare. By using the trend analysis method, can hold a company's financial change trend, so as to provide a basis for the prediction of the company's future financial condition. 3.4 DuPont financial analysis systemDuPont financial analysis system from the perspective of financial performanceof the company, equity returns ability and profitability analysis of the classical method. The idea of this method is to a company's return on equity is expressed as a number of key financial indicators of multiplication, thus more systematic study of the company's operations. In order to more comprehensive to analyze the company's operating results and financial status, need multiple influences each other key indicators to the level of profitability, debt repayment ability and operation level were analyzed systematically. DuPont financial model is adopted the inherent connection between several important financial indexes, to evaluate a company's financial situation. The system centered on net earnings ratio data, through the evaluation of the level of profitability, solvency, to build a balance sheet and income statement such as a number of key financial data analysis system. DuPont financial analysis System (DuPont financial analysis System) through the inherent connection between several key financial data, to evaluate the company's financial situation and the method, it is a kind of from the perspective of financial performance of the company, equity returns ability and profitability evaluation method of classic. The idea of this method is to a company's return on equity is expressed as a number of key financial indicators of multiplication, thus more systematic study of the company's operations.译文杜邦财务分析体系与上市公司盈利能力研究McGowan J摘要为了对公司的盈利水平进行正确的评估，具备一定的财务分析能力是很必要的，其中，杜邦财务分析体系比较适用于对上市公司的盈利能力进行评价。

dupont analysis method -回复什么是杜邦分析方法？杜邦分析方法是一种财务分析工具，用于评估公司的财务健康状况和经营绩效。

它通过将公司的财务指标分解为几个关键部分，从而帮助分析师深入了解公司的盈利能力、资本结构、资产管理和经营效率。

杜邦分析法最初由美国化学公司杜邦公司开发，以帮助管理层更好地了解公司的财务状况和绩效。

如今，它已成为财务分析师和投资者在评估公司绩效时常用的工具之一。

杜邦分析方法的关键指标杜邦分析方法使用四个重要的财务指标来评估公司的绩效。

这四个指标是：净利润率、总资产周转率、资产负债率和权益乘数。

1. 净利润率（Net Profit Margin）：净利润率是用来衡量公司每销售一单位产品或服务后的盈利水平。

它的计算公式是净利润除以销售收入。

净利润率越高，表明公司在销售过程中能够保持更高的利润水平。

2. 总资产周转率（Total Asset Turnover）：总资产周转率表示公司每单位资产所产生的销售收入。

它的计算公式是销售收入除以总资产。

总资产周转率越高，表明公司能够有效地利用其资产产生更多的销售收入。

3. 资产负债率（Debt to Assets Ratio）：资产负债率是用来衡量公司资本结构的健康情况，即债务与资产之间的比例关系。

它的计算公式是总负债除以总资产。

资产负债率越高，表示公司承担的债务风险越大。

4. 权益乘数（Equity Multiplier）：权益乘数衡量公司利用债务融资扩大其资本规模的能力。

它的计算公式是总资产除以股东权益（或净资产）。

权益乘数越高，表示公司更多地依赖于债务融资来资助其资本投资。

杜邦分析方法的应用杜邦分析方法可以用于评估公司的竞争优势、财务健康状况和经营绩效。

以下是杜邦分析方法的具体步骤：1. 收集财务数据：首先，需要收集公司的财务报表数据，包括利润表、资产负债表和现金流量表。

2. 计算关键指标：使用上述提到的四个关键指标的公式，计算公司的净利润率、总资产周转率、资产负债率和权益乘数。

解码杜邦分析外文翻译文献(文档含英文原文和中文翻译)译文：解码杜邦分析净资产收益率（ROE）是一个被知识渊博的投资者密切关注的数。

也是一个衡量公司盈利能力的重要指标。

仅关注ROE的结果可能是有误导性的，因为增加其价值是件容易的事，但同时也使股票的风险更大。

如果没有一个方法将ROE拆解分析而只关注ROE结果，投资者可能会相信一个公司是一个很好的投资而实际上它不是。

阅读以了解如何使用杜邦分析对ROE中Return项目进行了细分，并清楚的显示出净资产增长的来源。

净资产收益率（ROE）：或许太简单了ROE之所以被广泛使用，主要还是因为它使用的便利性，只要两个数进行计算，其公式为： ROE =净利润÷股东权益当ROE值变大，通常意味着这家公司为股东创造的净利润在增加。

但问题在于，如果公司有意通过不合理的手段，如增加大额债务来压低股东权益，实现ROE的增长，若对此不进行深入分析，就很容易被表面虚高的ROE指标所蒙蔽而意识不到公司隐藏的风险。

“三步法”杜邦分析法为了避免上述ROE的缺陷，人们一直都在研究一种更为深入的分析指标。

在20世纪20年代，杜邦公司建立了一个分析方法，填补了这一需要将ROE打造成一个更复杂的方程。

杜邦分析显示了指标在数量上的变动原因。

杜邦分析有两套计算方法，一种是“三步法”，后来在此基础上又延生出“五步法”。

“三步法”杜邦分析模型主要涉及到三个因素，即，净利润率、总资产周转率、权益乘数，其中：■净利润率（Net profit margin），衡量企业的运营效率；■资产周转率（Total asset turnover），衡量企业的资产使用效率；■权益乘数（Equity multiplier），衡量企业的财务杠杆作用。

三步法杜邦模型公式的推导过程：净资产收益率 =（税后净营运利润/销售）×（销售/平均资产净值）=（税后净营运利润/销售）×（销售/总资产）×（总资产/股东权益）= 净利润率×总资产周转率×权益乘数我们将净资产收益率分解为净利率（公司从收入中获得多少利润），资产周转率（公司如何有效利用其资产）和权益乘数（衡量公司的杠杆是多少）。