杜邦财务分析体系外文文献翻译最新译文

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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 listed companies

McGowan J

Abstract

In 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; ROE

1 Introduction

Now 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 comprehensive financial 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 review

In 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 dividend payment 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 and interests 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 theory

3.1 Factor analysis method

Factor 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 analysis

Ratio 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 method

Trend 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 system

DuPont financial analysis system from the perspective of financial performance of 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。财务分析不仅能对公司的历史情形与现状分析，还能够凭借对历史情形与现状的分析，对公司的未来盈利情况进行预测，因而能够正确地评估公司的盈利水平。一个公司的成功与失败，与该公司的财务水平有很大关联，而公司的财务水平能够通过财务分析的结果体现出来。

关键词：杜邦财务分析；盈利能力；净资产收益率

1 引言

如今全球一体化的趋势势不可挡，这就使得企业之间的竞争越演欲裂，这也加大了财务危机和经营风险的程度。财务报表是反映企业财务状况和经营成果的一种形式，它是由会计主体提供的。企业人员通过财务报表反映的真实情况，运用财务方法进行认真的分析、精确的计算、逐步的分解和深入的研究，这样就可以清楚的知道企业的综合能力，能知道企业能够承担多少的还债金额，能有多大的力量来使企业正常运营和取得盈利。企业取得收益的实力就是它的盈利能力，而企业的盈利能力是企业经营业绩好坏的真实反映。企业的盈利能力关系着企业经理人员，债权人和股东的利益，所以他们对利润率的关注度是十分高的，他们时刻关注着经济变动的趋势，并及时的做出精确的分析和对未来形势进行预测。所以，企业经营的主要目标就是提高企业的盈利能力。因为企业的经营业绩都是依靠企业的盈利能力的相关指标真实的反映出来的，企业经营者经过分析盈利能力，能够及时的对经营管理中的一些问题进行改正和制定合理的方案。我们对财务报表进行分析的方法有很多，主要有比较分析法，财务比率法，趋势分析法和因素分析法。但是这些方法的作用是有限的，它不能对企业的财务状况和经营成果全面的反映出来，只能反映出一个方面。所以，就需要一个综合的财务指标对企业的财务状况进行一个整体的反映，与此同时还必须把各个有联系的指标结合起来，然后再运用一定的方法对企业的财务状况和经营成果进行全面深入的研究，而这个特定的方法就是综合分析方法。

2 研究综述

1919 年，美国杜邦公司的皮埃尔·杜邦（Pierre DuPont）和唐纳森·布朗（Donaldson Brown）制定出了杜邦财务分析体系（DuPont System），这种体系是以净资产的收益率指标为基础，在经过一部分一部分的分解，最终对财务分析指标实现有机结合。净资产收益率指标就是杜邦财务分析体系的核心，销售净利润乘以总资产的周转率和权益的结果就是净资产收益率，凭借从上往下地对关键指标进行分解，将公司的盈利能力、营运能力、债偿能力等各种财务能力之间的关联更加清楚地体现出来，它广泛的被运用于实际评估当中，但是实际上很少的国外学者深入的研究它，更别说改进它的方法，对它的理论进行完善和对它进行实践研究了，那简直是屈指可数。

帕利普就任于美国哈佛大学，在《企业分析与评价》一书中提出了可持续增长率，并将其作为杜邦财务分析体系的变形和补充，构建了“帕利普财务分析体系”。这其中的过程就是层层分解财务指标的过程，这种分析方法实际上就是多了一个对股利支付率的考虑因素，但是没有什么大的效果。亚力克斯·凯恩（Alex Kane）是加利福尼亚大学的教授、滋维·博迪是美国波士顿大学的教授，他们联合波士顿学院艾伦·J·马库斯（Alan·J·Marcus）教授（2003）在《投资学精要》的书籍中认真的分析了杜邦财务分析体系的五个因素，它把原本的杜邦分析体系的“三要素”经过研究之后细化成“五因素”，（完整译文请到百度文库）将

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