杜邦分析法.doc

杜邦分析法杜邦分析法( DuPont Identity;DuPont Analysis ) 目录[ 隐藏] ?1 杜邦分析法的概念?2 What Does DuPont Identity Mean? ?3 Investopedia explains DuPont Identity ?4 杜邦分析法的特点?5 杜邦分析法的基本思路?6 杜邦分析法的财务指标关系?7 杜邦分析法的步骤?8 杜邦分析法的局限性?9 杜邦分析法广泛应用的原因[1] ? 10 运用杜邦分析法的建议[1] ? 11 杜邦分析法案例 o 案例一: MA 公司杜邦分析法的案例分析[2] o 案例二: A、 B 企业杜邦分析法的案例分析[3] ? 12 参考文献[ 编辑] 杜邦分析法的概念杜邦分析法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, 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。[ 编辑] What Does DuPont Identity Mean? An expression that breaks return on equity (ROE) down into three parts: profit margin , total asset turnover and financial leverage . It is also known as "DuPont Analysis". DuPont identity tells us that ROE is affected by three things: - Operating efficiency, which is measured by profit margin - Asset use efficiency, which is measured by total asset turnover - Financial leverage, which is measured by the equity multiplier ROE = Profit Margin (Profit/Sales) * Total Asset Turnover (Sales/Assets) * Equity Multiplier (Assets/Equity) 杜邦分析的含义: 是将净资产收益率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: - 营运效率,用利润率衡量; - 资产使用效率,用资产周转率衡量; - 财务杠杆,用权益乘数衡量。净资产收益率= 利润率( 利润/ 销售收入) * 资产周转率(销售收入/ 资产) * 权益乘数(资产/ 权益) [ 编辑] Investopedia explains DuPont Identity If ROE is unsatisfactory, the Du Pont identity helps locate the part of the business that is underperforming. Here is how the DuPont identity is derived: ROE = NI/TE Multiply by1 (TA/TA) and then rearrange ROE = (NI / TE) (TA / TA) ROE = (NI / TA) (TA / TE) = ROA * EM Multiply by 1(S/S) and then rearrange ROE = (NI / TA) (TA / TE) (S/S) ROE = (NI / S) (S/ TA) (TA / TE) ROE = PM * TAT * EM ROE = Profit Margin * Total Asset Turnover * Equity Multiplier When: ROE = Return on Equity NI= Net e TE = Total Equity TA = Total Assets ROA = Return on Assets EM = TA/TE =1+ D/E = The Equity Multiplier S= Sales 如果 ROE 表现不佳,杜邦分析法可以找出具体是哪部分表现欠佳。净资产收益率= 净收益/ 总权益乘以 1( total asset/ total asset )得到: 净