★杜邦分析法(已修改)
2025-08-21 00:00 本頁面
【正文】 杜邦分析法的概念 杜邦分析法利用幾種主要的財(cái)務(wù)比率之間的關(guān)系來綜合地分析企業(yè)的財(cái)務(wù)狀況，這種分析方法最早由美國杜邦公司使用，故名杜邦分析法。杜邦分析法是一種用來評(píng)價(jià)公司贏利能力和股東權(quán)益回報(bào)水平，從財(cái)務(wù)角度評(píng)價(jià)企業(yè)績效的一種經(jīng)典方法。其基本思想是將企業(yè)凈資產(chǎn)收益率逐級(jí)分解為多項(xiàng)財(cái)務(wù)比率乘積，這樣有助于深入分析比較企業(yè)經(jīng)營業(yè)績。 [編輯]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) 杜邦分析的含義： 一個(gè)表達(dá)式是將凈資產(chǎn)收益率分解為三部分：利潤率，總資產(chǎn)周轉(zhuǎn)率和財(cái)務(wù)杠桿。這就是著名的杜邦分析法。 杜邦分析法說明凈資產(chǎn)收益率受三類因素影響： 營運(yùn)效率，用利潤率衡量； 資產(chǎn)使用效率，用資產(chǎn)周轉(zhuǎn)率衡量； 財(cái)務(wù)杠桿，用權(quán)益乘數(shù)衡量。 凈資產(chǎn)收益率=利潤率（利潤/銷售收入）*資產(chǎn)周轉(zhuǎn)率（銷售收入/資產(chǎn)）*權(quán)益乘數(shù)（資產(chǎn)/權(quán)益） [編輯]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 by 1 (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 Ine TE = Total Equity TA = Assets ROA = Return on Assets EM = TA/TE = 1 + D/E = The Equity Multipli
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