會(huì)計(jì)系外文翻譯--解碼杜邦分析-wenkub
2023-05-19 16:32:30 本頁(yè)面
【正文】 外文出處： 附 件： ； 。僅關(guān)注 ROE 的結(jié)果可能是有誤導(dǎo)性的，因?yàn)樵黾悠鋬r(jià)值是件容易的事，但同時(shí)也使股票的風(fēng)險(xiǎn)更大。 股東權(quán)益 當(dāng) ROE 值變大，通常意味著這家公司為股東創(chuàng)造的凈利潤(rùn)在增加。杜邦分析顯示了指標(biāo)在數(shù)量上的變動(dòng)原因?，F(xiàn)在應(yīng)該更有用。比如說(shuō)，如果公司的凈利潤(rùn)率和資產(chǎn)周轉(zhuǎn)率都有所下降，而 ROE 卻還能維持在原先水平上，則說(shuō)明一方面公司的運(yùn)營(yíng)能力在下降，另一方面公司的財(cái)務(wù)杠桿存在過(guò)高的風(fēng)險(xiǎn)。 五步法 杜邦模型公式的 推導(dǎo)過(guò)程 由于凈利潤(rùn)率的分子是凈收入，這可以為稅前盈余（ EBT）的三個(gè)方程乘以 1 減去公司的稅率： ■ 凈資產(chǎn)收益率 =（稅前 /銷(xiāo)售收入） （銷(xiāo)售 /資產(chǎn)） （資產(chǎn) /股權(quán)） （ 1– 稅率） 我們對(duì)這個(gè)再分解一次，由于稅前盈余是簡(jiǎn)單的息稅前利潤(rùn)（ EBIT）減去公司的利息費(fèi)用。在利用杜邦模型進(jìn) 行分析的時(shí)候，不能根據(jù)單獨(dú)某個(gè)季度或財(cái)年的數(shù)據(jù)就妄下判斷，而是應(yīng)當(dāng)縱向?qū)Ρ裙練v年來(lái)的情況，另外，還可以與行業(yè)內(nèi)的競(jìng)爭(zhēng)對(duì)手進(jìn)行比較。 附件 2：外文原文 （復(fù)印件） 外文一： Decoding DuPont Analysis Return on equity (ROE) is a closely watched number among knowledgeable investors. It is a strong measure of how well a pany39。s equity If this number goes up, it is generally a great sign for the pany as it is showing that the rate of return on the shareholders39。 equity) = ( ine / sales) * (sales / assets) * (assets / shareholders39。t always indicate an increase in ROE. The FiveStep Calculation Since the numerator of the profit margin is ine, this can be made into earnings before taxes (EBT) by multiplying the threestep equation by 1 minus the pany39。s history and its petitors. For example, when looking at two peer panies, one may have a lower ROE. With the fivestep equation, you can see if this is lower because: creditors perceive the pany as riskier and charge it higher interest, the pany is poorly managed and has leverage that is too low, or the pany has higher costs that decrease its operating profit margin. Identifying sources like these leads to better knowledge of the pany and how it should be valued. The Bottom Line A simple calculation of ROE may be easy and tell quite a bit, but it does not provide the whole pictu
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