會(huì)計(jì)系外文翻譯--解碼杜邦分析(文件)
【正文】 re. If a pany39。s interest expense. So, if a substitution is made for the interest expense, we get: ■ ROE = [(EBIT / sales) * (sales / assets) – (interest expense / assets)] * (assets / equity) * (1 – tax rate) The practicality of this breakdown is not as clear as the threestep, but this identity provides us with: ■ ROE = [(operating profit margin) * (asset turnover) – (interest expense rate)] * (equity multiplier) * (tax retention rate) If the pany has a high borrowing cost, its interest expenses on more debt could mute the positive effects of the leverage. Learn the Cause Behind the Effect Both the three and fivestep equations provide deeper understanding of a pany39。s ROE goes up due to an increase in the profit margin or asset turnover, this is a very positive sign for the pany. However, if the equity multiplier is the source of the rise, and the pany was already appropriately leveraged, this is simply making things more risky. If the pany is getting overleveraged, the stock might deserve more of a discount despite the rise in ROE. The pany could be underleveraged as well. In this case it could be positive and show that the pany is managing itself better. Even if a pany39。s leverage, which could be a good thing, but it will also make the stock more risky. ThreeStep DuPont To avoid mistaken assumptions, a more indepth knowledge of ROE is needed. In the 1920s the DuPont corporation created an analysis method that fills this need by breaking down ROE into a more plex equation. DuPont analysis shows the causes of shifts in the number. There are two variants of DuPont analysis: the original threestep equation, and an extended fivestep equation. The threestep equation breaks up ROE into three very important ponent
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