reallymodifieddupontanalysisfiveways(真正修改后的杜邦分析法五種方式改善)-外文翻譯(存儲(chǔ)版)
【正文】 Conclusions The “really” modified Du Pont model of ratio analysis can demystify relatively plex financial analysis .Each operating and financial decision can be made within a framework of how that decision will impact ROE. Easily set up on a puter model (such as a spreadsheet), one can see how decisions “flow through” to the bottom line, which facilitates coordinated financial planning. (Harrington amp。 Taxes or EBIT / sales) 2. capital turnover: (sales / invested capital) The firm’s financing decisions are those that determine the mix of debt and equity used to fund the firm’s operating decisions. These are captured in the third and fourth ratios of the “really” modified model. These are: 3. financial cost ratio: (Earnings Before Taxes or EBT / EBIT) 4. financial structure ratio: (invested capital / equity) The final determinant of a firm’s ROE is the incidence of business taxation. The higher the tax rate applied to a firm’s EBT, the lower its ROE. This is captured in the fifth ratio of the “really” modified model. 5. tax effect ratio: (Earnings After Taxes or EAT / EBT) The relationship that ties these five ratios together is that ROE is equal to their bined product. (See Equation 4.) Chapter three ： Example of applying the “really” modified Du Pont model To illustrate how the model works, consider the ine statement and balance sheet for the fictitious small firm of Herrera amp。而且，考慮到稅收措施經(jīng)常是由聯(lián)邦，州和地方稅務(wù)機(jī)構(gòu)的制定的優(yōu)勢(shì)可以增加稅收的效果比，再次在凈資產(chǎn)收益率相應(yīng)增加。 在其最簡(jiǎn)單的形式 ，我們可以說(shuō)，提高 ROE 的唯一的選擇是增加營(yíng)業(yè)利潤(rùn)，成為使用現(xiàn)有的資產(chǎn)產(chǎn)生的銷(xiāo)售，資產(chǎn)重組，以更好地利用債務(wù)和或更好的控制更有效的借貸成本，或者，想辦法，以減少企業(yè)稅務(wù)負(fù)擔(dān)。它們是： 1．營(yíng)業(yè)利潤(rùn)率：（息稅前利潤(rùn) /銷(xiāo)售收入） 2．資本周轉(zhuǎn)率：（銷(xiāo)售收入 /投資資本） 公司的融資決策是那些決定債務(wù)和權(quán)益組合的決策，用于支撐該公司的經(jīng)營(yíng)決策。修改后的杜邦模型見(jiàn)方程 1 和 2 所示。 （ Slater 和 Olson 1996 年） 1918 年，即機(jī)電工程師 F. Donaldson Brown 被聘請(qǐng)?jiān)诙虐罟镜膰?guó)庫(kù)署工作的四年后，公司給他安排解析一家股票公司的財(cái)務(wù)狀況任務(wù)，剛好杜邦公司購(gòu)買(mǎi)了占該公司 23%股權(quán)的股票。此外，不管是正在奮斗的還是已成功的小企業(yè)主和管理人員都經(jīng)常思考如何提高他們的從企業(yè)中獲得的回報(bào)。資產(chǎn)收益（以下簡(jiǎn)稱(chēng)總資產(chǎn)收益率）和股東權(quán)益收益（凈資產(chǎn)收益率下同）的概念是理解一個(gè)企業(yè)的盈利能力的重要依據(jù)。（ Blumenthal, 1998 年） 在 20 世紀(jì) 70 年代財(cái)務(wù)管理普遍接受的目標(biāo)變成了 “ 所有者權(quán)益最大化 ”（ Gitman， 1998 年）重點(diǎn)也從總資產(chǎn)凈利率轉(zhuǎn)移到凈資產(chǎn)收益率。 “ 真 ” 修改的杜邦模型如下公式4。 （見(jiàn)公式 4.） 總結(jié) 在 “ 真正 ” 修改的杜邦分析模型比例分析中可以揭露相對(duì)復(fù)雜的財(cái)務(wù)分析神秘性，在決策會(huì)影響凈資產(chǎn)收益率的基礎(chǔ)上，每個(gè)經(jīng)營(yíng)財(cái)務(wù)決策都可以制定。此外，小企業(yè)主可確定它們是否明智地使用債務(wù)。 注：圖表、參考文獻(xiàn)已略去（見(jiàn)原文） Thomas J. Liesz Mesa State College 2020 Really modified Du Pont analysis: Five ways to improve return on equity Abstract While the actual number of small business failures is often a topic of debate, the fact that poor financial planning and control ranks as one of the top causes of business distress and ultimate failure has been widely documented. Further, owners and managers of both struggling and successful small businesses alike often ponder how to improve the return they are getting from their enterprises. Ratio analysis provides a wealth of information that is useful in this regard and one type of analysis in particular – the modified Du Pont technique – can be used to enhance decision making with an eye on improving return. This paper: 1） explains the development and mechanics of the “really” modified Du Pon
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