會計系外文翻譯--解碼杜邦分析(編輯修改稿)
2025-06-26 16:32 本頁面
【文章內(nèi)容簡介】 t only requires two numbers to pute: ine and shareholders39。 equity. ROE = ine / shareholder39。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 is rising. The problem is that this number can also rise simply when the pany takes on more debt, thereby decreasing shareholder equity. This would increase the 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 ponents: ROE = ( profit margin) * (asset turnover) * (equity multiplier) These ponents include: ■ Operating efficiency as measured by profit margin. ■ Asset use efficiency as measured by total asset turnover. ■ Financial leverage as measured by the equity multiplier. The ThreeStep DuPont Calculation Taking the ROE equation: ROE = ine / shareholder39。s equity and multiplying the equation by (sales / sales), we get: ROE = ( ine / sales) * (sales / shareholders39。 equity) = ( ine / sales) * (sales / assets) * (assets / shareholders39。 equity) = ( profit margin) * (asset turnover) * (equity multiplier) We have ROE broken down into profit margin (how much profit the pany gets out of its revenues), asset turnover (how effectively the pany makes use of its assets) and e
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