會(huì)計(jì)系外文翻譯--解碼杜邦分析-資料下載頁(yè)
2025-05-12 16:32本頁(yè)面
【導(dǎo)讀】?jī)糍Y產(chǎn)收益率是一個(gè)被知識(shí)淵博的投資者密切關(guān)注的數(shù)。量公司盈利能力的重要指標(biāo)。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。如果沒(méi)有一個(gè)方法將ROE拆解分析。而只關(guān)注ROE結(jié)果，投資者可能會(huì)相信一個(gè)公司是一個(gè)很好的投資而實(shí)際上它不是。凈資產(chǎn)增長(zhǎng)的來(lái)源。ROE之所以被廣泛使用，主要還是因?yàn)樗褂玫谋憷?，只要兩個(gè)數(shù)進(jìn)行計(jì)算，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。為了避免上述ROE的缺陷，人們一直都在研究一種更為深入的分析指標(biāo)。杜邦分析顯示了指標(biāo)在數(shù)量上的變動(dòng)原因?！叭椒ā倍虐罘治瞿Ｐ椭饕婕暗饺齻€(gè)因素，即，凈利潤(rùn)率、總資產(chǎn)周。如果ROE值的增長(zhǎng)僅僅是權(quán)益乘數(shù)所貢獻(xiàn)的，并且該公司之前的財(cái)務(wù)杠。即便ROE的值沒(méi)有發(fā)生太大的變化，我們也可以從中發(fā)現(xiàn)一些問(wèn)題?！拔宀椒ā倍虐罘治瞿Ｐ褪窃凇叭椒ā钡幕A(chǔ)上對(duì)凈利潤(rùn)項(xiàng)目進(jìn)一步深入細(xì)分，觀察息稅后凈利潤(rùn)的變化情況。
【正文】 ore interest and taxes (EBIT) minus the 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 by examining what is really changing in a pany rather than looking at one simple ratio. As always with financial statement ratios, they should be examined against 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 picture. If a pany39。s ROE is lower than its peers, the three or fivestep identities can help show where the pany is lagging. It can also shed light on how a pany is lifting or propping up its ROE. DuPont analysis helps significantly broaden understanding of ROE.
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